Savings round up - 20th February
The Base Rate increase continues to filter through to easy access rates with two of the top three providers increasing last week and a new best buy on notice accounts. Fixed rates continue to fall though and, while 1 Year rates are being supported by a strong suite of providers, we saw further reductions in longer term fixed rates again last week. However, the falls look like they are stabilising now and we believe we may see some positive movements on longer term fixed rates this week. Union Bank of India lead the way on many, but we were flooded with complaints from readers about how difficult they were to deal with last time they were top, so expect many of you will want to look at names below them. Here's our round up of the best buys and key changes from the savings market:
It was another busy week of upwards movement in the easy access best buys. We have a new leader with Cynergy Bank taking top spot paying 3.11%, although 0.15% of this comprises a 12 month bonus. Paragon Bank's Triple Access Saver drops to second at 3.10% - this allows three withdrawals a year before the rate crashes to 0.75%. Shawbrook have moved up to third spot, increasing their rate to 3.06%. Chip are next at 3.05% alongside Tandem Bank, although their rate comprises a 0.20% bonus for 12 months which has to be applied for within their mobile app (although this is one simple click) and Sainsbury's Bank, although their account is restricted to just two withdrawals. Gatehouse Bank, Chase and Harpenden Building Society all pay 3%.
Investec have moved to the summit for notice accounts - increasing their 90 Day Notice rate to a market leading 3.55%. They move ahead of Furness Building Society, who pay 3.50% for 120 Day Notice, and Allica Bank, who pay the same rate for 180 Day Notice, the best buys. Next is Stafford Railway Building Society, who pay 3.40% for 90 Day Notice, followed by OakNorth who offer 3.35% for 120 Day Notice and 3.20% for 90 Day. The only other significant mover is Qatar Islamic Bank who improve their 95 Day Notice rate to 3.30%.
Qatar Islamic Bank lead the pay paying 3.70% for 9 Months Fixed via Raisin. Next is Brown Shipley paying 3.68% for 9 Months also via Raisin. They are ahead of ICICI Bank who pay 3.60% via Hargreaves Lansdown's Active Savings platform and Atom Bank, whose 3.60% is available via their mobile app. Zenith Bank pay the best 6 month rate - 3.50% - just ahead of Atom Bank at 3.45% and Allica Bank at 3.43%.
SmartSave still lead the way at an improved 4.21%, as they responded to Ahli United Bank moving top at 4.20%. DF Capital are back in the market and sit third paying 4.17%. There's a four way tie for fourth with QIB, Atom, Close Brothers, and Investec all paying 4.15%. Charter Savings Bank pay 4.13% to sit between them and five providers tied at 4.10% - Brown Shipley, National Bank of Egypt, and Ziraat Bank all available via Raisin and Gatehouse and Vanquis direct.
Secure Trust Bank lead the way at 4.25% with Brown Shipley second at 4.19% via Raisin. Gatehouse and Charter Savings share third at 4.15% ahead of Coventry Building Society, Union Bank of India and BLME all at 4.10%.
Union Bank of India now lead the way at 4.35% with Gatehouse Bank second at 4.30% and SmartSave third at 4.26%. RCI Bank lead a clutch or providers at 4.20% with BLME, Close and Castle Trust Bank alongside them. Ford Money remain popular at 4.15%.
Union Bank of India lead the way at 4.40% with Gatehouse Bank second at 4.35% ahead of Smart Save (4.31%). UBL and Close Brothers share fourth at 4.25% with several providers at 4.20% including Ford Money, RCI Bank and Zenith. NS&I's fourth issue of Green Savings Bonds also pay 4.20%, although their 1.2 star rating on Trustpilot is off putting.
Union Bank of India are outright top at 4.45% after Gatehouse Bank cut to 4.35% to drop to second, ahead of UBL Bank and isbank via Raisin at 4.25%, with RCI Bank just behind at 4.22%.
isbank, via Raisin, is the best buy at 4.50% ahead of Union Bank of India at 4.45%. Gatehouse Bank are next at 4.35% ahead of Tandem Bank and Close Brothers at 4.30%. RCI Bank pays 4.25%