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Savings round up - 21st November 2022

We warned in our review last week that fixed rates were falling back and this has continued with best buy rates falling in every category again, bar 18 month fixed.  Unfortunately, we expect this trend to continue so savers should consider securing the current rates as we fear those who wait will be disappointed.  Aldermore pulled out of easy access last week, highlighting the need to move quickly to secure the best rates.  Although we think easy access rates will continue to rise, we believe that it will be nearer the 15th December Bank of England decision on Base Rate before we see any real uplift in easy access interest rates.  

Here's our round up of the best buys and key changes from the savings market:

Easy Access

Aldermore's time at the top of the best buys was short lived with both its Double Access and Easy Access accounts withdrawn from sale during the week.  This means Al Rayan is back on top at 2.81%, albeit there is movement again behind them.  Paragon Bank are up to second with their Triple Access Account paying 2.60%.  Next are two App based providers - Atom and Tandem banks - paying 2.55%.  Nationwide has joined Principality Building Society at 2.50% with the UK's largest building society offering their rate on their Triple Access Account.  RCI Bank are next at 2.45%, alongside Investec, with both providers having no restrictions.  We expect to see further changes this week albeit that the big moves are likely to wait until nearer the next Bank of England Base Rate decision on 15th December.


Notice account best buy rates dropped 0.30% on the week with Oxbury Bank cutting their market leading rates and OakNorth pulling theirs back too.  United Trust Bank lead the way at 3.20% for their 200 Day Notice (they also pay 2.90% on 100 Day and 2.50% on 40 Day) alongside OakNorth, who pay the same rate for 120 Days' Notice and 3.07% for 95 Days.  DF Capital are next at 3.15% for 90 Day and Family Building Society pay a slightly lower 3.10% for the same notice.  Oxbury have dropped to fifth with 3.10% on their 180 Day, 3.05% on 120 Day and 3% on 95 Day. One notice account worthy of consideration is Aldermore Bank which pays 2.80% for just 30 Days' Notice.

1 Year Fixed

Unfortunately our advice on rates has been right again - we warned last week that Ikano, Vanquis and Ford were all likely to pull or cut their rates and they all have.  The best buy is now 4.40% which is paid by Family Building Society but again, we don't think this will last more than a day or two so move quickly if it appeals. Then comes Investec at 4.36% both direct and on Raisin where savers signing up via Savings Guru also get £30 cashbackAldermore Bank are next at 4.35% alongside QIB Bank (via Raisin), app only Atom Bank, Charter Savings and Union Bank of India.  We fear that 1 Year best buys could fall further this week so do move quickly if any of these appeal. 

18 Month Fixed

With 1 Year Fixed rates falling, 18 Month Fixed rates look attractive again.  DF Capital lead the way at 4.75% - we thought they'd be gone last week so it's only a matter of time this week before they pull.  Next is Hampshire Trust Bank at 4.60% alongside Family Building Society. QIB is next at 4.55%, which is availabe via Raisin, where savers signing up via Savings Guru get £30 cashback, with Shawbrook and Union Bank of India also paying the same rate.

2 Year Fixed

Smart Save Bank are the new leaders paying 4.81%, after their late move on Friday.  There's six providers sharing second at 4.75%.  Investec, QIB and Zenith are all available via Raisin where savers signing up via Savings Guru get £30 cashbackClose Brothers are paying 4.75% via Hargreaves Lansdown's Active Savings platform which is also paying cashback of up to £100 to new savers up to 30th November.  DF Capital and Union Bank of India also pay the same rate direct.  Hampshire Trust Bank pay 4.70% alongside Zopa, Cahoot and Ford Money.

3 Year Fixed

3 Year best buys also fell with Zenith Bank now the top rate at 4.85% via Raisin.  Four providers share second spot - Zopa, Tandem and Union Bank of India are available direct but Tandem also pay 4.80% via Raisin, which comes with the £30 new savers sign up bonus. Close Brothers are paying 4.80% via Hargreaves Lansdown's Active Savings platform which is also paying cashback of up to £100 to new savers up to 30th November.  Nationwide and Gatehouse are next at 4.75%.

4 Year Fixed

Zopa top the charts at 4.85% with Gatehouse just behind at 4.80%. Vanquis are third at 4.70% with Aldermore Bank next paying 4.60% alongside United Trust Bank and Union Bank of India.

5 Year Fixed 

5 Year rates tumbled with 4.90% now the best available.  Tandem Bank pay 4.90% via Raisin, Close Brothers pay the same rate on Hargreaves Lansdown and Zopa pay the same rate direct.  Gatehouse Bank are next at 4.85% before a big drop to Tesco Bank and Vanquis at 4.70%.

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