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Savings round up - 13th February

The Base Rate increase has prompted a surge in rate changes on easy access accounts with all bar one of the top ten providers increasing rates last week.  Fixed rates continue to fall though and, while 1 Year rates are being supported by a strong suite of providers, it looks like we will see further reductions in longer term fixed rates again this week.  Union Bank of India lead the way on many, but we were flooded with complaints from readers about how difficult they were to deal with last time they were top, so expect many of you will want to look at names below them.  Here's our round up of the best buys and key changes from the savings market:

Easy Access

It's been a busy week of activity in the easy access market, with several providers improving rates following the Base Rate increase.  Paragon Bank are leading the way at 3.10% on their Triple Access Saver.  This allows three withdrawals a year before the rate crashes to 0.75%.  There's a three way tie for second at 3.05% - Tandem's 3.05% comprises a 0.20% bonus for 12 months which has to be applied for within their mobile app (although this is one simple click), Newcastle Building Society's 3.05% is restricted to three withdrawals per year, otherwise the rate drops to 1.75% and Sainsbury's Bank 3.05% is restricted to just two withdrawals.  Shawbrook are next at 3.01% with no such restrictions.  Gatehouse Bank, who re-entered the easy access market last week, and Chase are next paying 3%. Atom, Saffron Building Society and Secure Trust Bank all pay 2.95% with Atom the only top 10 provider who didn't increase their rate last week.


Surprisingly, there's little movement on notice accounts with Furness Building Society, who pay 3.50% for 120 Day Notice, and Allica Bank, who pay the same rate for 180 Day Notice, the best buys.  Third is Stafford Railway Building Society who pay 3.40% for 90 Day Notice.  OakNorth are next with 3.35% for 120 Day Notice and 3.20% for 90 Day, ahead of the only significant mover, United Trust Bank, who increased their 200 Day rate to 3.30% to move ahead of BLME (3.24% for 90 Day Notice) in to the top five. 

Up to 1 Year Fixed

Brown Shipley lead the way paying 3.68% for 9 Months Fixed via Raisin.  They are ahead of Atom Bank at 3.60% and isbank who pay 3.52% via Raisin.  Zenith Bank pay the best 6 month rate - 3.50% - just ahead of Atom Bank at 3.45% and Allica Bank at 3.43%.

1 Year Fixed

SmartSave still lead the way at 4.17% but expect that rate to go early this week.  There's a five way tie for second with Atom, Close Brothers, Investec and Secure Trust all continuing to pay 4.15%, but they have been joined by DF Capital who have come back in to the market.   who upped their rate to this mark last week.  There's seven providers tied at 4.10% with Brown Shipley, National Bank of Egypt, Qatar Investment Bank and Ziraat Bank all available via Raisin and Gatehouse, Hodge and Vanquis direct.

18 Month Fixed

Qatar Investment Bank and Secure Trust Bank lead the way at 4.25% with Charter Savings Bank next at 4.20%. Gatehouse pay 4.15% ahead of Coventry Building Society, Union Bank of India and BLME all at 4.10%.

2 Year Fixed

Union Bank of India now lead the way at 4.35% with Qatar Investment Bank and Gatehouse Bank sharing second at 4.30%.  SmartSave pay 4.26% to keep just ahead of  Ford Money, who complete the top five at 4.25% - we expect that rate to Next is Aldermore Bank at 4.20% and RCI Bank are also at the same rate.

3 Year Fixed 

Union Bank of India lead the way at 4.40% after Gatehouse Bank cut their rate to 4.35% to drop to second. With a flurry of cuts last week, Zenith (4.30%) are promoted to third ahead of Aldermore Bank at 4.25%, who are alongside UBL, Close Brothers and Secure Trust Bank.

4 Year Fixed

Union Bank of India are outright top at 4.45% after Gatehouse Bank cut to 4.35% to drop to second, ahead of Aldermore Bank at 4.25%, who are alongside UBL Bank and isbank via Raisin with RCI Bank just behind at 4.22%.

5 Year Fixed 

isbank, via Raisin, is the best buy at 4.50% ahead of Union Bank of India at 4.45%. Ford Money are third at 4.40% but we expect this rate to go this week.  Gatehouse Bank are next at 4.35% ahead of Tandem Bank and Close Brothers at 4.30%. RCI Bank and Aldermore Bank both pay 4.25%.

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