Savings round up - 22nd August

It's been another busy week of changes in the savings market.  Nowhere is this more apparent than 1 Year Fixed where last week's best buy of 2.96% has been eclipsed by seven providers during the past week.  Easy access is one of the few categories to remain unchanged on the week but I'll be amazed if Al Rayan see the month out in top spot at 1.90%.  The chasing pack are closing them down and it looks just a matter of time before we see 2% on easy access - certainly if base rate goes up to 2% at the September meeting.  As usual, we've run through the key changes and best buys in each category over the past week:

Easy Access

Al Rayan continue to lead the way but the gap is closing - Cynergy increased the rate on its online easy access to 1.85% during the week, although this does include a 0.15% bonus for 12 months.  Zopa remain unchallenged in third spot at 1.81% but Gatehouse Bank have been joined at 1.80% by Paragon Bank, who increased its triple access account to 1.80% on Friday.  Charter Savings were another mover, increasing to 1.75% to move alongside Shawbrook, as were Aldermore Bank, who upped their Double Access Saver rate to 1.70% to move ahead of RCI Bank at 1.67%.


All change at the top of notice with Allica Bank taking back top spot, increasing their 95 Day Notice rate to 2.26% to knock OakNorth down to second - their 120 Day and 95 Day accounts still pay 2.25% and 2.21% respectively.  QIB are up to third, increasing their 95 Day Notice rate to 2.15%.   This account is with Raisin, who are paying a £25 sign up bonus for new customers to their platform who apply via Savings Guru.   Paragon Bank share third but their 2.15% rate requires 120 Days' Notice.

1 Year Fixed

Having started last week with no rates over 3%, we finished it with six providers paying more than 3%!  Leading the way is QIB, who are paying 3.10% via Raisin.  Also on Raisin, Ahli United Bank are paying 3.05% - with both these providers coming with a bonus of £25 for new to Raisin customers applying via Savings Guru.  Allica Bank, Charter Savings Bank and Shawbrook all pay 3.05% direct and Hampshire Trust Bank pay 3.01%.  SmartSave Bank are next at 2.97%, making it a completely new top seven compared to last week.

18 Month Fixed

There's a three way tie at the top with Hampshire Trust Bank leading the pack at 3.15%QIB, via Raisin, also pay 3.15% and Charter Savings Bank are the other leading provider.  Next comes Shawbrook Bank at 3.10% before a drop down to Gatehouse Bank, Paragon Bank and United Trust Bank at 3%, although the latter is a 15 Month Fixed.

2 Year Fixed

Hampshire Trust Bank lead the way on 2 Year with a best buy rate of 3.36%.  Charter Savings Bank and Cynergy share second spot at 3.35% with Monument Bank at 3.31%, leading a three way tie with OakNorth and Hodge, who are all just ahead of Aldermore Bank at 3.30%.    

3 Year Fixed

Cynergy remain top at 3.37% but the top six are separated by just 0.02%.  Hodge are second at 3.36% with Aldermore Bank at 3.35%, alongside United Trust Bank, QIB and Buckinghamshire Building Society

4 Year Fixed

Aldermore Bank and United Trust Bank at 3.40% with last week's leaders, Oak North (3.37%) down to third spot with JN Bank next at 3.35%.

5 Year Fixed 

Aldermore lead the way with a best buy rate of 3.50% with United Trust Bank's 3.45% sharing second spot with Monument Bank and Shawbrook.



Easy Access ISA

There's no change in the easy access ISA market with Paragon's Triple Access ISA paying 1.55% leading the way ahead of Newcastle Building Society's Triple Access and Scottish Building Society at 1.50% with no restrictions and a £1 minimum balance.  Shawbrook, Saga and Marcus also pay 1.50%, although the latter two only via a 0.25% bonus, it's tight at the top and the lack of changes this week makes it as good as a certainty that it will change this week.

Notice ISAs

Furness are the new best buy Notice ISA with a rate of 1.60% for its 45 Day Notice account. Teacher's Building Society are next with their 90 Day Notice paying 1.45% (with a higher rate of 1.50% for teachers and education professionals) and previous long term leader, Aldemore Bank and their 30 Day Notice at 1.40%, in third. With easy access ISA rates improving, and six providers paying 1.50% or more with no notice, there's little incentive to look beyond the top three.

1 Year ISA

A complete change to the top four this week with Close Brothers now leading the way at 2.45%, ahead of Charter Savings Bank at 2.42%.  UBL are third at 2.41% ahead of Aldermore Bank at 2.40%, who lead a three way tie in fourth with Virgin Money and Secure Trust Bank also alongside them.  This is the most competitive category in ISAs currently so expect further changes in the week ahead!

2 Year ISA

Aldermore Bank lead the way at 2.85% with Charter Savings Bank alongside them.  There's a four way tie for third with Close Brothers, Secure Trust Bank, Shawbrook and UBL all paying 2.80%.  Leeds Building Society are also worth a mention - although their rate is only 2.65%, their fixed rate is for a shorter term of 16 months, which is ahead of the best 1 Year rates.

3 Year ISA

Aldermore Bank are also top of 3 Year, having increased their rate to 2.90%,  which matches Secure Trust Bank and UBL.  Close Brothers are next at 2.85%, ahead of Shawbrook (2.82%) and United Trust Bank (2.80%).  

5 Year ISA

West Brom Building Society have been joined by Furness Building Society at the summit - both paying 3.10%.  Secure Trust Bank are next with an improved rate of 3%, which pushes United Trust Bank and Shawbrook down to joint fourth at 2.95%.

About The Savings Guru

We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

Find out moreMeet the Team

Ask the Guru a Question

Your Name:*
Your E-mail:*
Your Question*