Savings round up - 24th April
23/04/2023
Easy access rates improved again with four of the top 14 providers increasing rates. With market expectations now that Base Rate will go to 4.50% in May and potentially higher this year, it is likely that easy access rates will improve further still. 1 Year rates continue to benefit from strong competition and swap rates are priced at 4.72% for 1 Year now - which is fuelling pricing that's now higher than the the best 5 Year rates! We consider it unlikely that 1 Year rates will go to 5% but if market expectations of further Base Rate increases continue, there's potentially room for further rises. We don't think this is likely, and maintain our view that Base will likely go to 4.50% on 11th May but we don't expect it to go higher. There's some great rates around for 1 and 2 Year Fixed currently so here's our round up of the best buys and key changes from the savings market:
Aldermore Bank increased their Double Access Account to 3.55% to move top of the best buys alongside Chip (also paying 3.55%). The Aldermore Account is opened online and allows two withdrawals per year with a third withdrawal seeing the rate drop to 0.10%. Tandem are third at 3.50% (3.15% with a 0.35% bonus on top for 12 months that savers can apply for within their app). GB Bank have launched their first easy access account, paying 3.40%, via Raisin, to move alongside Family Building Society's Online Saver (3.40%). Kent Reliance are next paying 3.37% with Shawbrook, Al Rayan and Cynergy at 3.36% - the latter's rate bolstered by a 12 month bonus of 0.15%. The only other significant movement was the ever popular Ford Money increasing its rate to 3.32%.
Oxbury Bank are the new market leaders paying 4.05% on their 180 Day Notice. They also increased their 120 Day rate to 3.90% and 95 Day to 3.80%. Market Harborough Building Society and Allica Bank still pay 4% for 180 Days' Notice. BLME move up to fourth, increasing their 90 Day rate to 3.80% and fellow Sharia provider, Gatehouse, also increased its rates - to 3.80% for 120 Day and 3.72% for 95 Day. Investec are next with their 90 Day Notice paying 3.71%. OakNorth pay 3.70% on 120 Days and 3.65% on 95 Days.
Turkish private bank isbank pay 4.25% for 9 Months via Raisin as does mobile app only provider Atom. Over on Hargreaves Lansdown's Active Savings, Aldermore Bank pay 4.22% and Kent Reliance pay 4.20% for 9 Months Fixed. Allica Bank pay the best 6 Month Fixed at 4.16%, just ahead of Atom at 4.15%. Kent Reliance pay 4.10% via Hargreaves Lansdown with Monument Bank at 4.03%.
Rates jumped sharply last week with Smart Save the new leader at 4.66% with Cynergy Bank just behind at 4.65% - both banks increasing rates late on Friday afternoon. Al Rayan Bank are third at 4.62% with a three way tie at 4.60% between Investec, Close Brothers and OakNorth. Kent Reliance and Aldermore Bank pay 4.56% via Hargreaves Lansdown, the same rate as Allica Bank pays direct. We expect to see more changes this week with providers responding to the new best buy rates launched late on Friday.
Al Rayan still lead the way on 18 Months but now pay 4.65% to do so. Charter Savings Bank pay 4.58% via Hargreaves Lansdown to edge second from United Trust Bank, who pay 4.57% for 15 Months Fixed. Hampshire Trust Bank pay 4.55%. as do Secure Trust Bank.
Al Rayan remain top but at an increased rate of 4.72%, having lost top spot last week to Investec Bank, who pay 4.70% via Raisin. SmartSave sit between them following a late move to 4.71%. Cynergy Bank increased their rate to 4.66% and Atom Bank were also on the move - to 4.65%. Charter Savings pay 4.61% to move ahead of Hampshire Trust Bank paying 4.60%.
Al Rayan are way out in front on 3 Year paying 4.75% with SmartSave second at 4.67% and Cynergy Bank's 4.66% enough to take third spot from Atom at 4.65%. DF Capital increased their rate to 4.62% and United Trust Bank also upped their rate to 4.59%.
United Trust Bank are back on top paying 4.60%. OakNorth drop to second at 4.52% where they have been joined by Gatehouse Bank. BLME were also on the move - they are up to 4.50% to take fourth spot ahead of Aldermore Bank at 4.45%.
Atom are the new leaders paying 4.65% ahead of United Trust Bank at 4.61%, with Monument Bank third paying 4.60% alongside Tandem Bank who pay the same rate via Raisin. Hodge are next at 4.54%, narrowly ahead of OakNorth at 4.53%.