Savings round up - 19th September
19/09/2022
All eyes are on Thursday's Bank of England decision on the Base Rate and there was less activity last week as a result, with providers holding off any changes before that. However, there were still plenty of big movements - with Castle Trust going top of 1 Year and Hampshire Trust Bank paying the best rate in the market. Here's our round up of the best buys and key changes from the savings market:
As we predicted in last week's round up, it was a quiet week in easy access with most banks holding on to see what Thursday's Bank of England announcement on Base Rate brings. Al Rayan Bank (2.10%) and Gatehouse Bank (2%) still lead the way but Zopa did increase their rate slightly up to 1.85% to move outright third. Shawbrook are fourth at 1.81% with Secure Trust and Paragon a touch behind at 1.80%. The only other mover was Principality Building Society's Online Double Access account which increased to 1.78% to move above UBL Bank who pay 1.76% via Raisin, although the UBL accounts also comes with a £30 sign up bonus for new customers who apply via Savings Guru's website. We will be astonished if there aren't changes in the easy access best buys this week.
BLME continue to lead the way at 2.52% on their 90 Day Notice with fellow Sharia provider, Al Rayan Bank, second with 2.40% on their 120 Day Notice. OakNorth are still third but increased their 120 Day rate to 2.36% during the week. Investec were also on the move, raising their 90 Day Notice to 2.35%, as were Charter Savings, who upped their 95 Day to 2.32%.
A big week of movement in 1 Year with a new top five. Out in front are Castle Trust Bank at 3.47% but don't expect this to last long so move quickly if it appeals. Charter Savings Bank moved up to second paying 3.40% to see off OakNorth who upped their rate to 3.36% during the week. Monument Bank came back in to the market paying 3.35%. Close Brothers were also on the move as they joined Virgin Money at 3.32%. There's six providers sat just behind them at 3.30% so more changes are likely again this week.
Charter Savings are the new best buy as they increased their rate to 3.60% to take top spot. There's a gap back to second place where there is a three way tie with Paragon Bank at 3.40% via Raisin, United Trust Bank at 3.40% on their 15 Month Bond, Family Building Society at the same point but with a high minimum deposit of £20,000 and OakNorth Bank too. Hampshire Trust Bank are next best at 3.36%.
Hampshire Bank are the new leaders, stealing top spot late in the week with a best buy of 3.71%. SmartSave Bank sit alongside them, having nudged their rate up, with Charter Savings Bank a whisker behind at 3.70%. Hodge Bank complete a new look top four, with their rate moving up to 3.65%. With last week's top 10 separated by just 0.05% we predicted we'd see plenty of movement and we weren't disappointed with the best buy rate jumping a huge 0.19% on the week.
Hampshire Trust Bank also top 3 Year, as they launched at a best buy of 3.80%, which tops any other rate in the market. There's a big drop down to SmartSave at 3.71% in second with Market Harborough Building Society in third at 3.63% with OakNorth fourth at 3.56%.
BLME still lead the way at 3.60%, ahead of OakNorth at 3.59% and United Trust Bank at 3.54% in an unchanged line up but all three are beaten by the best three year rates.
BLME also top 5 Year at 3.75%, following their rate increases this week, but Hampshire Trust's 3 Year at 3.80% beats it. SmartSave Bank are second but with an improved rate of 3.71% as they upped their rate again last week. Next is agricultural specilaist bank, Oxbury, at 3.70% with Monument Bank in fourth at 3.65%.
Photo credit: Matthew Lancaster