Savings round up - 4th September
03/09/2023
Fixed rates continue to fall back from their highs but NS&I have bucked that trend paying a huge 6.20% on 1 Year Fixed. Another giant, Santander, has topped the easy access best buys too with a limited edition rate of 5.20% launched this morning. It's highly unlikely that either of these rates will be beaten and we expect neither to last too long - both because they are likely to see extremely high demand and, in the case of NS&I, it looks significantly overpriced in a market where Base Rate looks unlikely to go above 5.75%. We do expect that easy access rates will continue to increase - but this is likely to be closer to the next Base Rate decision on 21st September, when the Bank of England is predicted to increase Base to 5.50%. Here's our round up of the best buys and key changes from the savings market from the past week:
There's a new easy access best buy as Santander launch a limited edition account paying 5.20%. It is only available until 17th September, and could be withdrawn earlier if there's high demand. We certainly think there will be so move quickly to secure this rate if it appeals. Furness Building Society drop to second - 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 4.93%, with Cahoot at 4.90%. Chip pay 4.84%, after their latest increase, and Monument Bank, who offer 4.81% via their app based account, complete the top six.
Notice accounts best buys are still largely unchanged with Oxbury still top paying 5.59% on 180 Day and 5.53% on 120 Day. United Trust Bank are second paying 5.50% on 200 Day Notice and 5.20% on 100 Day. Dudley Building Society are third - 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 pay 5.45% on 120 Day Notice but only three withdrawals are permitted. RCI Bank's 5.30% for 95 Day Notice remains popular.
Ahli United Bank pay a best buy 5.79% for 9 Months Fixed, ahead of Secure Trust Bank at 5.70%. Previous leader, Charter Savings Bank still pay 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 Months with Atom Bank fifth at 5.60%
Monument Bank are the best 6 Month Fixed at 5.56% ahead of Charter Savings Bank at 5.55% via Hargreaves Lansdown with Atom Bank third paying 5.54% and QIB Bank paying 5.52% via Raisin
NS&I are the surprise new leaders - paying a huge 6.20% for 1 Year Fixed. We suspect this might have been priced a while back when rates were higher as they buck the trend now with 6%+ rates continuing to disappear. Habib Zurich pay 6.03% and Smart Save 6.01% and there are just five providers still at 6%. National Bank of Egypt, Paragon Bank via Hargreaves Lansdown and direct, Close, BLME and Ikano. Beyond that, Ford Money at 5.95% remains popular.
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. United Trust Bank's 15 Month Fixed paying 6%, and OakNorth at the same rate for the identical term, share fourth with BLME and Union Bank of India.
Ford Money's 6.05% leads the way at the top of the best buys alongside Close Brothers and Ikano Bank. SmartSave moved up to fourth paying 6.01%, nipping ahead of Aldermore Bank at 6% who are alongside seven other providers.
BLME top the charts as the last remaining 6% paying provider. They are ahead of OakNorth paying 5.96% and Hampshire Trust Bank at 5.95% - who share third spot with United Trust Bank, Cynergy, FirstSave, Ikano and Recognise. RCI Bank are next at 5.90%.
Hampshire Trust Bank pay a best buy 5.85% ahead of Cynergy at 5.75% and United Trust Bank at 5.70%. RCI Bank pay 5.65% and Ikano are at 5.57%. OakNorth at 5.56% and Aldermore Bank offer 5.51%.
Tandem Bank pay a best buy 5.85% via Raisin and direct ahead of Hampshire Trust Ban at 5.75% who are alongside United Trust Bank, Recognise and Cynergy. RCI Bank pay 5.65% alongside Hodge with BLME and Close Brothers at 5.60% Aldermore Bank complete the top ten at 5.51%.