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Savings round up - 15th May

As expected, the Bank of England raised Base Rate to 4.50% on Thursday.  Although swap rates are falling, this hasn't stopped improvements to fixed rates with almost all the top ten 1 Year Fixed rates improving last week. Easy access rates have seen movements amongst the chasing pack but no breakout above Chip.  That may change in the coming week, as providers digest the changes and see how competitors respond.  Investec's move to 4.25% for 90 Day Notice bodes well for improvements on notice accounts.  Here's our round up of the best buys and key changes from the savings market from the past week:

Easy Access

Although the best buy rate hasn't moved, easy access rates generally improved. Chip continue to lead the way with a best buy 3.71% but new entrant GB Bank moved up behind them, paying 3.65% on Raisin. They move alongside Shawbrook.  Also on the move are Ford Money, who increased their rate to 3.60% this morning, to move above Al Rayan at 3.56%. Aldermore Bank, whose Double Access Account pays 3.55%, are next (their unrestricted easy access accounts is at 3.40% too), followed by Paragon Bank's Triple Access account, which got a hike to 3.51% on Friday, to move level with Investec.  Buckinghamshire Building Society launched a Double Access saver paying 3.50%, which along with Secure Trust Bank at the same rate, completes the top 10.

Notice

Investec are the new best buy, with their 90 Day Notice increasing to a best buy 4.25% this morning.  Oxbury are next paying 4.15% on their 180 Day Notice and 4.11% on their 120 Day.  Cynergy pay 4.10% on 12 Day and 4% on 95 Day. StreamBank are next with their 4% rate only requiring 90 Days' Notice. Market Harborough Building Society and Allica Bank both pay 4% too - but for 180 Days' Notice - as do OakNorth in return for 120 Days' Notice. DF Capital are next at 3.95% on 120 Day Notice (3.90% for 90 Days) and United Trust Bank pay 3.95% for 200 Day and 3.75% for 100 DayRCI Bank pay 3.85% for 95 Days' Notice alongside BLME to complete the top 10.

Up to 1 Year Fixed

OakNorth Bank are the new leaders with a best buy 4.55% on 9 Months Fixed.  Turkish private bank isbank is next at 4.50% for 9 Months via Raisin, following its rate cut, followed by Aldermore Bank at 4.47% via Hargreaves Lansdown's Active Savings.  Secure Trust Bank pay 4.45% as do Paragon Bank, via Hargreaves Lansdown

The best six month fixed rates are on Hargreaves Lansdown - Paragon Bank paying 4.35% and Kent Reliance paying 4.30%.  The best direct rate is from Monument Bank who upped their rate to 4.20% last week.

1 Year Fixed

There was plenty of end of week drama at the top of the 1 Year best buys.  Allica finished the week top with a 5% rate, but their CEO has already said he expects demand to be strong and therefore that it won't be around for long, so move quickly to secure this!  Al Rayan Bank are next, increasing their rate to 4.95% to move ahead of OakNorth at 4.92%.  Hampshire Trust Bank are next paying 4.91%, alongside Close Brothers, with StreamBank just behind at 4.90% and United Trust Bank also paying 4.90%. Last week's second place, SmartSave, are only joint ninth now, reflecting how strong competition has been in this category in the past week.

18 Month Fixed

Allica also top 18 Month Fixed with a 5% rate, with OakNorth also making a late move on Friday, to 4.96% for both its 18 Month and 15 Month bonds. Next is United Trust Bank's 15 Month Fixed at 4.95%, the same price as DF Capital's 18 Month Fixed.  Charter Savings are at 4.87% via Hargreaves Lansdown and direct with Investec paying 4.82% also on HL.

2 Year Fixed

OakNorth are the new leaders with a late Friday move to 4.96% to knock Hodge and DF Capital, both at 4.95%, off top spot. Investec pay 4.91% via Raisin and also via Hargreaves Lansdown. Close Brothers also pay 4.91% via Hargreaves Lansdown's Active Savings and direct, as do Allica Bank. isbank pay 4.90% via Raisin as do Charter Savings Bank - via Hargreaves Lansdown and direct.

3 Year Fixed 

isbank pay a best buy 4.95% on 3 Year alongside DF Capital.  They are ahead of Al Rayan Bank paying 4.90% via Raisin and direct and Hodge Bank, who upped their rate on Friday. United Trust Bank are next at 4.88% before a big drop down to Vanquis at 4.75% and SmartSave at 4.71%.

4 Year Fixed

isbank pay a top rate of 4.95% to lead the way ahead of United Trust Bank, who pay 4.89%.  There's a big drop to third where Aldermore Bank pay an improved rate of 4.65%. RCI Bank are at 4.60% with Gatehouse and OakNorth tied fifth at 4.52%.

5 Year Fixed 

isbank's 4.95%, via Raisin, for 5 Years is enough to top the charts ahead of United Trust Bank's 4.90%.  Next is Hampshire Trust Bank at 4.75% with Tandem Bank paying 4.70% via Raisin and direct.  Aldermore Bank pay 4.65% alongside Atom Bank.  RCI Bank at 4.62%Monument Bank paying 4.60% and Tesco Bank at 4.60% complete the top 10.

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