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Savings round up - 30th October

There was a little movement on easy access accounts with Paragon launching a new best buy and Close Brothers improving their rate, in an otherwise static market as providers sit on their hands ahead of this Thursday's Base Rate decision.  That increasingly looks likely to be another hold at 5.25% but the split decision last time on this means this is not a certainty. Fixed rates continued their descent with best buy rates falling on 1 and 2 Year and 18 Months Fixed.  JN Bank are now miles clear on 3, 4 and 5 Year Fixed and we think they will either cut or pull those rates this week. We will be back next week to give our verdict on what the Base Rate decision means for savings but, in the meantime, here's our round up of the best buys and key changes from the savings market from the past week:

Easy Access

We have a new easy access best buy with Paragon Bank's Double Access account topping the tables paying 5.25%, matching the current Base Rate. The rate is slashed to just 1.50% if a third withdrawal is made though.  With Coventry Building Society pulling, the next best is Ulster Bank paying 5.20% but it does have a higher minimum balance of £5,000. Close Brothers are next following their increase to 5.15% but they do want a hefty £10,000 minimum balance. 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 Gatehouse Bank, who increased their rate to 5.10%. Hampshire Trust Bank pay a straight forward 5.09% with no restrictions.


Chorley Building Society are still the 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 and Vanquis Bank are back in the best buy tables paying 5.50% for their 90 Day Notice.

Up to 1 Year Fixed

National Bank of Eygpt paying 5.59% via Raisin are the new best buy ahead of Secure Trust Bank at 5.56% 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 are still the best buy but have cut to 6.05% (from 6.11%) to stay ahead of Habib Zurich, who pay 6.03%. Al Rayan Bank pay 5.95% via Raisin but we expect this to get pulled today or tomorrow as their direct rate has already been cut. Vanquis Bank bucked the trend of cuts by rejoining the market at 5.95%. Gatehouse Bank pay 5.90% via Raisin with Ikano Bank at 5.86% before a trio of banks at 5.85% including National Bank of Egypt, Close Brothers and United Trust Bank

18 Month Fixed

Gatehouse Bank, who pay 5.90% via Raisin or direct are the new best buy ahead of Al Rayan Bank at 5.85% via Raisin.  Al Rayan's direct rate got cut on Friday so expect this to be gone in the next 48 hours. United Trust pay 5.85% on 15 Months Fixed and JN Bank pay 5.80%, alongside Cynergy Bank. Hampshire Trust Bank drop to 5.73% following Friday's rate cut.

2 Year Fixed

Union Bank of India also lead the way on 2 Year but are now paying a reduced 6% following their rate cut on Friday. Vanquis Bank are at 5.90% with Secure Trust at 5.84% and Investec at 5.82%. There's five banks at 5.80% including Close Brothers, Cynergy, JN Bank, United Trust Bank and Zenith. RCI Bank pay 5.75%.

3 Year Fixed 

JN Bank continue to lead the way at 5.97% before a big drop to Vanquis at 5.80%. Cynergy, Secure Trust and United Trust Bank all pay 5.75% to keep ahead of RCI Bank at 5.70%, who are tied with Close Brothers and NS&I's green savings bond.

4 Year Fixed

JN Bank also top 4 Year paying a best buy 5.80% and are way ahead of Cynergy 5.55%. Gatehouse and BLME both pay 5.50% with United Trust Bank at 5.45% and OakNorth at 5.40% completing the top six.

5 Year Fixed 

JN Bank remain top at 5.80% with a massive drop to Cynergy Bank, Secure Trust and Gatehouse at 5.50%. United Trust Bank pay 5.40% and BLME are at 5.38% with Close Brothers completing the top seven at 5.35%.

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