Savings round up - 12th February
11/02/2024
Last week was a much better one for savers with some increases in 1 and 2 Year best buy rates as banks reacted to the latest Base Rate decision and the expectation that Base Rate will hold at 5.25% for longer than previously expected. This is likely to signal the consolidation of rates around current price points, rather than the start of a reversal of the recent trend of rates heading downwards. It is welcome news though as rates are still attractive relative to historic levels and there are several easy access and fixed rates which beat inflation. Here's our round up of the best buys and key changes from the savings market:
Coventry Building Society remain top with their Triple Access Saver paying 5.15%. The account allows three withdrawals per annum with subsequent withdrawals facing a 50 day interest penalty. Leeds Building Society and Close Brothers both pay 5.10% in joint second. Charter Savings Bank and Monument are tied at 5.08%, a nudge ahead of Virgin Money and Kent Reliance at 5.07% - but the Virgin rate falls to 2% if more than three withdrawals per year are made. Paragon's Double Access account pays 5.05%. Family Building Society pay 5.04% and Coventry Building Society's 5.03% via Hargreaves Lansdown are the remaining accounts paying over 5%.
Vanquis Bank lead the way outright, paying 5.40% for 90 Day's Notice, following First Save's cut. BLME pay a slightly lower 5.35% for 90 Days Notice with Market Harborough third, following their increase to 5.30% - but they want a whopping 195 Days Notice. before a drop to six providers paying 5.25% - Monument and West Brom for 60 Day's Notice, Investec and FirstSave for 90 Days, Cynergy for 120 Days and United Trust Bank for 180 Days - although this is a Base Rate tracking account.
The best six month fixed rate comes from Allica Bank, who pay 5.17%, ahead Monument's app only 5.14% for 6 Months and Hampshire Trust Bank's 5.13% for 6 Months. Cynergy pay 5.12% in a packed top quartet.
Atom Bank lead the way on nine months fixed paying 5.10% ahead of Emirates Bank who pay 5.05% on Hargreaves Lansdown's Active Savings platform. Also of note is Emirates 3 Months Fixed at 5.09%.
Allica Bank are the new best buy following their move late on Friday to 5.20%. They nip above SmartSave, whose own late increase to 5.18% had briefly topped the tables. Shawbrook, who started Friday in top spot, finished in third with their improved rate of 5.16%. StreamBank increased their rate to 5.15% this morning to move alongside Investec are next at 5.15%. Hodge and Virgin Money are tied at 5.11%, both narrowly ahead of Hampshire Trust Bank who pay 5.10%, as do Atom and Close Brothers.
Union Bank of India lead the way at 4.90%, ahead of United Trust Bank's 15 Month Bond which now pays 4.85% following their cut last week, as do Cynergy Bank on the same term. Cynergy pay 4.80% on their 18 Month, which is alongside Al Rayan Bank, following their rate cut, and fellow Sharia provider, BLME. Gatehouse Bank pay 4.75% with Shawbrook at 4.60% and Aldermore Bank at 4.50%.
DF Capital are the new leaders paying a best buy 4.96%. They move ahead of Union Bank of India and Close Brothers who both pay 4.95%. SmartSave increased their rate to 4.91% to move ahead of Zenith Bank just behind at 4.90%. Hampshire Trust Bank pay 4.80%. Virgin Money and Zopa Bank both increased their 2 Year rates to 4.76% last week to move ahead of the six providers at 4.75% - Furness Building Society, United Trust Bank, BLME, Cynergy, Investec and Al Rayan. RCI Bank pay 4.70%.
There's a three way tie at the top of 3 Year Fixed as Atom Bank and DF Capital join Close Brothers leading the way at 4.60%. They are ahead of SmartSave, who increased to 4.56%, and nip above Zenith Bank at 4.55%. UBL Bank pay 4.51% via Raisin and direct. isbank pay 4.50% via Raisin as do Zopa, BLME and Al Rayan. RCI Bank pay 4.45% alongside Gatehouse and United Trust Bank.
isbank, pay a best buy 4.50% via Raisin ahead of Zopa Bank and BLME who both pay 4.30%. UBL Bank pay 4.26% via Raisin and direct with United Trust Bank paying 4.25%.
isbank pay a best buy 4.50% via Raisin, as do Atom Bank following their rate increase last week. DF Capital rejoined the market paying 4.40% and UBL Bank increased their rate to 4.37% via Raisin with SmartSave just behind at 4.36%. Close Brothers pay 4.35% ahead of three providers at 4.30% - Hampshire Trust Bank, Zopa and BLME.