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Savings round up - 17th October

There's no let up in the rate rises with every single product category seeing the best buy rate increase this past week.  Long time easy access leader, Al Rayan Bank, have been dethroned and Santander and Cynergy lead the way.  Last Monday, 4.25% was enough to sit top of 1 Year but 4.55% was needed by Friday evening, with the best buy changing hands three times during the day!  We have also gone through 5% for the first time in years with two providers paying that on 5 Year.  The current turmoil in government make it very difficult to predict where next with rates but with Bank of England governor, Andrew Bailey, warning just yesterday that rates may have to go up more than predicted, there doesn't look to be an end in sight to the rise in interest rates on savings just yet.  Here's our round up of the best buys and key changes from the savings market:

Easy Access

Santander blew everyone away on easy access at the start of the week with their online esaver paying 2.75%.  While the product officially closes on 1st November, it pays to move quickly as we expect it will be withdrawn in the next 7-10 days due to high demand.  They are not alone though as Cynergy have increased their rate to match them, albeit their rate includes a 0.15% bonus for 12 months.  This means long time leader, Al Rayan Bank, drop to third at 2.35%, as the only provider in the top five not to increase their rate during the week.  Gatehouse Bank are just behind at 2.25%, having relaunched their easy access account.  They are followed by Zopa who upped their rate to 2.15%.  Elsewhere, Tandem (2.05%) and UBL (2.01%), via Raisin, which also pays a £30 sign up bonus for savers applying via Saving Guru were the only providers to move above 2%.


There was little change in notice pricing but there is a new leader - with BLME paying 2.78% on 90 Day Notice.  Oxbury are next but their 2.75% rate is on a massive 180 Days' Notice.  They do pay 2.70% on 120 Day and 2.65% on 95 Day.  OakNorth are third at 2.73% (120 Day) and 2.71% (90 Day) with Market Harborough Building Society next, they pay 2.65% on 180 Day and 2.50% on 120 Day.  RCI Bank are also worth a look - they pay 2.40% on 95 Day but 2.10% on 14 Day Notice.

1 Year Fixed

We saw another big increase in one year rates, despite leaders Charter Savings Bank pulling out.  They were replaced at the top by Aldermore Bank paying 4.35% on 1 Year.   This was enough to keep them top for three days before a late end of week flurry which saw Kent Reliance (4.45%), Allica (4.50%) and Cynergy (4.55%) all spend a bit of time at the summit on Friday, with the latter finishing the week there.  Outside of that, Cahoot, part of Santander, are at 4.30% and sit fifth with Tandem Bank next paying 4.25% via Raisin, which also comes with a £30 sign up bonus to savers who apply via Savings Guru.  There's now 21 providers paying 4% or more on 1 Year!

18 Month Fixed

Tandem are the new leaders with their relaunched 18 months paying a best buy 4.50%.  United Trust Bank improved their 15 Month Bond to 4.40% to move up to second.  They are followed by two Sharia providers - Gatehouse Bank in third paying 4.27% and BLME next at 4.25% before a big drop to Shawbrook Bank at 4.11%. 

2 Year Fixed

Allica Bank lead the way at 4.80% but there's only 0.10% separating the top six! SmartSave are second at 4.76% with Kent Reliance and DF Capital a whisker behind at 4.75%.  Cahoot and Cynergy both pay 4.70% to complete the top six.  Investec via Raisin - which also pays a £30 sign up bonus to savers who apply via Savings Guru - are next at 4.61% with seven providers at 4.60% including Aldermore Bank and United Trust Bank.

3 Year Fixed

SmartSave lead the way on 3 Year at 4.86% with Kent Reliance and Cahoot at 4.80% - all three providers improving their rates during the week.  Last week's leader, Nationwide Building Society, have been joined by Cynergy Bank and Atom with all three paying 4.75%.  United Trust Bank and Tandem Bank are next at 4.70%.  

4 Year Fixed

SmartSave also top 4 Year but had to improve their rate to 4.76% to keep top spot.  That's just enough to see off United Trust Bank, who improved their rate too - up to 4.75%  Aldermore Bank complete the top three at 4.60%.

5 Year Fixed 

Atom Bank became the first provider to offer 5% in years when they grabbed top spot.  However, SmartSave topped them by one basis point to end the week on top at 5.01%.   United Trust Bank were also on the move with their improved rate of 4.90% moving them up to third. 

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