Savings round up - 11th December
10/12/2023
The market was far more stable the past week than the previous ones. However, beyond the best buy rates, falls continue and we expect to see those outliers that are at the top of the tables ease back before Christmas. The Bank of England Base Rate decision is due on Thursday and we cannot see anything bar a hold at 5.25%. Unless there's guidance that further rate increases are expected, there's little justification of some of the current fixed rates on offer and it is surely just a matter of time before further falls in pricing are seen. Easy access best buys hold up but there's been cuts behind the leaders and we can foresee an easing back on the top rates in the next few weeks. Here's our round up of the best buys and key changes from the savings market from the past week:
Ulster Bank still lead the way paying 5.20% with Paragon Bank next with their Double Access Account paying 5.16% - however, the rate is slashed to just 1.50% if more than two withdrawals are made. Metro Bank is offering 5.22% but a huge proportion of this (3.46%) is a 12 month bonus and, for this reason, we exclude it from our tables. With Hampshire Trust Bank and Close pulling their accounts last week, there's a drop to Cahoot at 5.12%. Virgin Money cut their rate to 5.07% and the rate falls to 2% if more than three withdrawals per year are made. Charter Savings Bank also pay 5.07% and Ratesetter pay 5.06% via Hargreaves Lansdown's Active Savings platform, which also comes with cashback for new customers. Kent Reliance also pay as do Skipton Building Society, with their Base Rate Tracker, which tracks Base minus 0.19% for 24 months.
United Trust Bank offer a best buy 5.58% on 200 Day Notice and 5.40% on 100 Day ahead of Hampshire Trust Bank's 95 Day Notice Account which pays 5.51%. There are four providers paying 5.50% - Vanquis Bank for 90 Day's Notice, Tipton & Coseley for 120 Day's and Mansfield Building Society and Melton Building Society both want 180 Day's Notice in return. QIB Bank improved their rates on Raisin - 5.40% for 95 Day's Notice, 5.35% for 60 Day's and 5.30% for 31 Day's.
Monument Bank lead the way paying 5.55% for 9 Months Fixed with Hampshire Trust Bank a whisker behind paying 5.54% for 9 Months Fixed with United Trust Bank third offering 5.43% for 9 Months Fixed. Aldermore Bank pay 5.40% for 9 Months.
Monument also pay a best buy 5.49% for 6 Months Fixed again just a smidgen ahead of Hampshire Trust Bank paying 5.48% and Emirates Bank paying the same rate via Hargreaves Lansdown's Active Savings platform. However, there's cashback on the Emirates account which will make this the best rate for any new customers.
One year best buy rates have held up with Metro Bank still leading paying 5.80% and Union Bank of India and Al Rayan Bank sharing second at 5.70%. SmartSave are next at 5.66% but there's a big drop then to Charter Savings Bank at 5.52% and Secure Trust Bank at 5.51%. There's six providers at 5.50% with QIB Bank paying 5.50% via Raisin alongside BLME, Cynergy, Gatehouse, Habib Zurich and Kent Reliance. We think those top four rates will disappear this month and rates settle towards 5.50% before the year end.
Metro Bank lead the way at 5.80% with Union Bank of India at 5.70% before a big drop to United Trust Bank's 15 Month Fixed paying 5.45%, alongside BLME and Gatehouse who offer the same rate for their 18 Month Fixed. Paragon Bank pay 5.40% via Raisin.
Union Bank of India still lead the way on 2 Year paying 5.70% before a massive drop to BLME and Gatehouse Bank who are locked at 5.40%. Cahoot and Zenith Bank pay 5.30% with Ziraat Bank paying 5.25% via Raisin. Dudley Building Society and United Trust Bank also pay 5.25% with RCI Bank at 5.20%.
BLME pay a best buy 5.35% with a big drop then to Zenith Bank at 5.20% and Gatehouse Bank at 5.15%. Al Rayan Bank and Union Bank of India pay 5.10% with no other providers above 5%. isbank pay 5% via Raisin with Arbuthnot Direct, Cynergy and Vanquis all at the same rate.
BLME and Union Bank of India are locked at 5% with Cynergy and JN Bank next at 4.85%. Gatehouse pay 4.80% before a drop to Zopa Bank who pay 4.61% ahead of three providers at 4.60%.
BLME and Union Bank of India share best buy spot paying 5% ahead of former leader JN Bank who now pay 4.85%. SmartSave are next at 4.82%, a whisker ahead of UBL Bank who pay 4.81% via Raisin. Cynergy Bank pay 4.80% and Principality Building Society complete the top eight at 4.73%.