Savings round up - 16th October
15/10/2023
Fixed rates have tumbled the past week with providers reacting to NS&I's withdrawal by cutting rates or pulling out themselves, as savers rush to get the best remaining deals. There's only three providers paying over 6% and we expect all to be gone by the end of the week. Although we don't foresee rates collapsing, the forecast for Base Rate is for it to peak no higher than 5.50%, with some forecasting that the current 5.25% rate may already be the peak. We cannot see any justification for rates staying at the current levels and expect to see further falls back this week, particularly with half term on the horizon, which is likely to mean some will cut further to avoid having to change pricing during the school holidays when staff levels will be lower. Easy access rates are holding up but we don't believe these will change now until the next Base Rate decision on the 2nd November. Here's our round up of the best buys and key changes from the savings market from the past week:
Coventry Building Society and Ulster Bank continue to lead the way - both paying 5.20%. The former is limited to three withdrawals, before interest penalties for further withdrawals, and the latter has a high minimum balance of £5,000 but no withdrawal restrictions. There is a 5.30% rate from Chorley Building Society but we haven't included this in our tables as it only allows one withdrawal. Virgin Money have been joined at 5.12% by Cahoot - the Virgin account drops to 2% if more than three withdrawals per year are made whereas the Cahoot one has no restrictions. Shawbrook are just behind at 5.11% with Secure Trust a whisker further back at 5.10%. Next best is Hampshire Trust Bank paying 5.09% and 5.08% from Coventry Building Society, which is via Hargreaves Lansdown's Active Savings platform. Charter Savings at 5.07% and Kent Reliance at 5.06% complete the top 10.
RCI Bank pay 5.60% for 95 Days Notice which is unmatched by anything else in the notice market. Oxbury are next best paying 5.59% on 180 Day and 5.53% on 120 Day. Cynergy offer 5.55% on 120 Day and 5.50% on 95 Day. United Trust Bank offer 5.50% on 200 Day Notice, 5.20% on 100 Day and 4.70% on 30 Day. Melton Building Society pay 5.50% for 180 Day. BLME pay 5.35% on 95 Day and DF Capital pay the same rate but for 120 Days' Notice.
Ahli United Bank pay a best buy 5.79% for 9 Months Fixed, which we don't expect will last beyond this week, which is way ahead of the next best - Secure Trust paying just 5.60% to sneak ahead of National Bank of Eygpt paying 5.59% via Raisin.
Habib Zurich are the best 6 Month Fixed at 5.75%, ahead of Monument Bank who pay 5.65% and BLME at 5.58%.
Union Bank of India pay a best buy 6.11%, which we expect to go within the next few days, with Ahli United Bank paying 6.10% for 1 Year via Raisin just behind. Habib Zurich pay 6.03% with LHV paying 6% and Ziraat Bank also paying 6% via Raisin. Every other provider is below 6% and we expect this trend to continue, following NS&I's withdrawal. There's five providers locked at 5.95% with Al Rayan Bank, Castle Trust, Close Brothers, Cynergy and Ford Money all offering this rate.
Cynergy pay a best buy 5.95% on both their 18 Month and 15 Month Fixed rate bonds, just ahead of Hampshire Trust Bank at 5.93%. Gatehouse Bank pay 5.90%, which is available via Raisin or direct, as do United Trust Bank on their 15 Month Fixed.
Union Bank of India also lead the way on 2 Year paying 6.05%, with Ford Money and Cynergy sharing second spot paying 5.95%. Zenith Bank are next at 5.90%, via Raisin and direct, which is matched by Close Brothers, Secure Trust and United Trust Bank.
JN Bank continue to lead the way at 5.97%, but we don't expect this to last the week, ahead of FirstSave and Cynergy who both pay 5.95%. RCI Bank are next at 5.85% alongside United Trust Bank with Hampshire Trust Bank just behind at 5.80%.
JN Bank also top 4 Year paying a best buy 5.80% ahead of Hampshire Trust Bank at 5.70% and Cynergy at the same rate. Then there's a big drop to Gatehouse and BLME at 5.50% with United Trust Bank completing the top six at 5.45%.
JN Bank remain top at 5.80% but we don't expect this to last the week. Tandem Bank pay 5.65% via Raisin or direct with Cynergy at 5.65% too ahead of Hampshire Trust Bank at 5.60%. United Trust Bank, Gatehouse and Secure Trust all pay 5.50%.