Savings round up - 9th May
08/05/2023
Fixed rates jumped strongly last week with Turkey's isbank hitting 5% via savings platform Raisin. The increased likelihood of higher base rates has seen swap rates soar on shorter term fixed rates, which is driving increased competition. Although longer term swap rates are falling, this hasn't stopped 3 - 5 Year Fixed rate pricing improving either as some providers chase longer term money. All eyes are firmly on Thursday's Bank of England decision on Base Rate - not just on whether the rate goes to 4.50%, which seems a racing certainty, but on what guidance there is on the future direction for rates. We'll update on this in next week's round up but, in the meantime, here's our round up of the best buys and key changes from the savings market from the past week:
Easy access rates stayed relatively unchanged on the week. Chip continue to lead the way with a best buy 3.71% ahead of Shawbrook at 3.65%. Al Rayan improved their easy access to 3.56% to move above Aldermore Bank, whose Double Access Account pays 3.55%. Investec are fifth paying 3.51% on their Online Saver just ahead of Secure Trust Bank at 3.50%. There was plenty of movement after this though with Ford Money increasing to 3.45%. RCI Bank also improved to 3.45% as did Kent Reliance, who move alongside One Savings Bank stablemate Charter Savings. UBL are paying 3.41% via Raisin ahead of GB Bank, also via Raisin, paying 3.40%. Aldermore Bank's unrestricted easy access accounts is at 3.40% too.
Oxbury and Cynergy continue to slug it out at the top of notice accounts - the former leading the way paying 4.15% on their 180 Day Notice and 4.11% on their 120 Day. Cynergy pay 4.10% on 12 Day and 4% on 95 Day, where there is a cluster of providers - Market Harborough Building Society and Allica Bank still paying 4% for 180 Days' Notice and OakNorth increasing their 120 Day rate to 4%. There was also plenty of movement behind them with DF Capital up to 3.95% on 120 Day and United Trust Bank improving rates to 3.95% for 200 Day and 3.75% for 100 Day. RCI Bank increased their 95 day rate to 3.85% to move alongside new entrant StreamBank, whose 90 Day Notice pays 3.85%.
Turkish private bank isbank which pays a market leading 4.75% for 9 Months via Raisin, as it increased its rate last week. Next is Paragon Bank at 4.45% via Hargreaves Lansdown's Active Savings and Kent Reliance at 4.40%, also via Hargreaves Lansdown. The best direct rate is Hampshire Trust Bank's 4.37% for 9 Months.
The best six month fixed rates are on Hargreaves Lansdown too - Paragon Bank paying 4.35% and Kent Reliance paying 4.30%. The best direct rate is from Monument Bank who upped their rate to 4.20% last week.
1 Year rates jumped sharply again. isbank are the new leaders paying 5% via Raisin. SmartSave made their customary late move - up to 4.87% after 5pm on Friday - to move above OakNorth Bank at 4.86%. United Trust Bank are next at 4.85% alongside Charter Savings Bank, paying 4.85% via Hargreaves Lansdown and direct, and Close Brothers. Only 0.12% separates 2nd to 14th in the market so there may well be further movement this week - particularly on Friday after we know the Base Rate decision.
Charter Savings Bank are the new leaders paying 4.87% via Hargreaves Lansdown and direct. Next is United Trust Bank's 15 Month Fixed at 4.86%, which moved ahead of last week's leader, Al Rayan who pay 4.80% via Raisin and direct. Next are Kent Reliance at 4.76% via Hargreaves Lansdown, following their rate increase, to move them above DF Capital at 4.70%, before a big drop to other providers.
isbank pay a market leading 5%, via Raisin, to lead the way ahead of Charter Savings Bank, who pay 4.90% via Hargreaves Lansdown's Active Savings and direct. Vanquis Bank are third at 4.88% ahead of United Trust Bank at 4.87%. Hampshire Trust Bank improved their rate to 4.85% to lead a cluster of providers including last week's leader, Al Rayan Bank via Raisin and direct, DF Capital and Allica. Investec Bank pay 4.80% via Raisin and Close pay the same rate via Hargreaves Lansdown.
isbank also pay 5% on 3 Year ahead of Al Rayan Bank paying 4.90% via Raisin and direct. United Trust Bank up their rate to 4.88% before a big drop down to Vanquis and Close Brothers at 4.75%. Ford Money are the other significant mover - increasing their rate to 4.70% this morning.
isbank pay a top rate of 5% to lead the way ahead of United Trust Bank, who pay an improved rate of 4.89%. There's a big drop to third where Aldermore Bank pay an improved rate of 4.65%. RCI Bank were also on the move - up to 4.60% - with Gatehouse and OakNorth tied fifth at 4.52%.
isbank's 5%, via Raisin, for 5 Years is enough to top the charts ahead of United Trust Bank improved 4.90% rate. Next is Hampshire Trust Bank at 4.75%, following their rate increase, with Tandem Bank paying 4.70% via Raisin and direct. Aldermore Bank improved their rate to 4.65% to move alongside Atom Bank. RCI Bank were also on the move - up to 4.62% - to move ahead of Monument Bank paying 4.60%.