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Savings round up - 5th February

The Bank of England held Base Rate at 5.25% on Thursday, which wasn't a surprise. What was though was that the Committee were split three ways on the decision, the first time since 2008 where some members (six) voted to hold, some to increase to 5.50% (two) and one to cut. That, and Andrew Bailey's comments that there is someway to go before inflation is at the Bank's 2% target, has caused the financial markets to push out their expectations that Base Rate will be cut soon. This is good news for savers because it increases the likelihood that rates can hold up for longer at current levels. This should mean the sharp falls experienced in the past few months now ease off and rates are likely to hold at around their current levels - at least until the next decision on 21st March. As a result, all best buy rates have held and one has even increased. Here's our round up of the best buys and key changes from the savings market:

Easy Access

Coventry Building Society remain top with their Triple Access Saver paying 5.15%. The account allows three withdrawals per annum with subsequent withdrawals facing a 50 day interest penalty. Leeds Building Society and Close Brothers both pay 5.10% and move up to joint second with Cahoot slashing their rate. Charter Savings Bank are joined by Monument in paying 5.08%, following their increase on Friday. Virgin Money and Kent Reliance are a nudge behind at 5.07% - but the Virgin rate falls to 2% if more than three withdrawals per year are made. Paragon's Double Access account pays 5.05%. Family Building Society pay 5.04% and Coventry Building Society's 5.03% via Hargreaves Lansdown are the remaining accounts paying over 5%.


Tiny Nigerian bank, FirstSave, and Vanquis Bank lead the way - both paying 5.40% for 90 Day's Notice. We didn't expect the FirstSave rate to survive the week but the unexpected increase from Vanquis, to move alongside them, may help prolong it for a bit longer. BLME pay a slightly lower 5.35% for 90 Days Notice before a drop to five providers paying 5.25% - Monument and West Brom for 60 Day's Notice, Investec for 90 Day's, Cynergy 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 six month fixed rate comes from Allica Bank, who pay 5.17% after their move after close of business on Friday. They move ahead Monument's app only 5.14% for 6 Months and Hampshire Trust Bank's 5.13% for 6 Months. Cynergy pay 5.12% in a packed top quartet.

Atom Bank lead the way on nine months fixed paying 5.10% ahead of Charter Savings Bank and Kent Reliance - both paying 5% - on Hargreaves Lansdown's Active Savings platform.

1 Year Fixed

Allica Bank pay 5.15% via Hargreaves Lansdown's Active Savings, alongside Investec and the same rate is also available via Allica direct. Shawbrook Bank are next at 5.12% ahead of Hampshire Trust Bank who pay 5.10%. Atom and Close Brothers are also offering 5.10% with Charter Savings paying 5.08% to complete the top eight.

18 Month Fixed

United Trust Bank's 15 Month Bond leads the way at 4.95% alongside Al Rayan Bank's 18 Month Fixed at the same rate. Union Bank of India are next at 4.90% 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%. The only notable mover was Aldermore Bank - who increased their rate to 4.50%.

2 Year Fixed

Union Bank of India still lead the way alongside Close Brothers - both pay 4.95% - with Zenith Bank just behind at 4.90%. Hampshire Trust Bank pay 4.80%. There's six providers at 4.75% as Furness Building Society re-enter the market and join United Trust Bank, BLME, Cynergy, Investec and Al Rayan. RCI Bank pay 4.70%.

3 Year Fixed

Close Brothers lead the way at 4.60%, ahead of Castle Trust Bank and Zenith Bank at 4.55%. isbank pay 4.50% via Raisin as do Zopa, BLME and Al Rayan. RCI Bank pay 4.45% alongside Gatehouse and United Trust Bank to complete the top 10.

4 Year Fixed

isbank, pay a best buy 4.50% via Raisin ahead of Zopa Bank at 4.40% and BLME offering 4.30%. UBL Bank pay 4.26% via Raisin and direct with United Trust Bank paying 4.25%. 

5 Year Fixed 

isbank pay a best buy 4.50% via Raisin, well ahead of the next best which is Close Brothers who pay 4.35%. Three providers pay 4.30% - Hampshire Trust Bank, Zopa and BLME. UBL Bank pay 4.26% via Raisin and direct with United Trust completing the top eight paying 4.25%.

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