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Savings round up - 23rd October

Fixed rates have fallen back again and there are only three providers paying over 6% - we said last week we'd be surprised if they lasted the week but they are still here.  We will be astonished if there's anything above 6% when we write next week's round up.  The next MPC decision on Base Rate is in sight now but it is incredibly hard to call and we expect a split decision on whether to hold at 5.25% or raise to 5.50%. However, there's little case for it going above 5.50% and this is why we believe the current fixed rates on offer are unsustainable and will continue to fall back.  Union Bank of India and JN Bank have had a good run at the top spots and we expect this to end this month - neither are big enough to sustain this for longer. Easy access rates are holding up but there's little movement with everything hinging on next Thursday's Base Rate decision. Here's our round up of the best buys and key changes from the savings market from the past week:

Easy Access

Easy access rates have been stable with only one significant change in the top providers. 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 and Cahoot both pay 5.12% - 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%. They have been joined by Close Brothers, who increased their rate to 5.10%, the only significant move of the week. 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% complete the top 10.


Chorley Building Society are the new leaders but their 5.65% rate requires a massive 200 Days Notice. RCI Bank pay 5.60% for 95 Days Notice, which is closing to new customers soon so move quickly to secure this rate. 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. Charter Savings Bank re-enter the market paying 5.45% for 95 Day Notice and Monument are up to 5.41% on their 60 Day Notice.

Up to 1 Year Fixed

Secure Trust are the new leaders, paying 5.60% to sneak ahead of National Bank of Eygpt paying 5.59% via Raisin and FCMB Bank who pay 5.54%, also 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%.

1 Year Fixed

Union Bank of India pay a best buy 6.11%, which we are shocked to still see available as it is a long way clear of the next best, Habib Zurich, who pay 6.03%. Ziraat Bank pay 6% via Raisin with every other provider now below this level. Al Rayan Bank pay 5.95% via Raisin and direct, as do Close Brothers. There's a plethora of banks at 5.90% with LHV Bank, Gatehouse Bank and Zenith Bank all available via Raisin and direct in the case of the last two, plus Cynergy Bank. SmartSave drop to 5.87% following their latest rate cut.

18 Month Fixed

Hampshire Trust Bank are the new best buy paying 5.93% ahead of Gatehouse Bank, who pay 5.90% via Raisin or direct. United Trust Bank's 15 Month Fixed pays the same rate, as does Cynergy's 18 Month and 15 Month Fixed.

2 Year Fixed

Union Bank of India also lead the way on 2 Year paying 6.05%, but this cannot last as it is way clear of Zenith Bank who are next at 5.90%, via Raisin and direct. Close Brothers, Cynergy, Secure Trust and United Trust Bank also pay 5.90% with Ziraat Bank at 5.88% and RCI Bank at 5.85%.

3 Year Fixed 

JN Bank continue to lead the way at 5.97%. RCI Bank are next at 5.85% alongside United Trust Bank and Cynergy, with Hampshire Trust Bank just behind at 5.80%

4 Year Fixed

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%.

5 Year Fixed 

JN Bank remain top at 5.80% with Cynergy Bank at 5.65% too ahead of Hampshire Trust Bank at 5.60%. United Trust Bank, Gatehouse and Secure Trust all pay 5.50%, before a drop to BLME at 5.38%.

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