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Savings round up - 14th November 2022

First the good news, having domianted easy access for months, Al Rayan are no longer top and there's finally 3% on easy access.  Aldermore Bank are the new leaders and all eyes are on Al Rayan to see if they respond this week.  While we think savers will have to wait until the next base rate decision on 15th December before rates go much above 3%, there's every chance the chasing pack will start to close the gap this month.  Now the bad news, fixed rate bonds are falling in price.  Every single product term has seen a drop in best buy rate this week and we think there's more to come this week - so move quickly if you want to lock in to a fixed rate as we think it could be a similar story when we round up next week.  We warned last week that 4.60% on 1 Year may be as good as it gets for a while and it's entirely plausible that the best buy rate drops to 4.40% by the end of this week.

Here's our round up of the best buys and key changes from the savings market:

Easy Access

There's a new leader at the top of the charts with Aldermore Bank paying 3% on their Double Access Account.  As the name suggests, the account only permits two withdrawals for a year.  From the third onwards, the rate drops to 0.10%.  However, for those wishing to have more access, Aldermore have an unrestricted Easy Access Account paying 2.75%.   Al Rayan Bank still pay 2.81% but then there's then a significant gap down to two App based providers - both Atom and Tandem banks paying 2.55%.  Principality Building Society were the only other major upwards mover last week with a rise to 2.50% for their Double Access account. RCI Bank are next at 2.45%, alongside Investec.  The other main moves were downwards ones with Marcus and Saga dropping their 0.25% 12 month bonus, leaving both providers paying a straight 2.25%.


There was a big change at the top with Oxbury Bank increasing their rates for the second week in a row.  Their 180 Day Notice Account pays a market leading 3.50% with 3.45% available on 120 Day and 3.40% on 95 Day.  United Trust Bank drop to second paying 3.20% for their 200 Day Notice (they also pay 2.90% on 100 Day and 2.50% on 40 Day). Allica Bank are next with their 180 Day rate at 3.20% and 95 Day at 3.10%.  OakNorth were also on the move paying 3.10% on 120 Day and 3.07% on 95 Day to sit alongside Family Building Society who offer 3.10% on 90 Day Notice, although they require a substantial £20,000 to open an account. One other 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

Ikano Bank are the new leaders paying a best buy 4.50%.  The Swedish Bank, owned by the family behind Ikea, are unlikely to stay their for long though so move quickly if this appeals.  Ford Money and Vanquis share second at 4.45% - the former increasing its rate with the latter cutting it.  Again, we expect both to be gone or cut by the end of the week so move quickly if these appeal.  United Trust Bank, Family Building Society, Gatehouse and Close Brothers are all at 4.40%. Then comes Investec at 4.36% on Raisin where savers signing up via Savings Guru also get £30 cashbackAldermore Bank are next at 4.35%, having recently announced they have gone through £14bn of deposits.

18 Month Fixed

DF Capital are the new leaders paying 4.75% - a rate we think will be gone this week - followed by Hampshire Trust Bank at 4.60%Paragon Bank are next at 4.55%, which is available direct and via Raisin, where savers signing up via Savings Guru get £30 cashback.  

2 Year Fixed

RCI Bank are the new leaders paying 4.85%, alongside Secure Trust and Close Brothers.  Castle Trust Bank, Ikano and Vanquis Bank all pay 4.80%, with the latter having pulled back their rates during the week.  TSB are next at 4.76%, just ahead of seven providers at 4.75%.  

3 Year Fixed

The best buy 5% rate has gone on 3 Year with a trio of providers sharing top spot at 4.90% - Tandem Bank, Close Brothers and Secure Trust Bank.  TSB are a fraction behind at 4.88% with RCI Bank next at 4.85% alongside Zenith Bank, Gatehouse and Vanquis. 

4 Year Fixed

United Trust Bank pay a top rate of 4.95% ahead of RCI Bank at 4.90% in second spot alongside Vanquis Bank and Gatehouse.  Zopa completing the top five at 4.85% before a drop to Aldermore Bank at 4.60%.

5 Year Fixed 

United Trust Bank pay 5.05% to share top spot with Close Brothers.  Secure Trust Bank and Tandem are next at 5% with RCI Bank at 4.95% alongside Ford Money and Gatehouse.

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