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Savings round up - 28th November

It's a third week in a row of fixed rates falling back.  While the drops on last week are very small, we think they are unlikely to be reversed in the short term and expect to see longer term fixed rates fall back further.  Easy access rates should increase if, as expected, the Bank of England raises Base Rate on 15th December but we expect fixed rates to largely tread water now for the rest of 2022.  With the best short term fixed rates available via Raisin, which is paying a £30 cashback bonus, there is at least a chance for savers to bolster their returns.  Here's our round up of the best buys and key changes from the savings market:

Easy Access

Al Rayan continue to lead the way at 2.81% in what has been a quiet week in the easy access best buys.  The main movement has been Paragon withdrawing their Triple Access Saver paying 2.60.  However, the good news is they have launched a similar account on Raisin.  Paragon's Rainy Day Easy Access pays 2.60%, has no withdrawal restrictions and savers signing up via Savings Guru also get £30 cashback.  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.  The other main changes of note are Kent Reliance increasing their rate to 2.47% and RCI Bank moving their freedom saver (2.45%) to existing customers only.  We still expect to see the big moves nearer the next Bank of England Base Rate decision on 15th December but we may see one or two providers going early and making a move this week.


United Trust Bank still 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.  BLME made the big move of the week - up to third with their 90 Day Notice account now paying 3.14%.  With Family Building Society pulling their 90 Day Notice, Oxbury have moved up 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

SmartSave Bank lead the way paying 4.37%, with 1 Year Fixed best buy rates falling back 0.23% and showing no sign of reversing that. Next best is Investec at 4.36% - both direct and on Raisin where savers signing up via Savings Guru also get £30 cashback. There's a five way tie for third spot with QIB Bank (via Raisin), app only Atom Bank, BLME, Market Harborough Building Society and newly launched GB Bank all paying 4.35%.  There's clusters of providers around 4.30% and 4.25%, so we don't anticipate rates falling back from here, but neither do we see a breakout above 4.40% either.  

18 Month Fixed

There's a three way tie at top with QIB leading the way at 4.55%, which is availabe via Raisin, where savers signing up via Savings Guru get £30 cashback, alongside Shawbrook and Union Bank of India.  Next is Charter Savings Bank at 4.51% with Hampshire Trust Bank at 4.45% having cut their rate during the week from what was a best buy 4.60%. Gatehouse and BLME are at 4.40% but all other rates are beaten by the best 1 Year ones.

2 Year Fixed

Investec and QIB lead the way at 4.75% - both available via Raisin where savers signing up via Savings Guru get £30 cashback.  There are four providers paying 4.70% with Zopa, Cahoot (part of Santander), Ford Money and new bank, GB Bank all paying this rate.

3 Year Fixed

Zopa lead the way at 4.80% with last week's leader, Zenith Bank, next at 4.75% via Raisin alongside Nationwide Building Society and Gatehouse Bank.  Savers living near Melton Mowbray can get the same rate if they are prepared to go in to one of the mutual's four branches.  Next best is Cynergy Bank at 4.70% with Market Harborough Building Society, Atom and Union Bank of India paying 4.65%. 

4 Year Fixed

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

5 Year Fixed 

Zopa also set the pace on 5 Year with a best buy of 4.90% ahead of Gatehouse Bank at 4.85%.  Vanquis are at 4.70% with a cluster of five providers at 4.65%.  We expect five year rates to fall further so move quickly if these rates appeal.

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