Savings round up - 24th October
24/10/2022
Savings rates contine to rise. Long time easy access leader, Al Rayan Bank, were dethroned last week but have returned to the summit paying 2.81%. Having broken 5% for the first time in years on 5 Year, we now have three providers there or higher and our first 3 Year Fixed at 5%. Here's our round up of the best buys and key changes from the savings market:
As we predicted, Santander's 2.75% easy access account was withdrawn well before its 1st November close date. This also triggered Cynergy to pull its account at the same rate. However, the good news is that there's plenty of replacements! Sainsburys was first to take up the mantle with their double access account paying 2.75% but they were topped on Friday by Gatehouse Bank at 2.80% before fellow Sharia provider, Al Rayan Bank, went 2.81% late in the afternoon. Below them, Ford Money pay 2.50% and Paragon Bank 2.30%. Principality Building Society also increased its rates to 2.25% on its double access account and 2.05% on its unrestricted. Chase have also upped their rate to 2.10% which will put the pressure on Marcus to respond, given that there are now 14 providers paying over 2%. With so much movement, we expect there to be more changes this week as providers respond to last week's changes.
Notice rates have hit the 3% mark with Family Building Society leading the way - their 90 Day Notice paying 3%. It it only open to new money for one month though so move quickly if this appeals. They replace OakNorth at the summit, with their rates being 2.93% on 120 Day and 2.90% on 90 Day. There's a drop then to DF Capital paying 2.80% on 90 Day. Given where easy access rates are now, there's little incentive to look further down the tables than that.
Hampshire Trust Bank are the new leaders on 1 Year paying 4.52%. Their late afternoon move on Friday was enough to knock off Gatehouse Bank, who pay 4.50%, although this is available on Raisin who pay a £30 sign up bonus to savers who apply via Savings Guru. Shawbrook Bank are also at 4.50% with Kent Reliance just behind on 4.45%. Investec are next at 4.36% which is just enough to pip Aldermore Bank who are paying 4.35% on 1 Year.
The same two providers are vying for top spot on 18 months with Hampshire Trust Bank paying 4.60% alongside Gatehouse Bank at the same rate - direct or via Raisin. Paragon Bank are next at 4.55% alongside Shawbrook Bank with Tandem and Tesco next at 4.50%. United Trust Bank improved their 15 Month Bond to 4.45% this morning to move up too.
Gatehouse Bank lead the way at 4.80% with Tesco Bank at 4.77% and SmartSave at 4.76%. Zenith Bank pay 4.75% alongisde five other providres - Zopa, Kent Reliance, DF Capital and Close Brothers. There's a cluster of providers at 4.70%, including Hampshire Trust Bank, and eight banks at 4.60%, so we expect to see more movement this week as inevitably some of these will have to adjust rates to move back up the tables.
Gatehouse Bank are the new leader paying 5%. Close Brothers also increased their rate during the week, to 4.90%, to knock last week's leaders SmartSave (4.86%) down to third. Zenith Bank are next at 4.85% ahead of United Trust Bank at 4.80% who lead a cluster of providers at that rate including Kent Reliance, Zopa, Ikano and Cahoot
Gatehouse Bank top 4 Year at 5.05%. Next best is United Trust Bank, who improved their rate too - up to 4.85% - to share second with Zopa. SmartSave are next at 4.76% with Aldermore Bank completing the top five at 4.60%.
Gatehouse Bank are the new leaders at 5.10%. Close Brothers also improved their rate, to 5.05%, to move up to second with United Trust Bank also on the move to 5% to take third. Tesco Bank (4.95%) and Zopa (4.90%) complete the top five.