Savings round up - 30th May
30/05/2022
It was another week of new best buys with the top rates improving by as much as 0.10% on the week. Here's our round up of the key changes and leading providers
After a static week previously, last week saw plenty of movement at the top of the table. Although Chase continue to lead the way at 1.50%, which also comes with a bonus of £20 (sign up here for the bonus) to any new customers depositing £20 within 30 days of opening, the chasing pack are closing the gap. Yorkshire Building Society improved its Internet Saver rate to 1.31% for balances of £50,000+ and 1.26% for £10k+ to move alongside Al Rayan, also paying 1.31%. Ford Money improved their rate to 1.30%, which starts at a more accessible £1 minimum deposit, to move alongside Gatehouse Bank in joint 4th. With 12 providers now paying between 1.20% - 1.31%, expect further changes in the next week as providers respond to these movements.
There is a new leader at the top of the notice charts with OakNorth paying 1.65% on 180 Days via the Raisin savings platform. PCF Bank remain second with their 180 Day notice acccount paying 1.63% and 100 Day at 1.53%, followed by OakNorth at 1.60% (120 Day) and 1.55% (95 Day). Oxbury Bank are fourth with their 120 Day Notice at 1.58%.
There was significant changes on 1 Year Fixed with last week's leader, Gatehouse Bank, now relegated to 7th spot. Al Rayan did their usual late Friday afternoon rate increase to regain top spot ahead of the weekend. They now lead the way on 2.40% with Habib Zurich next best paying an increased rate of 2.38% with Zopa (2.37%) and Kent Reliance (2.36%) following very closely behind.
We have a new leader on 18 months with DF Capital returning to the market and taking the best buy spot with a rate of 2.50%. This drops Al Rayan down to 2nd at 2.47% with Gatehouse Bank and Paragon Bank, who both pay 2.40% via Raisin, sharing joint 3rd ahead of United Trust Bank at 2.35%.
Al Rayan Bank who increased their rate again last week to 2.80% to lead the way after Market Harborough Building Society (2.75%) had briefly topped the tables. Zopa sit second at 2.77% with Kent Reliance third at 2.76% and Charter Savings at 2.74% before a gap to Cynergy in 5th at 2.68%.
Al Rayan also lead the way on 3 Year but are now paying 2.85% for the privilege, which is a rate not beaten by any 4 or 5 Year Fixed rates. Zopa are next best at 2.81% with Charter Savings Bank and Cynergy sharing third spot on 2.80% ahead of PCF Bank and Ikano tied on 2.75%.
Zopa lead the way at 2.83% ahead of DF Capital, whose 2.80% rate was top until Zopa increased their fixed rates on Friday afternoon. Ikano and Gatehouse sit joint 3rd at 2.75%
Tandem remain top at 2.85% but PCF Bank are sat just behind at 2.83% alongisde Hodge and Zopa in joint 2nd. United Trust Bank lead a clutch of seven providers paying 2.80%. With so little to split the top 11, expect to see changes this week with some providers likely to move to improve position.
ISAs
Marcus and Saga lead the way on easy access at 1.15% but Yorkshire Building Society have joined them, although their 1.15% rate requires £50,000 with balances of £10k+ attracting a rate of 1.05%. Cynergy came back on the market at 1.05% too and Ford Money have joined Nationwide's triple access saver and Al Rayan Bank at 1%, making it seven providers now paying 1% or more.
Gatehouse Bank (1.86%) still lead 1 Year Fixed ISA but Charter Savings (1.75%) now sit between them and Virgin Money (1.70%), who drop to 3rd.
2 Year Fixed is now led by Charter Savings Bank (2.20%) with last week's leader, Gatehouse Bank (2.15%) now third ahead of Virgin Money (2.10%)
3 Year Fixed sees Gatehouse (2.26%) retain top spot but only just from United Trust Bank at 2.25% with Castle Trust (2.21%) and Virgin (2.20%) further back.
5 Year Fixed has a new leader with United Trust Bank's 2.35% the best buy ahead of Gatehouse Bank at 2.30% and Furness Building Society (2.20%)