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Savings round up - 6th November

Base Rate was held at 5.25% on Thursday and the voting changed to 6-3 in favour (from 5-4 last time) to hold rates instead of increase to 5.50%.  It looks increasingly likely that Base has now peaked at this point and this is likely to mean further rate reductions on fixed. We warned last week that JN Bank's 3, 4 and 5 Year Fixed rates looked ripe for a cut or outright withdrawal and this happened.  They remain best buy on all three but at reduced rates. While shorter term fixed rate best buys have held up, there's been more cuts than increases from those providers behind the leaders and we expect to see those best buys fall back in the next week as providers react to the Base Rate decision and outlook.

Easy access rates also saw some cuts with the best buy rate trimmed and more providers pulling back on rates than increasing them last week.  While we think easy access rates will hold up, there could well be a gentle easing back with best buy providers falling to rates in the low 5%s. Here's our round up of the best buys and key changes from the savings market from the past week:

Easy Access

With Paragon cutting the rate on its Double Access account to 5.16% (the rate is slashed to just 1.50% if a third withdrawal is made), Ulster Bank move top of the charts with its unrestricted easy access account paying 5.20%. Ulster Bank is part of NatWest and is covered under NatWest's bank licence for FSCS protection. 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.  Secure Trust are a whisker further back at 5.10% followed by Hampshire Trust Bank, who 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. Oxbury are next best paying 5.59% on 180 Day and 5.53% on 120 Day. United Trust Bank offer 5.58% on 200 Day Notice and 5.40% on 100 Day following their increase in the week.  Shawbrook were also on the move - up to 5.56% for 120 Day Notice and 5.23% for 45 Day. Cynergy offer 5.55% on 120 Day and 5.50% on 95 Day and Vanquis Bank pay 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. ICICI Bank pay 5.53% via Hargreaves Lansdown's Active Savings platform.

Habib Zurich are the best 6 Month Fixed at 5.75%, ahead of BLME who pay 5.58%. Monument Bank pay 5.53% following their rate cut.

1 Year Fixed

Union Bank of India at 6.05% and Habib Zurich paying 6.03% remain the only two providers paying 6% or more in the fixed savings market.  Vanquis Bank pay 5.95% ahead of Gatehouse Bank at 5.90% via Raisin and direct.  Oxbury Bank are a rare brights spot with a new rate of 5.90% in an otherwise falling market.  Next is Ikano Bank at 5.86%, who are a whiskter ahead of Al Rayan Bank and Close Brothers at 5.85%.  SmartSave pay 5.81% before a cluster of providers at 5.80% - the level where we believe 1 Year best buy rates are heading towards this month.

18 Month Fixed

Union Bank of India pay a best buy 5.95% followed by Gatehouse Bank, who pay 5.90% via Raisin or direct.  United Trust Bank's 15 Month Fixed pays 5.85% and JN Bank pay 5.80%. BLME pay 5.75% ahead of Hampshire Trust Bank at 5.73% and Al Rayan Bank drop to 5.70% following their rate cuts.

2 Year Fixed

Union Bank of India also lead the way on 2 Year at 6% ahead of Vanquis Bank at 5.90%. There's four banks at 5.80% including Close Brothers, JN Bank, United Trust Bank and Zenith. RCI Bank pay 5.75% but this is unlikely to last so move quickly if this appeals.

3 Year Fixed 

JN Bank continue to lead the way but at a reduced rate of 5.90%, following their rate cuts last week. There's a drop to Vanquis at 5.80% wtih United Trust Bank in third paying 5.75%. RCI Bank pay 5.70% alongside Close Brothers and NS&I's green savings bond. Zenith pay 5.65% and Zopa Bank are at 5.61%.

4 Year Fixed

JN Bank also top 4 Year but at a reduced rate of 5.60%, ahead of a trio at 5.50% - BLME, Cynergy and Gatehouse Bank all at 5.50%. United Trust Bank pay 5.45% with OakNorth at 5.40% and Zopa Bank at 5.30% completing the top seven.

5 Year Fixed 

JN Bank remain top but with a rate cut to 5.60%. Gatehouse Bank pay 5.50% ahead of Cynergy at 5.45% and United Trust Bank at 5.40%. BLME are at 5.38% with Close Brothers at 5.35% and Zopa at 5.30%.

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