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Savings round up - 20th November

Although shorter term fixed rate best buys have held up this week, the chasing pack are cutting and it looks like only a matter of time before we see best buy rates fall below 5.80% on 1 Year - we will be suprised if they are above this point by the end of the month.  Longer term fixed rates saw sharp cuts as it increasingly looks like Base Rate has peaked at 5.25% and markets are even starting to price in a rate cut in the first half of 2024. Friday saw a large round of rate cuts and withdrawals as providers reacted to the news and we expect that to continue this week.  Those savers who think they've missed out on the best rates and are waiting in hope of a rebound are likely to be disappointed. Here's our round up of the best buys and key changes from the savings market from the past week:

Easy Access

Easy access best buys remain unchanged on last week with Ulster Bank still leading the way paying 5.20%. Metro Bank is offering 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 RateSetter paying 5.06% via Hargreaves Lansdown Active Savings.


With Chorley Building Society withdrawing, Oxbury are promoted to best buy 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's 95 Day Notice Account pays 5.51%.

Up to 1 Year Fixed

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 National Bank of Egypt paying 5.52% on Raisin for the same term. United Trust Bank are next best paying 5.47%.

1 Year Fixed

Metro Bank pay a top rate of 5.91% ahead of Union Bank of India at 5.90%. Al Rayan Bank are next paying 5.85% with a three way tie at 5.80% - Gatehouse, Habib Zurich and JN Bank all paying the same rate. SmartSave drop to 5.76% ahead of Close Brothers at 5.75% with BLME and Ikano completing the top 10 at 5.70%. 

18 Month Fixed

Metro Bank also pay 5.91% on 18 Months making it a best buy ahead of JN Bank and Union Bank of India tied at 5.80%. BLME pay 5.75% ahead of fellow Sharia providers, Al Rayan Bank and Gatehouse Bank at 5.70%. Cynergy Bank pay 5.65% on both 15 Month and 18 Month Fixed terms.

2 Year Fixed

Union Bank of India lead the way on 2 Year paying 5.80% ahead of Gatehouse Bank at 5.70% and JN Bank at 5.66%. Ford Money and Al Rayan pay 5.65% with RCI Bank at 5.60% alongside Close Brothers, BLME and Cynergy as a plethora of providers cut rates at the end of last week.

3 Year Fixed 

The top three from last week are all gone with Al Rayan Bank leading the way at 5.60%. RCI Bank offer 5.50% - but we expect this will last no more than 24 hours - as do Gatehouse, JN Bank, BLME and Zenith Bank. Close Brothers pay 5.45% via Hargreaves Lansdown Active Savings and direct.

4 Year Fixed

JN Bank and BLME lead the way paying 5.50% before a big drop to Cynergy and Gatehouse Bank at 5.30%.  There's a further drop to Zopa at 5.01% with Aldermore Bank just behind paying 5% alongside United Trust Bank and Union Bank of India.

5 Year Fixed 

JN Bank remain top but at a reduced rate of 5.50%. BLME are at 5.38% with Gatehouse at 5.30% and Cynergy at 5.25%.  There's a drop then to Cambridge Building Society and Close Brothers at 5.10% via Hargreaves Lansdown Active Savings and direct.

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