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Savings round up - 22nd January

The best easy access, notice and 1 Year rates all got pulled last week with several longer term rates also trimmed too. The good news came in the short term fixed rate market where we saw some increases. There remains plenty of 5%+ rates on offer across easy access, notice and fixed terms up to two years. However, with Base Rate expected to be cut to 5% this year, we expect these to dwindle in the coming months. Here's our round up of the best buys and key changes from the savings market:

Easy Access

With Ulster Bank closing their 5.20% easy access account to new customers, Charter Savings are promoted to best buy slot with their account which pays 5.13% to move up to second, just ahead of Cahoot at 5.12%. Kent Reliance pay 5.11% ahead of Leeds Building Society, who pay 5.10% in 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. Family Building Sociey pay 5.04% and Monument Bank's 5.03% are the only remaining accounts paying over 5%.

Notice

Buckinghamshire Building Society are the new best buy paying 5.45% for 195 Day's Notice. 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. LHV Bank pay 5.30% for 95 Day's Notice via Raisin - which also comes with a £25 cash bonus for new customers who apply via Savings Guru.  There are five providers paying 5.25% - Monument for 60 Day's Notice, Investec for 90 Day's, Cynergy and Shawbrook for 120 Day's and United Trust Bank for 180 Day's - although this is a Base Rate tracking account.

Up to 1 Year Fixed

The best short term fixed rates are all available via Hargreaves Lansdown's Active Savings platform with Emirates Bank paying 5.13% for 3 Months Fixed, Kent Reliance and Charter Savings both paying 5.12% for 6 Months Fixed and the same pair paying 5.13% for 9 Months Fixed. There's cashback on this account of up to £100 too, which makes these extremely attractive.

The best direct rate is Cynergy Bank's 5.12% for 6 Months and Allica Bank's 5.10% for the same term. National Bank of Egypt pay 5.06% via Raisin, which comes with £25 cashback for new savers who sign up via Savings Guru. 

1 Year Fixed

Al Rayan Bank still lead the way but at a reduced rate of 5.30%, following their cut last week. There's a big drop to Smart Save at 5.16% and Investec at 5.15% - both of whom also cut rates last week. Charter Savings pay 5.11% ahead of a trio at 5.10% - Hodge Bank, Allica and Close Brothers. and SmartSave Bank at 5.27%. Investec, via Raisin, pay 5.05%, which comes with £25 cashback for new savers, as do Habib Zurich and BLME. All other providers are at 5% or less now and, with Base Rate expected to head south, it looks like best buy rates will consolidate around 5 - 5.10% in the coming weeks.

18 Month Fixed

Union Bank of India are best buy at 5.05% with Al Rayan at 5% and United Trust Bank's 15 Month Bond dropping to third at 4.95%, following its rate cut last week. Cynergy Bank pay 4.85% on their 15 Month Fixed Rate and 4.80% on their 18 Month. BLME pay 4.80% with Gatehouse at 4.75% and Tesco Bank at 4.70%. Zopa Bank pay 4.60% via Hargreaves Lansdown's Active Savings, which also comes with up to £100 cashback for new customers

2 Year Fixed

Union Bank of India still lead the way at 5.15% with Al Rayan Bank paying 5.05% the only other provider above 5%. Close Brothers pay 4.95% with Smart Save back in the market at 4.91%. Zenith Bank pay 4.90% before a drop to 4.75%, which is paid by United Trust Bank, BLME, Cynergy and Investec.  RCI Bank pay 4.70% to complete the top 10. 

3 Year Fixed

Al Rayan Bank pay a best buy 4.95% before a huge drop to Close Brothers at 4.60%. Smart Save pay 4.56%, following their re-entry, ahead of Castle Trust Bank and Zenith Bank at 4.55%. isbank pay 4.50% via Raisin which comes with £25 cashback for new savers who sign up via Savings Guru. Zopa, BLME and Vanquis all pay the same rate of 4.50% too.

4 Year Fixed

isbank, pay a best buy 4.50% which comes with £25 cashback for new savers who sign up via Savings Guru. Vanquis and Zopa Bank are tied for third at 4.40% with BLME offering 4.30%.

5 Year Fixed 

isbank pay a best buy 4.50% via Raisin - which comes with £25 cashback for new savers who apply via Savings Guru. SmartSave Bank are a distant second paying 4.36%, narrowly ahead of Close Brothers, who pay 4.35%. Three providers pay 4.30% - Zopa, BLME, and Vanquis. 

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