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Savings round up - 29th January

There was better news for savers last week. Although Al Rayan cut their best buy 1 Year, there were four new entries in to the top 10 which gives hope that our prediction that rates will consolidate around 5% - 5.10% will hold. Coventry Building Society launched a new best buy easy access and there's strong competition in the short term fixed rate bond market with a new best buy there and some great rates plus cashback on HL's Active Savings platform. With swap rates rebounding, there's hope for savers that rates will at least hold at these levels in the immediate term. Here's our round up of the best buys and key changes from the savings market:

Easy Access

There's a new best buy with Coventry Building Society taking over top spot with their Triple Access Saver paying 5.15%. The account allows three withdrawals per annum with subsequent withdrawals facing a 50 day interest penalty. They move ahead of Cahoot at 5.12% andLeeds Building Society, who pay 5.10% in joint third - having been joined by Close Brothers who upped their rate by 5bps last week. Charter Savings Bank pay 5.08%, following their rate cut, to stay ahead of Virgin Money who pay 5.07% - but the Virgin rate falls to 2% if more than three withdrawals per year are made. Kent Reliance are also paying 5.07% following their rate trim on Friday. Paragon's Double Access account pays 5.05%. Family Building Sociey pay 5.04% and Monument Bank's 5.03% are the only remaining accounts paying over 5%.


Tiny Nigerian bank, FirstSave, are the new best buy paying 5.40% for 90 Day's Notice. Given their size, we expect this rate to be gone within the next few days so don't hang around if this appeals as we have seen three of last week's top five - LHV, Buckinghamshire Building Society and DF Capital all pull. Second are BLME who pay 5.35% for 90 Days Notice before a drop to six providers paying 5.25% - Monument and West Brom 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 almost all available via Hargreaves Lansdown's Active Savings platform with Kent Reliance and Charter Savings both paying 5.13% for 9 Months Fixed and the same pair paying 5.12% for 6 Months Fixed. There's cashback on this account of up to £100 too, which makes these extremely attractive. They are only beaten by Monument's app only 5.14% for 6 Months and Hampshire Trust Bank's 5.13% for 6 Months.

1 Year Fixed

With Al Rayan Bank cutting their rate, Smart Save is the new best buy at 5.16%. However, Allica Bank pay 5.15% via Hargreaves Lansdown's Active Savings, which also comes with up to £100 cashback for new customers, which will give a better overall return. Investec also pay 5.15% as do Allica direct. Shawbrook Bank came back in to the market - improving their rate to 5.12% - as did Hampshire Trust Bank, who launched a new bond at 5.10%.  Atom improved their rate to 5.10% to move alongside Hodge and Close Brothers.  Charter Savings pay a reduced 5.08% to complete the top 10.

18 Month Fixed

United Trust Bank's 15 Month Bond leads the way at 4.95%, alongside Al Rayan Bank, who cut their 18 Month to 4.95% at the end of last week. Union Bank of India also cut - down to 4.90% - but they keep ahead of Cynergy Bank who 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 Zopa Bank at 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 despite their cut to 4.95% at the end of last week. Close Brothers also pay 4.95% with Smart Save just behind at 4.91% and Zenith Bank at 4.90%. Hampshire Trust Bank pay 4.80% as they come back in the market with five providers tied at 4.75% - United Trust Bank, BLME, Cynergy, Investec and Al Rayan who sliced 0.30% off their rate last week. RCI Bank pay 4.70%

3 Year Fixed

Close Brothers are the new best buy at 4.60%, following Al Rayan's cut last week. Smart Save pay 4.56% 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, as do Al Rayan following their 0.45% reduction. RCI Bank pay 4.45% to complete the top 10.

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 second 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%. Four providers pay 4.30% - Hampshire Trust Bank, Zopa, BLME, and Vanquis. 

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