Savings round up - 12th December

It was a relatively quiet week in the easy access and notice tables - a case of more of the same.  Fixed rates continued to fall back though with only DF Capital's new 18 Month Fixed bucking the trend with an upward rise in best buy - but that's the exception and we don't see that being repeated.  Fixed rates are likely to fall back further this week, regardless of what the Bank of England decide to do with Base Rate when they meet on Thursday. Here's our round up of the best buys and key changes from the savings market:

Easy Access

Tiny Buckinghamshire Building Society continue to lead the way paying 2.90% although their Single Access Saver permits only one withdrawal per calendar year (a second constitutes closure of the account).  Coventry Building Society pay 2.85% with a more amenable six withdrawals restriction on the account (after which interest penalties are paid for further withdrawals).  They were joined last week by Chorley Building Society paying 2.85%, who allow four withdrawals ove a calendar year before the rate drops to 1% from the fifth withdrawal onwards. Al Rayan are the best unrestricted account at 2.81%.  Paragon Bank pay 2.60% via Raisin, for those who don't want restrictions or to use a Sharia provider.

Firstdirect are also offering 2.60% but they require savers to have, or open, a Firstdirect current account. It is looking increasingly likely we will see 3% on easy access before the month is out.  App only Tandem and Atom continue to pay 2.55%.  The only other notable move during the week was Ford Money bringing back on sale its easy access account paying 2.50%.


Savers living near a Marsden Building Society branch can get 3.85% on 180 Day Notice but, for everyone else, the best available is Stafford Railway Building Society's 3.50% on 120 Day Notice.  The mutual also pays 3% on 90 Day but both accounts are limited to three and four withdrawals per Society year respectively.  Next best is United Trust Bank at 3.20% for their 200 Day Notice (they also pay 2.90% on 100 Day and 2.50% on 40 Day) alongside OakNorth, who pay the same rate for 120 Days' Notice and 3.07% for 95 Days.  DF Capital were the only significant move of last week - coming back in to the market paying 3.15% on 90 Days Notice - to move ahead of BLME whose 90 Day Notice account pays 3.14%.

1 Year Fixed

We warned last week that 1 Year rates were likely to fall back further and they have.  app only Atom Bank led the way paying 4.35% on 1 Year but that was cut (to 4.25%) as predicted.  Secure Trust Bank were the big mover, coming back in to share top spot at 4.31% alongisde the two Indian banks - State Bank of India and Union Bank of India. Shawbrook and BLME are at 4.30% just ahead of Investec at 4.29%.  National Bank of Egypt pay 4.25% and lead a clutch of providers at 4.25% including Zopa, Cahoot, Gatehouse and Atom. There's a gap then to 4.20% and sadly we expect that more providers will cut down towards that level this week.

18 Month Fixed

DF Captial are the new best buy at 4.60% with a rare upwards move last week.  This rate won't last the week though so move quickly to secure it. DF take over from Shawbrook Bank and Union Bank of India who share second at 4.55%.  Next is Hampshire Trust Bank at 4.50% before a big drop to BLME both at 4.40%.

2 Year Fixed

There's been several cuts in 2 Year rates with Union Bank of India the sole provider left at 4.65% leading the way, ahead of Shawbrook at 4.60%. Secure Trust Bank and Zopa share third spot at 4.55% with Zenith completing the top five at 4.53%.  As we noted last week, there's a cluster of providers at 4.50/4.51% and we think the 2 Year best buy is heading for this mark.

3 Year Fixed

Savers living near Melton Mowbray can get 4.75% if they are prepared to go in to one of the mutual's four branches.  However, for everyone else 4.65% is the best buy which comes from Gatehouse Bank, Close Brothers and Union Bank of India.  Secure Trust and Cynergy both pay 4.60% ahead of Zopa Bank at 4.56%, following their cut last week. Unfortunately, we expect further cuts this week so move quickly if you want to secure the current best buys.

4 Year Fixed

Gatehouse Bank top the charts, despite a sharp cut in rate, with their best buy now 4.65%. Zopa, who also cut, share second with Union Bank of India at 4.60% with BLME fourth at 4.50%.  Sainsburys, Aldermore and United Trust Bank all pay 4.45% 

5 Year Fixed 

Top spot is a four way between Gatehouse Bank, Close Brothers, Secure Trust Bank and State Bank of India at 4.65%.  Zopa's cut to 4.61% seems them sit just ahead of Aldermore Bank at 4.60% before a big drop to 4.50% where there's a cluster of providers.  We expect to see five year rates fall back towards this level in the coming weeks. 

About The Savings Guru

We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

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