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Savings round up - 5th September

It's been a big week of movements with best buy rates on 1 Year and easy access increasing by 0.20% in the past week.  Every product category has an improved rate and most have new leaders, with only Hampshire Trust's 18 Month Fixed remaining on top spot from last week. Here's our round up of the key changes and best buys in the savings market:

Easy Access

It's been a big week of movement in easy access.  Gatehouse Bank briefly led the way at 2% but Al Rayan responded almost instantly to raise their rate to 2.10%.  There's a big gap behind them now as Shawbrook cut their rate from 1.86% to 1.81% to share joint third with Zopa.  Secure Trust Bank are just behind, having increased their rate to 1.80% to move alongside Paragon's Triple Access Account.  Behind that pair, UBL Bank pay 1.76% via Raisin, which also comes with a sign up bonus for new customers who apply via Savings Guru's website.

Notice

There's now a five way tie at the top of notice with DF Capital the pick of the bunch paying 2.30% for just 90 Days' Notice whereas Gatehouse Bank, Furness Building Society and OakNorth all require 120 Days and Allica 180 Days for the same rate.  Behind them are Chater Savings Bank paying 2.25% for 95 Days. 

1 Year Fixed

We've seen another huge 0.20% jump on the week with Ahli United Bank leading the way paying 3.50% via Raisin savings marketplace.  This account comes with a bonus of £30 for new to Raisin customers applying via Savings Guru giving a return equivalent of 3.80% on £10,000 saved.  Last week's leaders, Tandem Bank, have been joined by both Investec and JN Bank paying 3.30%, with Shawbrook fifth at 3.26%.  A fraction behind are Charter Savings Bank who improved their rate to 3.25% during the week. There are now 21 providers paying 3% or more on 1 Year!

18 Month Fixed

Hampshire Trust Bank continue to lead the way at 3.36% but JN Bank are now just behind at 3.35% with Shawbrook third at 3.31%.  Charter Savings Bank have moved up to fourth, having increased their rate to 3.30% on Thursday.  

2 Year Fixed

It's tight at the top of 2 Year with the top eight separated by just 0.04%!  SmartSave Bank sit top at 3.49% with Charter Savings Bank and JN Bank next at 3.48%.   Monument Bank, who pay 3.46%, are fourth with Ford Money, Tandem, Tesco and Close all at 3.45%.  With the top places so tightly contested, we expect to see a breakout from the group this week.

3 Year Fixed

It's a similar story in 3 Year where you can throw a blanket over the top five - SmartSave lead the way at 3.51% but Tandem, Tesco Bank and Close Brothers are all just behind at 3.50% and JN Bank only a smidgen further back at 3.49%.  There's a gap to Gatehouse Bank at 3.42% but expect this to be filled this week.

4 Year Fixed

JN Bank remain leaders but are now paying 3.50% for top spot, ahead of BLME at 3.45%.  Gatehouse Bank are third at 3.43% with Aldermore Bank and United Trust Bank sharing fourth at 3.40% 

5 Year Fixed 

SmartSave Bank are the new leaders with a rate of 3.61%.  They sit top of three categories and, as a very small bank, we expect to see them pull back this week.  Move quickly if you want to secure their 2, 3 and 5 Year Fixed rates.  Close Brothers are just behind them at 3.60% though and last week's leader, Tandem Bank are now joint third paying 3.55% as they've been joined by Tesco Bank.  Gatehouse Bank (3.51%) are next just ahead of Aldermore Bank, who were leaders two weeks ago at 3.50%.

 

Photo credit: micheile dot com

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We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

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