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Savings round up - 30th January

Easy access rates continue to edge higher with new best buys this week. Attention will be on Thursday's Bank of England Base Rate decision with the expectation of at least another 0.25% increase and possibly another 0.50%.  This is likely to help support moves above 3% for easy access rates - although expect this to take one to two weeks after the annoucement to work through.  Fixed rate bond pricing has continued to ease back but the scale of cuts has reduced and we expect that one year rates will settle around current levels with only limited reductions on longer term fixed rates.  Here's our round up of the best buys and key changes from the savings market:

Easy Access

There's new joint best buys - Shawbrook and Sainsbury's Bank - both paying 2.92%, with both increasing their rates last week.  Previous leaders, Cynergy Bank, are next at 2.90%, although this includes a 0.15% bonus for 12 months.  Zopa (2.86%) are narrowly ahead of three providers paying 2.85% - Coventry Building Society's Limited Access Saver (permits six penalty withdrawals per year before charging an interest penalty for further ones), Paragon Bank's Triple Access Saver (three withdrawals before the rate drops) and Yorkshire Building Society's Internet Saver (pays a straight 2.85% on balances of £10,000 or more). Al Rayan are next at 2.81%.  Ford Money boosted their Flexible Saver rate to 2.80% to complete the top 10.

There's a few 3% (or more) deals available - Chip, the savings app, are paying a 3% return.  Balances are protected up to £85,000 via the Financial Services Compensation Scheme too.  The account official pays 0% interest but Chip are paying a 3% bonus which is calculated daily and added to the account balance monthly.  Savers living near a Monmouthshire Building Society branch can get 3% on £25,000+ if they open an account in branch.  Yorkshire Building Society savers can get 3.35% on the first £5,000 with 2.85% on amounts over that, which is very attractive for savers with smaller balances. 


It's an unchanged top five this week.  Hinckley & Rugby lead the way paying 3.60% on their 120 Day Notice account, although this can only be opened in branch or by post.  Furness Building Society pay 3.50% for the same notice period and with the same opening restrictions, but the account can be managed online once opened. OakNorth, who pay 3.35% for 120 Day Notice and 3.20% for 90 Day, remain third ahead of BLME who pay 3.24% for 90 Day Notice and Investec, whose 90 Day Notice rate is 3.22%. 

Up to 1 Year Fixed

Atom lead the way on short term fixed rate bonds with their nine month fixed paying 3.75%.  Private Bank, Brown Shipley, pay 3.68% via Raisin for nine months too ahead of ICICI Bank who pay 3.60% via Raisin and Hargreaves Lansdown. Zenith Bank pay the best six month rate - 3.50% via Raisin, just ahead of Atom at 3.45%.

1 Year Fixed

SmartSave lead the way at 4.21% but we expect this to be gone in the next 24 hours.  Vanquis Bank are just behind at 4.20%, but this will be withdrawn this afternoon at 4pm. Ford Money pay 4.15% on a minimum of just £500.  Atom, Hodge, Investec and Secure Trust all pay 4.15%, which is where we expect 1 Year rates to hold.  Zenith Bank pay 4.12% via Raisin and direct with Charter Savings completing the top ten at 4.11%.  Seven providers are at 4.10% which will provide support to help sustain best buys in the range of 4.10% - 4.15%.

18 Month Fixed

QIB lead the way at 4.25% via Raisin with Secure Trust Bank also paying the same rate.  Charter Savings Bank are next at 4.205 with Brown Shipley a fraction behind at 4.19%Close Brothers pay 4.15% via Hargreaves Lansdown and Gatehouse pay the same rate direct. Coventry Building Society, Union Bank of India and BLME all pay 4.10%.

2 Year Fixed

Atom Bank remain top at 4.45%, ahead of Investec, who pay 4.40% via Hargreaves Lansdown's Active Savings, and Vanquis Bank, although this rate will be cut this afternoon.  SmartSave are fourth at 4.36% ahead of Union Bank of India and at 4.35%.  QIB pay 4.30% and head a clutch of providers at this rate including Cahoot, Close, Gatehouse and Secure Trust Bank.

3 Year Fixed

Investec, who pay 4.50% on Raisin and Vanquis share top spot, although the latter will cut at 4pm today. Atom Bank and Gatehouse both pay 4.45% ahead of a pack of providers at 4.40% including Zenith, via Raisin, Close Brothers, Secure Trust Bank and Union Bank of India.

4 Year Fixed

Gatehouse Bank share the summit with Union Bank of India at 4.45%. They are both ahead of Vanquis at 4.30% and Aldermore Bank at 4.25%, who are alongside isbank and UBL via RaisinRCI Bank are next at 4.22%.

5 Year Fixed 

isbank who pay 4.50% on Raisin and Monmouthshire Building Society are the new leaders - although the latter has now restricted applications to branch only.  Atom, Close Brothers, Gatehouse and Union Bank of India pay 4.45% to keep ahead of Ford Money at 4.40%.  There are nine providers paying 4.25% - 4.30% and this looks to be where the five year market is heading back to.

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