Savings round up - 10th October
09/10/2022
Although the size of increase in interest rate rises on savings was always going to be impossible to match, every category bar easy access has seen rate rises last week. Charter Savings Bank and SmartSave dominate the best buys but it's actually Nationwide Building Society who pay the best rate in the market with their 4.75% on 3 Year the best around. The UK's largest building society hasn't been in the fixed rate bond best buys for as long as we can remember and savers will undoubtedly be pleased to see a household name paying such strong rates. There looks like there still may be room to go too, with further increases this week a strong possibility. Here's our round up of the best buys and key changes from the savings market:
Al Rayan Bank lead the way at 2.35% but there's a gap behind them as Charter Savings Bank (2.25%) pulled their easy access account after just four days. Cynergy are the next best with their 2.12% comprising a 0.15% bonus for 12 months. Nationwide are just behind with their 2.10% rate limited to three withdrawals for a year with the rate dropping to just 0.30% if more are made. RCI Bank are at 2% and have no restrictions. Secure Trust's 2% similarly is restriction free whereas Sainsbury's defined access saver (where the rate drops if you withdraw more than three times a year) and Principality Building Society's double access (only permits two withdrawals per year) are not.
Yorkshire Building Society pay 2% on their rainy day saver. The account pays 2.50% on the first £5,000 tier, making it the best buy for those with smaller balances. For those with larger balances, it's still attractive e.g. £25,000 will earn a return of 2.10% on the whole balance, allowing for the 2.50% paid on the first £5,000 tier. Behind them are Investec and Ford Money at 1.95% with UBL's, via Raisin, paying 1.90% which also pays a £30 sign up bonus for savers applying via Saving Guru.
Notice accounts increased sharply on the week. Oxbury lead the way with 2.75% but that's on a massive 180 Days' Notice. They do pay 2.70% on 120 Day and 2.65% on 95 Day. OakNorth are next at 2.73% (120 Day) and 2.71% (90 Day) with Charter Savings Bank third at 2.70% for their 95 Day Notice. Market Harborough Building Society were also on the move with 2.65% being paid on 180 Day and 2.50% on 120 Day. RCI Bank are also worth a look - with them paying 2.40% on 95 Day but 2.10% on 14 Day Notice.
After the huge moves the week before, it was no surprise that things calmed a little in 1 Year last week. Charter Savings Bank lead the way at 4.31% and Vanquis Bank are second at 4.26%. Investec and DF Capital share third at 4.15% with last week's leader, Atom, now fifth at 4.11%. Allica Bank, via Hargreaves Lansdown's Active Savings platform, are next at 4.05%. There are six banks at 4% including Nationwide's first appearance in our fixed rate best buys. They are matched by Virgin Money, Zopa, Shawbrook Kent Reliance and Ikano
Previous leader, United Trust Bank, has given its 15 Month Bond a rate cut to 4.00%. Charter Savings Bank replace them at the summit with a rate of 4.45% with DF Capital a new entry in second spot at 4.40%. There's a drop then to Shawbrook Bank at 4.11% and Family Building Society at 4.10%. United Trust complete the top five providers paying 4% or more.
It's incredibly tight at the top of 2 Year with SmartSave's late move on Friday enough to give it top spot at 4.62%, knocking Charter Savings (4.61%) down to second. Allica Bank, via Hargreaves Lansdown's Active Savings, pay 4.60% alongside Close Brothers and Vanquis Bank with a drop to 4.50% which is paid by Nationwide, Cynergy and Investec via Raisin - which also pays a £30 sign up bonus to savers who apply via Savings Guru.
Nationwide Building Society are the surprise name at the top of 3 Year, paying 4.75%. It's beyond our memories the last time the UK's biggest building society was a best buy on fixed rates. There's a big drop to SmartSave in second at 4.61% and they are only a whisker ahead of Vanquis, Close Brothers and Cynergy Bank who all share third spot at 4.60%.
SmartSave are top with a best buy of 4.58% with Zopa's increase to 4.46% enough to drop last week's leader, United Trust Bank, down to third at 4.45% alongside Vanquis Bank
SmartSave also top 5 Year at 4.61% with Close Brothers just a fraction behind at 4.60%. Next is Zopa, who upped their rate last week to 4.56%, to move above previous best buy, Tandem Bank, at 4.55%. Tesco Bank are next at 4.51% followed by United Trust Bank at 4.50%.