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Savings round up - 7th August

The financial markets had priced in a Base Rate of 5.25% and the Bank of England duly obligied on Thursday by increasing its rate by 0.25%.  As this was largely priced in, there's been little movement in the best buy tables so far.  Easy access best buys have improved but the leader is only 0.03% higher than last week.  We don't expect that to change significantly this week, but we do expect the chasing pack to improve their rates, where they haven't already.  Fixed rate bonds look significantly overpriced related to both swap rates and the Bank of England's own advice on where they think Base will peak at (no higher than 6%).  We think that it is only a matter of time before they fall below 6% so would suggest savers who share our view secure the best rates quickly. Here's our round up of the best buys and key changes from the savings market from the past week:

Easy Access

Shawbrook are the new leaders with their easy access account increasing to 4.63% to take top spot. They moved a day ahead of the Base Rate change but we expect this was in anticipation of the 0.25% rise.  Aldermore Bank's Double Access Account paying 4.60% is second - as the name suggests, the 4.60% rate is payable for two withdrawals with a third triggering the rate to cut to 1%. Monument Bank also pay 4.60% without withdrawal restrictions, as do Paragon Bank whose Double Access Account also restricts savers to just two withdrawals. Cahoot, Saffron Building Society and Loughborough Building Society also all pay 4.60% as several providers moved above last week's second place, OakNorth who pay 4.56%.  Hampshire Trust Bank pay 4.55% alongside Oxbury, Secure Trust and Saffron's Enviro Saver which pays an additional 0.10% to the Greenlight Trust.


Notice accounts have yet to respond to the Base Rate change with Dudley Building Society still topping the charts with their 120 Day Notice and 90 Day paying 5.45% and 5.35% respectively. Unusually access can be gained without serving notice, on payment of an interest penalty the equivalent of the notice period. BLME, who pay 5.35% on their 90 Day Notice Account, are second.  DF Capital re-enter the market in third with 5.35% on 120 Days and 5.30% 90 Days.  Charter Savings pay 5.30% on 120 Day and 5.25% on 95 Day.  United Trust Bank are next, having improved their 200 Day to 5.25% and their 100 Day to 5%United Trust Bank's 180 Day Notice Base Rate Tracker pays 5.25% as it automatically increased after the Base Rate increase. Cynergy are next paying 5.15% for 120 Day Notice and 5.10% for 90 Day ahead of RCI Bank who pay 5.10% for 95 Day Notice.

Up to 1 Year Fixed

Charter Savings Bank lead the way paying 5.65% on Hargreaves Lansdown's Active Savings platform for 9 Months Fixed. They are a whisker ahead of Hampshire Trust Bank paying 5.64% for 9 MonthsNational Bank of Egypt pay 5.54% for the same term with United Trust Bank at 5.48%.

Charter Savings Bank also top the 6 Month Fixed tables offering 5.55% alongside Secure Trust Bank with Monument Bank paying 5.50% in third and Allica Bank just behind at 5.49%.

1 Year Fixed

SmartSave made their customary post 5pm on Friday move to the top of the tables with a one basis point move above their nearest rival.  Their 6.06% 1 Year rate tops Atom Bank who have led for a couple of weeks paying 6.05%. Cynergy and OakNorth share third spot paying 6.04% ahead of National Bank of Egypt at 6.01%.  There are 11 providers at 6% including Monument BankUnited Trust Bank and Gatehouse Bank via Raisin.  However, with swap rates, which guide where markets think Base is going and which banks use to help price savings, around 5.80% for 1 Year it doesn't look sustainable that prices will stay above 6%.

18 Month Fixed

OakNorth and Ford Money lead the way paying 6.05% for 18 Months, just ahead of Hampshire Trust Bank's 6.03% for the same term. Gatehouse Bank, who pay 6% direct and via Raisin, share fifth alongside United Trust Bank's 15 Month Fixed paying 6%, BLME, Union Bank of India and OakNorth's 15 Month Fixed.

2 Year Fixed

Cynergy Bank top the tables paying 6.06% ahead of Hampshire Trust Bank at 6.05%, Atom, Ford Money and Ikano Bank. Kent Reliance offer 6.02% in sixth, just ahead of Aldermore Bank at 6%,  RCI Bank also at 6% and United Trust Bank at the same rate.

3 Year Fixed 

Cynergy Bank top 3 Year too paying 6.01% to nip marginally ahead of long time leader, RCI Bank who pay 6%.  OakNorth are third paying 5.96% ahead of four providers at 5.95% - Hampshire Trust Bank pay 5.95% as do United Trust Bank, FirstSave and Ikano.

4 Year Fixed

Hampshire Trust Bank pay a best buy 5.85% ahead of Cynergy at 5.81% and RCI Bank at 5.80%, alongside United Trust Bank before a big drop to Ikano at 5.57% and OakNorth at 5.56%.

5 Year Fixed 

Cynergy pay a best buy 5.81% to nip ahead of long time leader RCI Bank who pay 5.80%Hampshire Trust Bank's 5.75% takes third place alongside United Trust Bank and Recognise Bank.  There's a drop then to Hodge Bank at 5.66% and Tesco Bank at 5.65%.

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