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Savings round up - 27th February

Last week was a good week for savers with improved best buy rates on easy access and on all fixed terms up to and including 3 Year Fixed.  On 1 Year Fixed, six different providers moved above last week's best buy rate.  Al Rayan Bank occupy four of the fixed rate best buys as they made substantial increases to their fixed rates including a market leading 4.57% on 3 Year.  We expect to see more improvements on easy access rates this week but think fixed rate increases are likely a short term blip, rather than a sustained rebound. Here's our round up of the best buys and key changes from the savings market:

Easy Access

Last week's top two, Cynergy and Paragon, have cut and pulled respectively.  However, the good news is there is a new leader with an improved rate - Chip move top paying 3.15%.  They are well clear of next best which is Shawbrook Bank at 3.06%.  Appropriately, there's a three way tie for third at 3.05% of Tandem Bank (although their rate comprises a 0.20% bonus for 12 months which has to be applied for within their mobile app - although this is one simple click), Sainsbury's Bank (although their account is restricted to just two withdrawals) and Al Rayan Bank, who added 0.24% to their rate last week.  Cynergy drop to seventh as they cut their rate to 3.04% (including 0.15% bonus for 12 months).  Kroo Bank are next, paying 3.03% on balances up to £85k via their current account.  Gatehouse Bank, Chase and Harpenden Building Society all pay 3% to complete the top 10.


There's no change to the notice best buys as Investec remain top with their 90 Day Notice paying a market leading 3.55%.  Next is 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.  Stafford Railway Building Society, who pay 3.40% for 90 Day Notice, are just ahead of OakNorth who offer 3.35% for 120 Day Notice and 3.20% for 90 Day.  Qatar Islamic Bank who improve their 95 Day Notice rate to 3.30%, complete the top six.

Up to 1 Year Fixed

Brown Shipley increased their 9 Months Fixed to 3.78% to take top spot.  Atom Bank were also on the move, increasing their 9 Month rate to 3.73% to move ahead of last week's leader,  Qatar Islamic Bank who pay 3.70% for 9 Months Fixed via Raisin.  They are ahead of ICICI Bank who pay 3.60% via Hargreaves Lansdown's Active Savings platform.  Brown Shipley also lead the way on 6 Month Fixed - they pay 3.58%, enough to fend off Atom Bank at 3.55%.

1 Year Fixed

1 Year rates got a big boost during the week.  Al Rayan Bank now lead the way paying 4.31%, after they increased all their fixed rates significantly.  Newly authorised StreamBank pay 4.26% for 1 Year as do SmartSave.  Tandem Bank pay 4.25% via Raisin and direct, isbank and Allica also pay the same rate.  All are above last week's leader.  Atom and Ahli United Bank pay 4.20% and DF Capital are at 4.17% to complete the top 10.  We expect this boost to 1 Year rates to be short lived but there's enough support to suggest that best buys can hold around the 4.20-4.25% mark.

18 Month Fixed

Al Rayan also lead the way on 18 Months paying a huge 4.37% with Brown Shipley second at 4.19% via Raisin. Gatehouse, Secure Trust and Charter Savings all share third at 4.15%, ahead of Coventry Building Society, Union Bank of India and BLME who all pay 4.10%.

2 Year Fixed

Al Rayan have taken top spot with an improved rate of 4.47% ahead of Smart Save, who also increased their rate, at 4.36%.  Vanquis Bank are at 4.35% alongside last week's leader, Union Bank of India.  Tandem Bank pay 4.30% via Raisin and direct, alongside Gatehouse Bank.  RCI Bank lead a clutch or providers at 4.20%.

3 Year Fixed 

Al Rayan also lead 3 Year with the highest fixed rate on the market currently - 4.57%.  They are well clear of SmartSave, who upped their rate to 4.41% last week.  Vanquis Bank also increased their rate - to 4.40% - to move alongside last week's leader, Union Bank of India.  Tandem Bank are next at 4.35%, which is available via Raisin or direct, alongside Investec on Hargreaves Lansdown Active Savings and Gatehouse Bank.  There's a big drop then to UBL and Close Brothers at 4.25%.

4 Year Fixed

4 Year rates are unchanged on the week with Union Bank of India outright top at 4.45%, ahead of Gatehouse Bank at 4.35% and UBL Bank and isbank via Raisin at 4.25%, with RCI Bank just behind at 4.22%.

5 Year Fixed 

isbank, via Raisin, is the best buy at 4.50% but there's a new provider in second place as Hampshire Trust Bank launch at 4.45% to move alongside Union Bank of India at 4.45%. Tandem Bank improved their rate to 4.40%, which is available via Raisin or direct to move above Gatehouse Bank at 4.35%.

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