Savings round up - 6th March
05/03/2023
Last week was another good week for savers - easy access rates improved further and there were some very competitive new fixed rates in the market. Zopa now lead the way on easy access and 4% is available on a 9 month fixed. Although longer term best buy fixed rates didn't improve, several more familiar names came back in to the market with improved rates below the leading payers. Here's our round up of the best buys and key changes from the savings market:
Zopa made a late move to the top of the table on Friday - paying 3.21% on easy access with their account also having linked pots which pay up to 3.47% for various notice period. Chip move drop to second paying 3.15% with Coventry Building Society and Paragon sharing third spot at 3.10%. Both limit withdrawals - Coventry to six (before an interest penalty applied) and Paragon to three (before the rate drops sharply). Next best is Shawbrook Bank at 3.06% ahead of a three way tie at 3.05% - Al Rayan Bank, Sainsbury's Bank (although their account is restricted to just two withdrawals) and Buckinghamshire Building Society (restricted to three withdrawals). Kroo Bank are next, paying 3.03%. Tandem Bank are paying 3.20% but savers have to apply for a bonus of 0.35% within the app - our policy is to only include bonus rates where the bonus is small and the account would feature without it, as this doesn't apply here given there are 14 providers paying 3% or more, we've dropped it.
Investec remain top with their 90 Day Notice paying a market leading 3.55% but it is all change behind them. Next is Allica Bank, who pay the 3.50% for 180 Day Notice and 3.40% for 95 Day. BLME move up to third, increasing their 95 Day rate to 3.44% to move 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 five.
There's a new leader with FCMB Bank paying 4% for 9 Months. Last week's leader, Brown Shipley, drop to second at 3.78%. Atom Bank were on the move, increasing their 6 and 9 Month rates to 3.75%, ahead of Qatar Islamic Bank who pay 3.70% for 9 Months. Monument Bank are the second best six month fixed at 3.65%, as they move above last week's leader, Brown Shipley, who pay 3.58% on 6 Month Fixed.
Al Rayan Bank still lead the way paying 4.31% but Atom have closed the gap, moving up to second after increasing their rate to 4.30%. Tandem Bank pay 4.25% via Raisin and direct, Allica and Close Brothers also pay the same rate. DF Capital are at 4.17% with Castle Trust Bank and Vanquis just behind at 4.16%. There's a cluster of providers at 4.15% and there looks enough support to maintain best buy pricing in the 4.15-4.25% range for the short term.
Al Rayan also lead the way on 18 Months paying a huge 4.37% with Brown Shipley second at 4.19% via Raisin. Charter Savings Bank pay 4.15% via Hargreaves Lansdown Active Savings alongside Gatehouse and Secure Trust. Coventry Building Society, Tesco and BLME who all pay 4.10% with Union Bank of India, who cut to 4.05%, completing the top 10.
Al Rayan have taken top spot with an improved rate of 4.47% but there's virtually nothing in it now with Smart Save moving up to 4.46% and Atom also up to 4.45%. Allica Bank have come back in to the market at 4.40% and are ahead of Close Brothers at 4.35%, via Hargreaves Lansdown and direct, and Vanquis Bank. who also increased their rate, at 4.36%. Tandem Bank pay 4.30% via Raisin and direct, alongside Gatehouse Bank to complete the top 10.
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 4.46% last week, and Atom, who were also on the move to 4.45%. Vanquis Bank and Close are next at 4.40% ahead of Hampshire Trust Bank, who make a return at 4.35%, to move alongside Tandem Bank, Investec on Hargreaves Lansdown Active Savings and Gatehouse Bank.
After an unchanged week the week before, it was all change last week. Smart Save are the new leaders at 4.45% ahead of Gatehouse Bank at 4.35% and UBL Bank, isbank via Raisin and Union Bank of India at 4.25%, the latter cutting its previously best buy rate by 0.20%. RCI Bank are just behind at 4.22%.
Smart Save are the new leaders at 4.51%, moving one basis point ahead of last week's leaders isbank (via Raisin) at 4.50%. Hampshire Trust Bank are third at 4.45% alongside Atom Bank. Tandem Bank's 4.40%, which is available via Raisin or direct, shares fifth spot with Close Bank, who came back to the market last week.