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Savings round up - 7th May

In last week's round up we said it was likely to be a quiet week and, in general it was. Oxbury moved top of easy access but closed their best buy notice account.  There was some minor movements at the top of 3 Year Fixed but otherwise there were few changes in the market as provider mostly hold their positions ahead of this week's Monetary Policy Meeting on Thursday.  While we expect the MPC to hold Base Rate at 5.25%, what will be most interesting is the commentary and their outlook for the rest of the year. It is looking likely that Base will stay higher for longer with markets pricing in a Base of 5%+ for the next 12 months. Any sign of rate cuts earlier or more severe than this could trigger price cuts on savings rates. Here's our round up of all the best buys and key changes from the savings market from the past week:

Easy Access

Agricultural bank, Oxbury, are the new best buy with their easy access account paying 5.02%. This has a high minimum balance of £20,000 though.Monument's 5.01% rate is next and is straight forward savings account but does also have a high (£25,000) minimum balance. Paragon Bank pay 5% via Raisin, which is available to those with £10,000+ to save. Clsoe Brothers share third - paying 5% too - and also ask for a £10k minimum balance. Kent Reliance pay 4.96%, Oxbury Bank offer 4.94% to those with £1,000 to save, and Charter Savings Bank pay 4.93%. Aldermore Bank's Double Access pays 4.90% as do Secure Trust. Leeds Building Society completed the top 10 paying 4.85%


There's a three way tie for best buy at 5.25% - Investec pay this for 90 Days, United Trust Bank for 180 Days - although this is a Base Rate tracking account - as do Hinckley & Rugby Building Society for their 180 Day Notice. Vanquis pay 5.20% for 120 Day's Notice. Shawbrook are next paying 5.16% for 45 Day's Notice. Charter Savings and BLME pay 5.15% - Charter for 95 Days and BLME for 90 Days. Monument pay 5.13% for 7 Days and Kent Reliance offer the same rate but for 60 Days. StreamBank complete the top 10 paying 5.05% for 90 Days Notice.

Up to 1 Year Fixed

Atom Bank and Allica pay best buy rates of 5.25% with Gatehouse Bank offering 5.22% for their 6 Month Fixed rate. Zenith Bank is next at 5.18% with Cynergy offering 5.12%.

Atom Bank lead the way on 9 Months paying 5.15% ahead of United Trust Bank who offer 5.10% on their 9 Month Fixed via Hargreaves Lansdown. Next is Charter Savings Bank who pay 5.07% via Hargreaves Lansdown

Also worthy of note is Emirates 3 Months Fixed at 5.09% on Hargreaves Lansdown.

1 Year Fixed

SmartSave remain best buy at 5.18% but have been joined by Habib Bank Zurich who upped their rate last week. Allica Bank at 5.17%. Close Brothers pay 5.16% via Hargreaves Lansdown's Active Savings, and also direct. QIB Bank pau 5.15% via Raisin alongside Atom Bank. Aldermore Bank pay 5.10% via Hargreaves Lansdown and Aldermore also pay 5.10% via RaisinAl Rayan Bank also pay 5.10% via Raisin to complete the top 10.

18 Month Fixed

United Trust Bank lead the way with their 15 Month Fixed paying an improved 5%. Cynergy Bank's 15 Month Bond pays 4.85% with Aldermore in third paying 4.84% via Hargreaves Lansdown after they increased their rate last week. Allica drop to fourth offering 4.81%. There's a five way tie at 4.80%. Zopa Bank pay 4.80% via Hargreaves Lansdown Active Savings, as do Al Rayan Bank, BLME, Cynergy, Tesco Bank and Union Bank of India.

2 Year Fixed

RCI Bank are the best buy paying 5.05% alongside Close Brothers, who also pay 5.05% via Hargreaves Lansdown Active Savings. There's a drop then to SmartSave at 4.96% and Atom and Union Bank of India who are tied at 4.95%. Zenith Bank pay 4.90% via Raisin and direct, as do Hodge. United Trust Bank's 4.80% and Zopa Bank's 4.76% complete the top 10.

3 Year Fixed

Birmingham Bank are the new best buy as they increased their rate to 4.73% to take top spot. They move ahead of SmartSave, who had upped by one basis point to 4.72% to move clear of Shawbrook at 4.71%. RCI Bank are just behind at 4.70% - alongside Zenith Bank who pay 4.70% via Raisin, Atom Bank and Hodge. Oxbury pay 4.66% with Close Brothers paying 4.65% via Hargreaves Lansdown Active Savings to complete the top 10.

4 Year Fixed

isbank, pay a best buy 4.50% via Raisin ahead of Oxbury Bank who pay 4.31% ahead of Zopa Bank and BLME, who both pay 4.30%. UBL pay 4.26% via Raisin. United Trust Bank offer 4.25% and Cynergy complete the top seven at 4.20%.

5 Year Fixed 

SmartSave increased by one basis point to move to outright best buy at 4.58% and drop Shawbrook to second at 4.57%. They are ahead of Hodge at 4.56%, Al Rayan Bank, who pay 4.55% via Raisin, and Close Brothers who offer 4.55%. UBL Bank  pay 4.52% via Raisin and direct and isbank pay 4.50% via Raisin. Atom move in to the top ten after their increase to 4.50% with DF Capital completing it at 4.40%.

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