Savings round up - 13th November
12/11/2023
6%+ rates have gone with the best buy in the market now just 5.91%. Sadly, we think even this won't last for long as, with markets increasingly pricing in 5.25% as the peak for Base, further reductions look likely and we expect 1 Year best buy to consolidate around the 5.80% level this month. There's been very limited good news this week with only Metro Bank and Hampshire Trust Bank making noteworth increases to rates as the vast majority of providers cut or withdraw from the market completely. Easy access rates are holding up still but there could be an easing back here too - although we think 5%+ best buy rates will survive. Here's our round up of the best buys and key changes from the savings market from the past week:
Ulster Bank remains the best buy easy access account paying 5.20%. Metro Bank is paying 5.22% but a huge proportion of this (3.46%) is a 12 month bonus and, for this reason, we exclude it from our tables. Hampshire Trust Bank pay a straight forward 5.15% with no restrictions following their increase this morning. Close Brothers also pay 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 Charter Savings Bank paying 5.07% and Kent Reliance offering 5.06%.
Notice best buys are largely unchanged. 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. Shawbrook pay 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. Hampshire Trust Bank are the big mover - as they launch a 95 Day Notice Account paying 5.51%.
Monument Bank pay a best buy 5.60% for 9 Months Fixed, a whisker ahead of National Bank of Eygpt paying 5.59% via Raisin. Secure Trust Bank pay 5.56% and FCMB Bank offer 5.54% via Raisin. ICICI Bank pay 5.53% via Hargreaves Lansdown's Active Savings platform.
Monument Bank pay 5.53% for 6 Months Fixed, narrowly ahead of Byblos Bank offering 5.52% via Raisin and National Bank of Egypt, also paying 5.52% on Raisin for the same term.
6% rates have gone and we have new leaders at the top of the best buys. Metro Bank pay a top rate of 5.91% ahead of JN Bank, who upped their 1 Year by 0.10% to move up to joint second with Union Bank of India, who cut to 5.90%. Al Rayan Bank are next paying 5.85% with SmartSave at 5.81%. There's a cluster of providers at 5.80% - Castle Trust Bank, Gatehouse, Habib Zurich and United Trust Bank - as 1 Year rates appear to be heading to this level, as we predicted last week.
Metro Bank also pay 5.91% on 18 Months making it a best buy. United Trust Bank's 15 Month Fixed pays 5.85% and JN Bank and Union Bank of India are tied at 5.80%. BLME pay 5.75% ahead of Hampshire Trust Bank at 5.73% and the Sharia providers, Al Rayan Bank and Gatehouse Bank, complete the top eight, both paying 5.70%.
JN Bank and Union Bank of India lead the way on 2 Year - both paying 5.80%. Ford Money and United Trust Bank are joint third offering 5.75%. Gatehouse Bank drop to 5.70% ahead of Zopa Bank at 5.66%. Al Rayan pay 5.65%, Investec 5.62% and Secure Trust Bank 5.61%. RCI Bank complete the top ten at 5.60%.
JN Bank continue to lead the way at 5.90% with a big drop then to NS&I's green savings bond at 5.70% United Trust Bank pay 5.65% and Zopa Bank are at 5.61% with Al Rayan Bank completing the top five at 5.60%. Cynergy Bank pay 5.55% and RCI Bank offer 5.60%.
JN Bank also top 4 Year at 5.60%, ahead of BLME and Cynergy at 5.50%. There's a drop to United Trust Bank at 5.35% with Gatehouse and Zopa Bank tied at 5.30% with everyone else at 5% or less.
JN Bank remain top at 5.60% but are way ahead of Cynergy at 5.45%, so we expect this to be cut this week. BLME are at 5.38% with Gatehouse, United Trust Bank and Zopa Bank all tied at 5.30%.