Savings round up - 18th September
17/09/2023
With the withdrawal of Santander's 5.20%, easy access best buy falls back to 5.05% and we suspect it will stay that way until Thursday when the Bank of England meet to decide Base Rate. We expect it to go to 5.50% but this is likely to be a close decision as there are certainly reasons to keep it at 5.25%. NS&I's 1 Year Fixed dominates the market and this is supporting 1 Year rates remaining above 6% - we expect to see providers cut or withdraw products once this goes. Elsewhere, rates are holding up but we think this is the peak and that fixed rates won't go any higher, regardless of what happens on Thursday. We do not expect to see easy access rates rise much, with most providers at the top of the best buys already pricing in a Base Rate of 5.50% in their own rates. Here's our round up of the best buys and key changes from the savings market from the past week:
We advised savers to move quickly on the Santander easy access account and it was duly pulled last Tuesday night, five days early. Top spot has been taken by Paragon Bank with their Double Access account paying 5.05% but, as the name suggests, only two withdrawals can be made in 12 months otherwise the rate plunges to 1.50%. Monument Bank, who offer an improved 5.01%, are second alongside Kent Reliance. Furness Building Society drop to fourth - the mutual paying 5% on its Triple Access Saver which is limited to three withdrawals and opened in branch or by phone or post. Secure Trust are the next best paying a straight forward 4.98%, with Family Building Society just behind at 4.96%. Shawbrook and Ford Money pay 4.95%, after both raised their rates during the week, with Oxbury a basis point behind at 4.94%.
RCI Bank are the new best buy paying 5.60% for 95 Days' Notice. This is an excellent rate worth securing with Base Rate now projected to peak at 5.50%. Oxbury are second paying 5.59% on 180 Day and 5.53% on 120 Day. Cynergy are next paying 5.55% on 120 Day and 5.50% on 95 Day. United Trust Bank offer 5.50% on 200 Day Notice and 5.20% on 100 Day. Melton Building Society pay 5.50% for 180 Day and fellow mutual, Stafford Railway Building Society, pay 5.45% on 120 Day Notice - but only three withdrawals are permitted. BLME pay 5.35% on 95 Day and DF Capital pay the same rate but for 120 Days' Notice. QIB Bank pay 5.33% for 95 Day Notice but this is boosted by £25 for new savers to the Raisin platform who sign up here
Secure Trust pay a top rate of 5.85% but Ahli United Bank pay a next best 5.79% for 9 Months Fixed, which also comes with a £25 sign up bonus for new Raisin customers, making it a higher return for savers putting in £10,000. Hampshire Trust Bank pay 5.64% for 9 Months with Atom Bank fourth at 5.60%
BLME are the best 6 Month Fixed at 5.68%, knocking Cynergy (5.66%) down to second with Secure Trust's increase to 5.60% leapfrogging Allica at 5.58%. Monument Bank pay 5.56%.
NS&I lead the way still paying 6.20% for 1 Year Fixed and it's just a case of how much longer they hang out now - we suspect this may be their last week. Union Bank of India pay 6.11% in second with Ahli United Bank paying 6.10% for 1 Year via Raisin. However, this also comes with a £25 new sign up bonus for customers going via this link which gives a return of 6.34% for savers putting in £10,000. Both Kent Reliance and Smart Save pay 6.06% to complete the top five with Ford Money up to 6.05%, just a whisker behind.
OakNorth, Charter Savings and Ford Money share the lead - all three 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 fifth 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, Ikano Bank and Union Bank of India, following their increase. GB Bank are next at 6.01% 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 and Ikano. 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, which also comes with a £25 bonus for new customers signing up via this link. They are ahead of Hampshire Trust Bank at 5.75% who are alongside United Trust Bank 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%.