Savings round up - 30th May
29/05/2023
Inflation figures were worse than expected which has led the market to factor in higher than previously expected Base Rate predictions. This has sent swap rates higher and providers have responded by increasing their rates, as several seek to attract savers. This is all good news for those with money to put away as we creep closer to 4% on easy access and 1 Year rates fly past the 5% mark. There's every possibility this can carry on, if the economic outlook doesn't improve. Here's our round up of the best buys and key changes from the savings market from the past week:
Chip lead the way with an improved best buy rate of 3.82%, as they responded almost instantly to Tandem raising their rate to 3.75% (which is 3.40% underlying rate with 0.35% 12 month bonus). Principality have since filled the gap between the two - raising their Double Access Saver rate to 3.80%. Shawbrook also increased their easy access rate - to 3.75% - as the top four all impvoed rates. Next is new entrant GB Bank paying 3.70% on Raisin, and Chorley Building Society, who 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%. Charter Savings Bank are up to 3.68%, as they move above Secure Trust Bank who pay 3.65%. Ford Money pay 3.60% and RCI Bank also pay 3.60% on Friday. They've been joined by Kroo Bank, whose rate increases to 3.60% with effect from 1st June, Sainsburys Bank and Skipton Building Society.
Cynergy Bank have moved back to the top of Notice accounts - they raised their 120 Day Notice rate to 4.31% and 90 day to 4.26%, to move above last week's leader, United Trust Bank who pay 4.30% for 200 Day (3.75% for 100 Day). Investec are third with their 90 Day Notice paying 4.25%. Hampshire Trust Bank pay 4.20% for 90 Days and Oxbury complete the top five paying 4.15% on their 180 Day Notice and 4.11% on their 120 Day. Gatehouse offer 4.10% on 120 Day and 4.05% on 95 Day and are just ahead of RCI Bank - their 95 day rate is 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.
Hampshire Trust Bank pay 4.80% for 9 Months as they take the lead alongside DF Capital. Turkish private bank isbank are next with an improved 4.75% for 9 Months via Raisin, the same rate as mobile app only Atom Bank. Charter Savings Bank pay 4.65% via Hargreaves Lansdown's Active Savings to complete the top five 9 Month Fixed.
isbank pay the best six month fixed rate - 4.50% - via Raisin, which is matched by Atom Bank. Paragon Bank pay 4.46% via Hargreaves Lansdown and Monument Bank pay an improved 4.40% direct.
Rates increased again with SmartSave making a late play for top spot, paying 5.07%. This moved them above Shawbrook Bank, who had gone top at 5.06%, with Zopa Bank (5.01%) moving joint third alongside embattled Close Brothers, whose shares have been hit by hedge funds short selling over 6% of their stock. Hampshire Trust Bank improved their rate to 5%, as did isbank via Raisin, Atom Bank and Investec as the top eight all pay 5% or more.
Hampshire Trust Bank lead the way with a market leading rate of 5.05% for 18 Months Fixed alongside DF Capital. Next is United Trust Bank's 15 Month Fixed at 5%, with Allica offering the same rate but for 18 Months. Charter Savings Bank pay 4.98% via HL to complete the top five. OakNorth pay 4.96% on their 15 and 18 Month Fixed.
Hampshire Trust Bank pay 5.15% to lead the way alongside Investec who pay the same rate via Hargreaves Lansdown and Raisin. SmartSave are next at 5.06% and Zopa moved up to 5.02% late on Friday. Close Brothers pay 5.01% and isbank pay 5% via Raisin alongside Atom Bank.
Investec Bank pay a market leading 5.18% via Hargreaves Lansdown to hold top spot. Hampshire Trust Bank pay 5.10% with Zopa Bank third paying 5.03%. SmartSave pay 5.01% with isbank paying 5% via Raisin and Atom Bank the same rate via its app. DF Capital and Vanquis Bank both pay 4.95% and United Trust Bank are narrowly behind at 4.92%.
Hampshire Trust Bank pay a market leading 5.05% to hold off Zopa Bank at 5.04%. isbank are third at 5% ahead of United Trust Bank, who pay 4.91%. RCI Bank are next at 4.85% with Aldermore Bank paying 4.75% before a big drop to Gatehouse Bank at 4.52%.
Zopa Bank are the next best buy at 5.05%. They lead SmartSave who pay 5.01%. There's a plethora of providers at 5% with Tandem Bank paying 5% via Raisin and direct, isbank also paying 5% via Raisin and Atom paying the same rate via its app. United Trust Bank's 4.90% is ahead of RCI Bank's 4.85% and Aldermore Bank's improved 4.75%, which completes the top 10.