Aldermore top easy access best buys as rates continue to rise

02/05/2022

Easy access rates continue to rise with Aldermore leading the way at the top of our best buy tables.  The Peterborough based bank, who look after over £13bn of savings, increased the rate on their Double Access Account to 1.25% on Friday to replace Zopa (1.20%) in top spot.

Aldermore aren't alone in increasing their easy access rates with Al Rayan Bank, Ford Money, Principality Building Society, Investec and Paragon Bank all raising their rates this week.  Tandem Bank remain in third place but Al Rayan Bank have moved alongside them as they upped their rate from 1.01% to 1.10%.

Investec improved its online saver rate to 1.06% on Sunday to take 5th spot ahead of Principality Building Society whose own double access saver rate was increased to 1.05% during the week.  Paragon's triple access saver rate was increased to 1.01% on Friday and Ford Money joined Atom, Marcus and Saga in paying 1%.

There's also two current account linked savings accounts in the 1% plus club - Virgin Money's M Saver and JP Morgan's digital offshoot bank, Chase, pay 1% and 1.50% respectively on easy access, but their accounts both require savers to have a current account with them to access those rates, albeit neither require customers to switch their current to access those offers.  

With such a strong week of movement in the tables, we anticipate their will be further increases in the coming week, as other providers review their positions in light of the changes.  We see no reasons why rates will fall back from these levels and our expectation is that rates will continue to nudge up further from these levels.