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Savings round up - 31st October

It's been a more subdued week in the savings market with some signs that the strong rate rises of recent months are topping out.  Easy access rates are falling with three of the top four rates being withdrawn last week, although a Base Rate increase this week may stimulate more movement.  Notice rates soared through 3% though and 1 Year Fixed nudged up to 4.60%.  Elsewhere, we have the first 5% rate on 2 Year for a decade but longer term fixed rates saw little movement on the previous week. Here's our round up of the best buys and key changes from the savings market:

Easy Access

There were big changes in the easy access market last week. Al Rayan Bank still lead the way at 2.81% but Gatehouse (2.80%), Sainsburys Bank (2.75%) and Ford Money (2.50%) have all pulled their rates.  Shawbrook Bank have joined Paragon Bank in second spot by increasing their rate to 2.30%, albeit their rate is unrestricted whereas Paragon's only permits three withdrawals a year before the rate drops to 0.75%.  Yorkshire Building Society pay 2.30% on £50k+ but 2.25% on £10k+, which sits them alongside fellow mutual, Coventry Building Society, whose Six Access Saver allows six penalty free withdrawals per annum before charing 50 days interest for subsequent ones.  The next unrestricted account is Zopa at 2.15%.  We expect limited movement in the early part of this week as we think most banks will wait to see what the Bank of England do on Thursday with regards to Base Rate.  The market is pricing in a 0.75% increase to 3% but it's hard to call where the Bank will go with the new budget not due until 17th November

Notice

Having hit 3% the week before, Notice rates have soared with five providers now paying 3% or more.  Leading the way is United Trust Bank, who pay 3.20% on 200 Day Notice.  They also pay 2.90% on 100 Day and 2.50% on 40 Day.  Next come Family Building Society, who upped their 90 Day Notice rate by 0.10% to 3.10%.  This keeps them ahead of OakNorth, who were also on the move, to 3.10% (120 Day) and 3.07% (90 Day).  Oxbury Bank also increased rates although they ask for a whopping 180 Days' Notice for their 3.07% rate, the same term as Allica Bank require for their 3% rate.  One notice account worthy of consideration is RCI's Evolve Savings, which pays 2.50% on just 14 days' notice.  All funds deposited in the account are used to finance pure electric vehicles and charging points.  

1 Year Fixed

RCI Bank are the new leaders paying 4.60% for 1 Year Fixed.  They share top spot with Bank of London & Middle East (BLME) who pay the same rate.  There's a four way tie for third place with Tandem BankGatehouse BankCharter Savings Bank and Shawbrook all paying 4.50%.  Tandem and Gatehouse Bank's rates are both available direct but also via Raisin, where savers signing up via Savings Guru get £30 cashback.  Charter Savings is only available via Hargreaves Lansdown's Active Savings platform.  Investec are next at 4.36%, with their rate available direct or on Raisin, which is just enough to pip Aldermore Bank who are paying 4.35% on 1 Year alongside mobile app only Atom Bank.

18 Month Fixed

BLME are the new leaders on 18 Months, as they increased their rate to 4.85% last week.  Charter Savings Bank are next at 4.75%, although this is only available via Hargreaves Lansdown's Active Savings platform.  There's a four way tie for third place with Hampshire Trust Bank paying 4.60% alongside Gatehouse Bank at the same rate - direct or via Raisin. Tandem and Family Building Society also pay 4.60% but the latter asks for a substantial £20,000 minimum deposit. Paragon Bank are next at 4.55% alongside Shawbrook Bank.

2 Year Fixed

BLME also lead the way on 2 Year with the first 5% rate for a decade.  They pip Charter Savings Bank (4.95%) to second with RCI Bank next at 4.85% - the best direct non-Sharia rate.  Last week's leaders, Gatehouse Bank, drop to joint fourth at 4.80%, where they have been joined by Tandem Bank - both rates being available direct or via Raisin.  Investec and Zenith Bank pay 4.75% alongisde Zopa, DF Capital and Close Brothers.  There's a cluster of providers at 4.70%, including Hampshire Trust Bank and Cahoot.

3 Year Fixed

Gatehouse Bank still lead the way at 5% but have been joined by BLME.  Tandem Bank are next at 4.90% alongside Close Brothers with RCI Bank next at 4.85%, having increased their entire fixed rate range during the week, alongside Zenith Bank. United Trust Bank (4.80%) lead a cluster of providers at that rate including Zopa, Ikano and Cahoot

4 Year Fixed

Gatehouse Bank top 4 Year at 5.05%.  BLME moved up to second, increasing their rate to 5%.  RCI Bank were also on the move, up to 4.90%, to take third spot. Next best is United Trust Bank at 4.85% who share fourth spot with Zopa.  Aldermore Bank completing the top six at 4.60%.

5 Year Fixed 

Gatehouse Bank remain leaders at 5.10%. Close Brothers stay second at 5.05% with United Trust Bank at 5% sharing joint third with Tandem Bank and BLME.  RCI Bank are next at 4.95%, moving ahead of Zopa at 4.90%.

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