Savings round up - 16th May
16/05/2022
Another good week for savers with new several new best buys as interest rates continue to improve. Here's our round up of the key changes
Easy Access
There were two big moves at the top of the easy access best buys last week. Chase launched a referral scheme on Friday which pays a bonus of £20 to any new customers signing up and depositing £20 within 30 days of opening. Even if you don't want to use the current account which comes with it (you don't have to - although it does come with 1% cashback on every purchase and 5% savings on round ups so is worth considering), the 1.50% linked easy savings account is worth it and the £20 bonus makes it even better - get the bonus by signing up here
The other significant move was Al Rayan overhauling previous leader, Gatehouse Bank (1.30%) with an improved easy access rate of 1.31%. Behind them are Aldermore, whose Double Access Account pays 1.25%, and Atom at the same rate. The chasing pack are closing though with Ford Money improving their rate to 1.15% and RCI Bank upping theirs to 1.10%
Notice
PCF Bank continue to top the notice charts with their 180 Day notice acccount paying 1.63% and 100 Day at 1.53%, however the gap has closed with OakNorth improving their rates to 1.60% (120 Day) and 1.55% (95 Day) with Oxbury Bank third with their 120 Day Notice at 1.58%
1 Year Fixed
Al Rayan continue to lead the way but with an improved rate of 2.27%, just keeping them ahead of Secure Trust Bank (2.26%) and Investec (2.25%) who both improved their rates. Hodge and Ikano both raised their rates during the week and pay 2.20% to share 4th spot.
18 Month Fixed
Al Rayan lead the way at 2.37% (unchanged on the week) but have United Trust Bank (2.35%) close behind them with Paragon Bank, QIB, Shawbrook, Oxbury and Gatehouse all paying 2.30% to share third spot. Paragon and QIB's rates are only available via the Raisin savings platform but that does come with a £25 sign up bonus for Savings Guru savers
2 Year Fixed
Swedish Bank, Ikano, knocked Al Rayan off top spot with their best buy rate of 2.65%, with Al Rayan's improved rate of 2.62% sitting second - expect them to respond this week. Secure Trust's rate of 2.60% beats last week's best buy rate but is only enough for third place this week.
3 Year Fixed
Ikano and Al Rayan lead the way on 3 Year with the former paying 2.75% to knock the latter off top spot. Al Rayan's unchanged rate of 2.67% is just enough to hold off United Trust Bank who increased their rate to 2.65% during the week, which is matched by Secure Trust and Tandem too.
4 Year Fixed
It's Ikano and United Trust leading the way on 4 Year with Ikano paying a best buy of 2.75% to pinch top spot of United Trust Bank , who improved their rate to 2.70% during the week
5 Year Fixed
There was plenty of activity in the 5 Year Fixed market with Hodge topping the market at 2.83% but with United Trust Bank leading a clutch of providers just behind at 2.80%, including Ikano, Secure Trust and last week's best buy, Shawbrook.
ISAs
Nationwide's triple access saver has joined Marcus, Saga and Al Rayan Bank leading the way at 1%. Aldermore Bank pay a best buy 1.65% on 1 Year Fixed with Hampshire Trust Bank's 2.05% leading the 2 Year best buys. Hampshire also top the 3 Year Fixed at 2.16% with United Trust Bank next at 2.10%. United Trust lead a clutch of providers paying 2.20% on 5 Year Fixed ISAs including Furness Building Society, UBL and Secure Trust.