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Savings round up 15th January

Although the best buy fixed rate bond rates have held up, there's been further cuts behind the headline rates as providers adjust in the expectation that Base Rate will drop soon. It's unlikely to happen at the next meeting on 2nd February but there's a good chance of a cut now in March or May's meeting - we expect it at the latter. We saw some increases to easy access rates this week from Charter Savings and Kent Reliance - but as both are part of One Savings Bank this doesn't signal a change in direction here and we fully expect easy access rates to fall back once Ulster Bank cut or withdraw.  Here's our round up of the best buys and key changes from the savings market:

Easy Access

Ulster Bank still lead the way paying 5.20% but the gap has been closed slightly with Charter Savings increasing their rate to 5.13% to move up to second, just ahead of Cahoot at 5.12%. Kent Reliance also improved their rate, to 5.11%, to nip ahead of Leeds Building Society, who pay 5.10%, in to fourth. Virgin Money pay 5.07% - but their rate falls to 2% if more than three withdrawals per year are made. Paragon's Double Access account pays 5.05%, as do Close Brothers, which doesn't have any restrictions but does have a £10,000 minimum. 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. 

Notice

United Trust Bank offer a best buy 5.58% on 200 Day Notice and 5.40% on 100 Day ahead of Buckinghamshire Building Society, who offer 5.45% for 195 Day's Notice. QIB Bank pay 5.40% for 95 Day's Notice, 5.35% for 60 Day's and 5.30% for 31 Day's via Raisin with a £25 cash bonus for new customers who apply via Savings Guru. BLME pay 5.35% for 90 Days Notice and DF Capital pay the same rate but for 120 Days - with 5.30% paid for 90 Days.

Up to 1 Year Fixed

National Bank of Egypt pay a best buy 5.03% ahead of United Trust Bank's 4.98% with Monument Bank in third paying 4.93%.

Emirates Bank pays a best buy 5.17% via Hargreaves Lansdown's Active Savings platform. There's cashback on this account of up to £100 too, which makes it highly attractive. Next best is Cynergy Bank's 5.12%, narrowly ahead of National Bank of Egypt 5.11% via Raisin, which comes with £25 cashback for new savers who sign up via Savings Guru. Secure Trust and Zenith Bank both pay 5.10%.

1 Year Fixed

Al Rayan Bank still lead the way at 5.50% before a big drop to Investec at 5.30% and SmartSave Bank at 5.27%. Secure Trust Bank pay 5.20% then there's a trio of providers at 5.15% including Investec via Raisin, which comes with £25 cashback for new savers, Habib Zurich and BLME. Allica were a surprise new entrant - coming back in at 5.10% alongside Close Brothers. We expect to see rates consolidate around 5.15% - 5.20% this month as providers factor in expectations that the Bank of England will cut Base Rate this spring and the four providers above this likely to pull back in the next fortnight.

18 Month Fixed

United Trust Bank lead the way with its 15 Month Bond paying 5.10%. Union Bank of India are next at 5.05% and Al Rayan at 5%. Cynergy Bank pay 4.85% on their 15 Month Fixed Rate and Zopa Bank pay 4.80% via Hargreaves Lansdown's Active Savings, which also comes with up to £100 cashback for new customers. Gatehouse Bank and Tesco both drop out of the top five after rate cuts last week.

2 Year Fixed

Union Bank of India still lead the way at 5.15% with Al Rayan Bank and Investec tied second with both paying 5.05%. Secure Trust Bank pay 5% ahead of Bank of Ceylon who are at 4.95% via Raisin but new savers can get £25 cashback. United Trust Bank and Close Brothers also pay 4.95% with Zenith Bank at 4.90% before a drop to 4.75% where there are five providers.

3 Year Fixed

Al Rayan Bank pay a best buy 4.95% with Secure Trust Bank a new entrant at 4.86% as they re-enter the market. Zenith Bank are third at 4.70% alongside United Trust Bank. Close Brothers pay 4.60% via Hargreaves Lansdown's Active Savings with new savers able to earn up to £100 cashback

4 Year Fixed

Bank of Ceylon pay a best buy 4.55% via Raisin with fellow Raisin provider, isbank, paying 4.50%. Both accounts come with £25 cashback for new savers. Vanquis and Zopa Bank are tied for third at 4.40% with United Trust Bank and BLME offering 4.30%.

5 Year Fixed 

Bank of Ceylon pay a best buy 4.55% via Raisin and isbank are next paying 4.50% also via Raisin - both accounts coming with £25 cashback for new savers. SmartSave Bank are third paying 4.36%, just ahead of Close Brothers who pay 4.35% via Hargreaves Lansdown's Active Savings, with new savers able to earn up to £100 cashback. Four providers pay 4.30% - United Trust Bank, Zopa, BLME, and Vanquis. We expect to see further cuts this week - with financial markets predicting Base Rate to drop to 3.50% in the next five years, several rates now look overpriced and we foresee an easing back towards 4%.

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