Savings round up - 12th September
Another week of movement with only easy access unchanged at the top. BLME increased rates during the week and dominate many categories, with only OakNorth Bank on 2 and 3 Year preventing them taking a clean sweep. Here's our round up of the key changes and best buys in the savings market:
Al Rayan Bank lead the way at 2.10% with Gatehouse Bank second at 2%. There's a big gap from those Sharia banks down to Zopa and Shawbrook, who are tied for third at 1.81%. Secure Trust and Paragon are a touch behind at 1.80% followed by UBL Bank who pay 1.76% via Raisin, which also comes with a £30 sign up bonus for new customers who apply via Savings Guru's website. The only mover at the top was from Ford Money who increased their rate to 1.75%. One good feature of the Ford account is that they automatically pass on rate increases to existing customers - they don't run issue numbers or have new customer only deals. Expect this week to be relatively quiet again as banks wait to see what the Bank of England do with Base Rate on 22nd September - that meeting now delayed a week after the passing of the Queen.
There was significant movement in notice pricing last week and we now have a new leader with BLME paying 2.52% on their 90 Day Notice. Fellow Sharia provider, Al Rayan Bank, move up to second with 2.40% on their 120 Day Notice. OakNorth are third, having increased their 120 Day rate to 2.33% and last week's leader, DF Capital drop to fourth paying 2.30% for 90 Days' Notice.
Unusually, we've seen falls in 1 Year pricing this week with Ahli United's 3.50% top rate being withdrawn. BLME increased their rate and now lead the way at 3.40% ahead of Family Building Society at 3.33% - we'd be surprised if that lasts the week so move quickly if it appeals. Virgin Money and OakNorth tie for third at 3.32%. Next is Paragon Bank at 3.30%, which comes with a bonus of £30 for new to Raisin customers applying via Savings Guru giving a return equivalent of 3.60% on £10,000 saved. Paragon lead a clutch of providers at that price point with Investec, Ikano, Close and JN Bank all there too. With just 0.03% separating second to tenth, expect more movement this week.
BLME are the new leaders with an improve rate of 3.45%. Second place is shared three ways with Paragon Bank at 3.40% via Raisin, United Trust Bank at 3.40% on their 15 Month Bond, and Family Building Society at the same point but with a high minimum deposit of £20,000. Last week's leader, Hampshire Trust Bank, are next best at 3.36%.
We said last week that we were likely to see movement in this category as the top eight were separated by just 0.04%. We have seen increases but the top 10 are within 0.05% so expect more movements again this week. OakNorth lead the way at 3.52% with last week's leader SmartSave second at 3.51%, depsite also increasing their rate. Secure Trust, BLME and Close Brothers share third at 3.50% followed by Paragon Bank at 3.48%
3 Year has a very familiar look with OakNorth and SmartSave joint top at 3.56%, a nudge ahead of BLME and Secure Trust at 3.55%. There's a small drop back to Tandem, Tesco and Ikano at 3.50%, who all upped rates last week, followed by United Trust Bank at 3.49%.
BLME lead the way at 3.60%, ahead of OakNorth at 3.59% and United Trust Bank at 3.54%. All the top three increased rates this week.
BLME also top 5 Year at 3.75%, following their rate increases this week. Last week's leader, SmartSave Bank, are second at 3.61% ahead of a three way tie for third with OakNorth, Secure Trust and Close Brothers all paying 3.60%. United Trust Bank are next at 3.59% with just 0.02% separating second to sixth!