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Savings round up - 21st August

Fixed rates have started to fall back from their highs with 6.05% the best rate available in any fixed market and only one provider paying more than 6% on 1 Year. Unless there's further economic bad news, it's hard to see anything but this trend continuing and an easing back from the highs we've seen recently. That looks unlikely - but so does a complete collapse - and we expect to see rates fall back gently, not collapse completely.  Easy access rates have continued to rise - although Tandem's 5% didn't last, as we predicted last Monday, Furness have replaced them and established challenger banks, Aldermore and Shawbrook, have upped their rates too. Expect the Furness rate to go quickly but best buys around 4.80-4.85% should be sustainable in the run up to the next Base Rate decision from the Bank of England on 21st September. Here's our round up of the best buys and key changes from the savings market from the past week:

Easy Access

Tandem's 5% rate has gone but Furness Building Society have filled the gap - the mutual paying 5% on its Triple Access Saver which is limited to three withdrawals and opened in branch or by phone or post. Shawbrook are the next best paying a striaght forward 4.83%, as do Monument Bank who offer 4.81% via their app based account. Agricultural focused Oxbury Bank pay 4.80% ahead of Aldermore Bank's Double Access Account which was increased to 4.70% on Friday. Tandem and Secure Trust Bank are at 4.65% with Tandem having withdrawn the 0.35% bonus it was paying on top of this. 


Notice accounts best buys are largely unchanged with Oxbury still top paying 5.59% on 180 Day and 5.53% on 120 Day. Dudley Building Society are second - their 120 Day Notice and 90 Day paying 5.45% and 5.35% respectively, with Cynergy also paying 5.45% on 120 Day and 5.40% on 95 Day. Stafford Railway Building Society enter the market paying 5.45% on 120 Day Notice but only three withdrawals are permitted. BLME pay 5.35% on their 90 Day Notice Account ahead of DF Capital at 5.35% on 120 Days and 5.30% 90 Days. QIB Bank pay 5.33% on 95 Day Notice and RCI Bank are up to 5.30% 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 MonthsFCMB pay 5.59% for the same term via Raisin.

Charter Savings Bank also top the charts on 6 Month Fixed, offering 5.55% via Hargreaves Lansdown with QIB Bank paying 5.52% via Raisin, the same rate as Allica and Monument Bank paying 5.50%.

1 Year Fixed

We've been saying for the past few weeks that 1 Year rates at 6%+ look unsustainable unless the economic outlook worsens considerably.  We've finally seen rates start to adjust with SmartSave's 6.01% the only rate left above 6%. National Bank of Egypt, Zenith BankQIB Bank via Raisin and United Trust Bank alongside six other providers. Rates below 6% enter our best buy tables for the first time in months as established providers like Ford Money at 5.95% and Aldermore Bank at 5.90%.

18 Month Fixed

OakNorth and Ford Money still 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

Ford Money's 6.05% and Hampshire Trust Bank at 6.05% too lead the way at the top of the best buys, following Recognise Bank's withdrawal. Close Brothers, Hodge and Ikano Bank all pay 6.05% too with Aldermore Bank at 6% just behind, alongside RCI Bank who also pay 6%.

3 Year Fixed 

Recognise pay 6.05% to take top spot ahead of RCI Bank who pay 6%, alongside BLME and Hodge. OakNorth are next paying 5.96% ahead of five providers at 5.95% - Hampshire Trust Bank pay 5.95% as do United Trust Bank, Cynergy, 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%. Aldermore Bank improved their rate to 5.51%.

5 Year Fixed 

RCI Bank pay a best buy 5.80% alongside United Trust Bank with Hampshire Trust Bank's 5.75% just behind sharing third place with Recognise Bank and Cynergy.  Hodge pay 5.65% and BLME and Close Brothers are at 5.60%  Aldermore Bank increased their rate to 5.51%.

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