Savings round up - 25th July
25/07/2022
Just the nine new best buys this week, slightly down on 10 the week before, as we continue to see a highly competitive savings market that shows no sign of any slow down to its rising interest rates. Here's our round up of the key changes and leading providers in each category.
Al Rayan Bank continue to lead the way at 1.60% but Shawbrook have moved up to second spot, increasing their easy access rate to 1.52%. Chase drop to third but now have several providers alongside them. Family Building Society, Nationwide, Newcastle and Zopa are all paying 1.50% too. Family's account only allows additions until 16th August and both Nationwide and Newcastle only permit three withdrawals before the rate drops. Zopa is the only account with no restrictions and also comes with 'boosted pots' which pay higher rates for notice (e.g. 1.55% for 7 Days Notice, 1.65% for 31 Days and 1.85% for 95 Days).
Last week's leader, OakNorth, drops to third spot. Investec top the tables with their 90 Day Notice account paying 2.10% with Shawbrook next best at 2.06% but for 120 Days' Notice. OakNorth's 120 Day (2.05%) and 95 Day (2.02%) Notice accounts keep them ahead of Allica Bank, whose 95 Day Notice pays 2.00%. However, QIB are just behind paying 1.95% via Raisin and the £25 sign up bonus for new customers via our site could make this the more rewarding option for those with £10,000 plus to invest, as this effectively gives a 0.25% boost to the return.
Gatehouse are the new best buy at 2.75%, and there is £25 cashback for savers applying for this bond via Raisin, if not already on the platform. The same deal is available direct and Tandem have also increased their rate to 2.75%. Secure Trust Bank are next best at 2.73%, narrowly ahead of Cynergy Bank at 2.72% and Charter Savings Bank at 2.71% during the week too. With four providers paying 2.70% there's 11 options between 2.70 - 2.75% and this looks ripe for a further breakout this week.
DF Capital are the new leaders with a best buy rate of 2.95%, knocking long term leader QIB (2.85%), down to joint second where they have been joined by Paragon Bank.
Last week's leader, Cynergy Bank (3.08%), drops to third with DF Capital and Gatehouse Bank sharing top spot. Cynergy are ahead of a cluster of providers at 3.05% and with ten banks separated by just 0.05%, we expect the coming week to be busy with further increases.
DF Capital are out on their own in front at 3.20%. We don't expect this rate to last more than another week so move quickly if this appeals. Aldermore Bank are paying 3.15% in second spot alongside Gatehouse Bank, Cynergy and Hodge Bank.
Aldermore Bank are outright leader with a best buy rate of 3.20% but Gatehouse Bank (3.16%) have moved up to second spot and filled the gap between Aldermore and JN Bank (3.11%).
With all the other activity, it's a surprise that 5 Year Fixed is completely unchanged with PCF Bank way out clear paying a whopping 3.45%. Hodge are still second at 3.31% with Monument Bank just behind them at 3.30%. Aldermore Bank are in fourth spot at 3.25%.
ISAs
Newcastle Building Society have put a serious marker down with their Triple Access ISA the new best buy paying 1.50%. Shawbrook and Cynergy Bank share second spot with both offering 1.40%. Charter Savings and Paragon's Triple Access ISA have been joined by the Nationwide's Triple Access at 1.35% as easy access ISAs start to close the gap on their non-ISA equivalent accounts. With interest rates sharply up in 2022, there will be many savers now using their Personal Savings Allowance who may want to look at easy access ISAs instead of ordinary easy access accounts to avoid paying tax on their savings interest.
Aldermore Bank lead the way paying 1.40% on its 30 Day Notice ISA, which is significantly clear of second place, which is shared by Teacher's Building Society (who pay a higher rate of 1.30% for teachers and education professionals) and Mansfield Building Society at 1.20%. With easy access ISA rates improving, only the Aldermore account pays anything that is comparible so savers shouldn't look too far down the list.
Secure Trust Bank are the new leaders with a best buy rate of 2.15%. They knock Virgin Money (2.12%) down to second spot with Close Brothers moving in to third (2.11%) ahead of Aldermore Bank at 2.10%
Virgin Money (2.56%) have also been knocked off top spot in 2 Year with Paragon Bank (2.60%) the new leaders. Leeds Building Society are joint third with Secure Trust Bank at 2.55%, although there's a fixed maturity date for the Leed's ISA of 6th January 2025, making it a 28 month fix. Aldermore Bank lead the providers at 2.50%.
Aldermore Bank lead the field at 2.75%, a rate unbeaten by any ISA provider or term. They are a long way clear of Paragon Bank and Secure Trust at 2.65%
Secure Trust Bank top 5 Year at 2.75% with last week's leader, Castle Trust Bank (2.71%) down to second, a whisker ahead of Furness Building Society and Paragon Bank at 2.70%.