Savings round up - 22nd May
21/05/2023
The increase in Base to 4.50% has done nothing to improve the best buy easy access rate, although there's plenty of movement behind Chip. We think there will be a move above their 3.71% rate but that it may come after the Bank Holiday weekend, as we get closer to the next Base decision on 22nd June, which looks increasingly likely to be another increase - to 4.75% we expect. 1 Year rates have eased back slightly but we have a 5.01% 18 Month rate, a 5% 15 Month Fixed and a 5% 5 Year rate so there's still plenty of good news for savers. Here's our round up of the best buys and key changes from the savings market from the past week:
Chip continue to lead the way with a best buy 3.71% but new entrant GB Bank has moved just behind them, paying 3.70% on Raisin, having increased their rate last week. Chorley Building Society also pay 3.70% but this accounts is restricted to just two withdrawals per calendar year, otherwise savers see their rate drop to 1.60%. Shawbrook and Secure Trust Bank are next, both paying 3.65%. Ford Money pay 3.60% as do RCI Bank, following their increase to 3.60% on Friday. Al Rayan are at 3.56%, narrowly ahead of Aldermore Bank, whose Double Access Account pays 3.55%, are next (their unrestricted easy access accounts is at 3.40% too), who have been joined by Leeds Building Society and Gatehouse Bank. There are now 17 providers paying 3.50% or more.
Notice accounts saw plenty of rate increases during the past week. New leaders are United Trust Bank who pay 4.30% for 200 Day (3.75% for 100 Day). They climb above Investec, whose 90 Day Notice returns 4.25%. Hampshire Trust Bank pay 4.20% for 90 Days as the top three takes a new shape. Oxbury are next paying 4.15% on their 180 Day Notice and 4.11% on their 120 Day. Cynergy pay 4.10% on 120 Day and 4% on 95 Day - they've been joined by Gatehouse who pay 4.10% on 120 Day and 4.05% on 95 Day. RCI Bank were also on the move - increasing their 95 day rate to 4.05%. They also pay 3.70% on 14 Day Notice, which funds electric vehicles and charging facilities. StreamBank are next with their 4% rate on 90 Days' Notice.
Turkish private bank isbank lead the way at 4.60% for 9 Months via Raisin, narrowly ahead of Raisin counterparts Byblos Bank at 4.56% and Al Rayan Bank at 4.55%. OakNorth pay 4.55% followed by Aldermore Bank at 4.53% via Hargreaves Lansdown's Active Savings.
The best six month fixed rates are on Hargreaves Lansdown - Kent Reliance paying 4.40% and Paragon Bank paying 4.35%. The best direct rate is from United Trust Bank at 4.24%.
Embattled Close Brothers, whose shares have been hit by hedge funds short selling over 6% of their stock, lead the way at 4.96%. United Trust Bank are next at 4.95% alongside Al Rayan Bank, Vanquis and last week's leader Allica. Charter Savings Bank and Aldermore Bank both pay 4.93% via Hargreaves Lansdown, with the former also paying this direct. Investec, OakNorth and Smart Save are all at 4.92% with Hampshire Trust Bank at 4.91%, and StreamBank just behind at 4.90% as the top 15 providers are separated by just 6 basis points.
Hampshire Trust Bank lead the way with a market leading rate of 5.01% for 18 Months Fixed. Next is United Trust Bank's 15 Month Fixed at 5%, with Allica offering the same rate but for 18 Months. OakNorth pay 4.96% on their 15 and 18 Month Fixed with DF Capital's 18 Month Fixed just behind at 4.95%. There's a big drop then to Al Rayan at 4.80%.
The top 10 providers are all within a basis point of each other! Close Brothers pay 4.96% via Hargreaves Lansdown and direct, as do OakNorth. There's seven providers tied at 4.95% including Hampshire Trust Bank, United Trust Bank, Investec via Raisin and isbank via Raisin.
isbank pay a best buy 4.95% on 3 Year alongside DF Capital and Vanquis Bank. United Trust Bank are narrowly behind at 4.92%, ahead of Al Rayan Bank paying 4.90% via Raisin and direct Hampshire Trust Bank, who upped to 4.90%, and Hodge Bank. RCI Bank, improved their rate to 4.85% on Friday, after which there's a big drop to 4.71% via Smart Save.
isbank pay a top rate of 4.95% to lead the way ahead of United Trust Bank, who pay 4.91%. RCI Bank move up to third with an increase to 4.85% and Hampshire Trust Bank enter the market for the first time at 4.80%. Aldermore Bank pay 4.65% to complete the top five.
Tandem Bank are the new best buy paying 5% via Raisin and direct, to move ahead of Raisin stablemate isbank's 4.95%. United Trust Bank's 4.90% is third ahead of RCI Bank, who improved to 4.85%. Next is Hampshire Trust Bank at 4.75%, ahead of Aldermore Bank who pay 4.65% alongside Atom Bank.