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Savings round up - 8th July

Last week was a very quiet week with very few movements in any category. The main changes of note were Secure Trust Bank topping 2 and 3 Year Fixed by moving a basis point above the previous leaders. Otherwise, it was a very stable week. We expect that much of this was due to providers waiting to see if the polls were correct with the general election result and whether any initial moves from the new government changed the market outlook. Our view is we think the Labour government will do its utmost to avoid rocking the financial markets and there will be no Truss style budget which could cause the outlook to change. While the financial markets generally are pricing in a 2/3s likelihood of Base dropping in August and an almost 100% chance in September (if August is a hold) the savings market appears to be pricing in rates staying higher for longer. We reiterate our opinion - this is a market that favours savers currently with some pricing which doesn't look sustainable.  Here's our round up of all the best buys and key changes from the savings market from the past week:

Easy Access

Another week of no changes in the top 10. Chase stay top of the best buys courtesy of a bonus rate offer for six months - they are paying a 1% bonus on top of their 4.10% rate until 16th January. Agricultural bank, Oxbury, are next with their easy access account paying 5.02% but this has a high minimum balance of £20,000 though. Chip move up to third paying 5.01% on their app only easy access after the addition of a 0.17% bonus for 12 months. Monument's 5.01% rate is tied with Chip and is a straight forward savings account but does also have a high (£25,000) minimum balance. Oxbury Bank are next offering 4.94% to those with £1,000+ to save, followed by Paragon's Double Access paying 4.91%, which is a whisker ahead of Aldermore Bank's Double Access which pays 4.90%. QIB, on Raisin, also pay 4.90% as do Close Brothers and Secure Trust Bank.


Vanquis lead the way with their 90 Day Notice getting an uplift to 5.35%. Monument are next paying 5.27% on their 60 Day Notice. There's a three way tie for third - Investec pay 5.25% for 90 Days, United Trust Bank for 180 Days - although this is a Base Rate tracking account - and Hinckley & Rugby Building Society also for 180 Days. Monument Bank's 45 Day Notice pays 5.20% followed by Shawbrook paying 5.16% also for 45 Day's Notice. BLME pay 5.15% for 90 Days. Cynergy increased their rates last week and move in to the top ten paying 5.15% for 120 Day Notice. Monument pay 5.13% for 7 Days and Kent Reliance offer the same rate but for 60 Days. StreamBank pay 5.05% for 90 Days Notice.

Up to 1 Year Fixed

Gatehouse and Oxbury both pay a best buy 5.25% for 6 Months, followed the latter's increase last week. Cynergy pay 5.18% as they cut their rate, but remain ahead of isbank who pay 5.15% via Raisin and Allica, Secure Trust and Zenith all pay 5.15% too.

isbank pay a best buy 5.15% for 9 Months Fixed via RaisinAl Rayan Bank are next at 5.10% via Raisin with National Bank of Egypt also at 5.08%, also via RaisinKent Reliance pay 5.08% too, via Hargreaves Lansdown, as do United Trust Bank.

1 Year Fixed

Mizrahi Tefahot Bank pay a best buy 5.25% via Raisin. With Base Rate expected to fall to 5% in August, this is a great chance to lock in at the current Base Rate for a year. Next are SmartSave at 5.24%, Cynergy and Family Building Society at 5.23% and Union Bank of India paying 5.22%. Ziraat Bank pay 5.21% via Raisin and Al Rayan Bank pay 5.20% via Raisin and direct. Close Brothers also pay 5.20% and StreamBank complete the top 10 at 5.16%. Family Building Society's return to the market at 5.23% and Vanquis withdrawing were the only changes in the top 10 last week.

18 Month Fixed

United Trust Bank lead the way with their 15 Month Fixed paying 5.05% alongside Cynergy, who pay 5.05% on their 15 Month too. Union Bank of India are next at 4.95% ahead of Cynergy's 18 Month at 4.90%. Al Rayan Bank are paying 4.85% via Raisin and direct as are Allica Bank. Tandem Bank pay 4.80%.

2 Year Fixed

Secure Trust Bank pay a best buy 5.07% following their increase on Thursday. Close Brothers are just behind at 5.06%. RCI Bank pay 5% as do isbank via Raisin and Hodge Bank, following their increase. Zenith Bank are next paying 4.93% via Raisin and direct. Al Rayan Bank pay 4.92% via Raisin and direct to complete the top 10.

3 Year Fixed

Secure Trust Bank are the new leaders paying a top rate of 4.82%. They move ahead of United Trust Bank at 4.81%, who have been joined by Birmingham Bank and Hodge - both increasing rates last week. Close Brothers via Hargreaves Lansdown pay 4.80% and RCI Bank offer 4.76%RCI Bank also pay 4.76% via Raisin, with Cynergy just behind at 4.75% following their cut last week.

4 Year Fixed

United Trust Bank pay a best buy 4.35% ahead of Oxbury at 4.31% and Zopa Bank and BLME at 4.30%. UBL Bank pay 4.26% via Raisin and direct and RCI Bank are at 4.25%

5 Year Fixed 

United Trust Bank pay a best buy 4.60%. Hodge are next at 4.58%, just ahead of Close Brothers at 4.57% via Hargreaves Lansdown, and Shawbrook, who are also at 4.57%. Hampshire Trust Bank are back in the market at 4.55%, alongside Al Rayan Bank, who pay 4.55% via Raisin, and GB Bank who also pay 4.55% via Raisin. Secure Trust also pay 4.55% in a tight top 9.

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