Savings round up - 13th March
12/03/2023
Last week saw lots of great news for savers - easy access rates rose again and there were new best buys for 9 Months, 1 Year and 5 Year Fixed as fixed rate bonds rebounded. The Spring Budget on 15th March, the collapse of Silicon Valley Bank and the Base Rate announcement on 23rd March are all likely to impact the market from here but, for now, there's some excellent savings rates available. Here's our round up of the best buys and key changes from the savings market:
Chip are the new best buy at 3.40% after they responded to Zopa's move with a 0.25% increase of their own - Zopa drop to second at 3.21%. Family Building Society were the other big mover - up to 3.20% with their Online Saver. 3.20% is also available from Tandem - 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.
Coventry Building Society and Paragon sharing fourth spot at 3.10%. Both limit withdrawals - Coventry to six (before an interest penalty applied) and Paragon to three (before the rate drops sharply). They have been joined by Secure Trust Bank whose 3.10% comes without any withdrawal restrictions. Next best is Sainsbury's Bank, who added 2bps to their double access saver to move up to 3.07%, ahead of Shawbrook Bank at 3.06%. There's a four way tie at 3.05% - Al Rayan Bank, Buckinghamshire Building Society (restricted to three withdrawals), Gatehouse Bank and Charter Savings. Kroo Bank's 3.03% is the only other rate above 3%.
Investec remain top with their 90 Day Notice paying a market leading 3.55%. Allica Bank, who pay the 3.50% for 180 Day Notice and 3.40% for 95 Day remain second but Secure Trust Bank have moved up to third - their 120 Day Notice paying 3.50%. Charter Savings Bank were also on the move last week, increasing their 95 Day Notice rate to 3.45% to move ahead of BLME, whose 95 Day rate is 3.44%. Close Brothers were another mover - their 95 Day Notice account rose to 3.40%. OakNorth, who offer 3.35% for 120 Day Notice and 3.20% for 90 Day, and Qatar Islamic Bank, whose 95 Day Notice rate pays 3.30%, complete the top eight.
There's two new best buys for short term fixed rates. Turkey's largest private bank, isbank, pays a huge 4.10% for 9 Months Fixed. Monument Bank is the best 6 Month Fixed at 3.85%. Last week's leader, Brown Shipley, drops to third at 3.78% for 9 Months Fixed. Atom Bank are next with both their 6 and 9 Month Fixed paying 3.75%, ahead of Qatar Islamic Bank who pay 3.70% for 9 Months. Brown Shipley pay 3.58% on 6 Month Fixed.
SmartSave are the new leaders as they increased their rate to 4.33% in response to Ahli United Bank's move to the summit at 4.32%. Monument Bank move up to third paying 4.31% alongside last week's leader, Al Rayan Bank. Atom remain fifth paying 4.30% but Allica Bank have moved above the chasing pack, paying 4.26% on Hargreaves Lansdown's Active Savings, where they've been joined by Charter Savings Bank. Tandem Bank, Vanquis, Allica and Close Brothers all pay 4.25% before a big drop to Castle Trust Bank at 4.16%.
Al Rayan lead the way on 18 Months paying a huge 4.37% with Allica Bank in second, paying 4.31% via Hargreaves Lansdown's Active Savings platform, just ahead of Charter Savings Bank at 4.30%, also via Hargreaves Lansdown. Hampshire Trust Bank are back in the market at 4.20% to move up to fourth, just ahead of Brown Shipley at 4.19% via Raisin, with Gatehouse Bank and Secure Trust next tied at 4.15%
Al Rayan remain top at 4.47%, narrowly ahead of Smart Save at 4.46%. The big mover is Vanquis Bank who moved alongside Atom Bank in joint third at 4.45%. Charter Savings Bank pay 4.40% on Hargreaves Lansdown Active Savings and direct, as do Allica Bank. There's several providers at 4.35%, including Hampshire Trust Bank, newly launched this morning, Close Brothers via Hargreaves Lansdown and direct, and Paragon Bank.
Al Rayan also lead 3 Year paying 4.57%. They are well clear of Tandem Bank and Investec on Hargreaves Lansdown Active Savings who both pay 4.50%. SmartSave are next at 4.46%, just ahead of Atom Bank and Vanquis who may 4.45%, and Close Brothers at 4.40%.
Gatehouse Bank are the new leaders at 4.35%, after SmartSave withdrew, with United Trust Bank up to second following their rate increase to 4.30%. They are both ahead of UBL Bank, isbank via Raisin and Union Bank of India who all pay 4.25%.
All change at the top of 5 Year with a new best buy - Tandem Bank lead the way at 4.60%, which is available via Raisin and direct. Monument Bank are back in the market, taking second spot paying 4.51%, ahead of previous leader isbank (via Raisin) at 4.50%. Hampshire Trust Bank are next at 4.45% alongside Atom Bank with Close Brothers completing the top seven at 4.40%.