Savings round up - 19th February
18/02/2024
Last week saw a plethora of new best buys with every annual fixed rate term seeing an increase in rate bar 4 Year. There was also increases to the market leading easy access and notice accounts. However, the moves were mostly a basis point increase on the previous table toppers, rather than significant movements. While this is good news, it's highly unlikely to be the start of a push upwards and more a sign of providers jostling for position. While we may see more of the same, with tiny movements up here and there, that's likely as good as it gets for now. Here's our round up of the best buys and key changes from the savings market:
Paragon Bank moved top of the best buys with their Double Access Saver paying 5.16% - but there's a hefty cut to 1.50% if three or more withdrawals are made. Coventry Building Society drop to second with their Triple Access Saver paying 5.15%. The account allows three withdrawals per annum with subsequent withdrawals facing a 50 day interest penalty. Virgin Money were also on the move - they increased the rate on their Defined Access Saver to 5.11% but the rate falls to 2% if more than three withdrawals per year are made. Leeds Building Society and Close Brothers both pay 5.10% - neither have withdrawal restrictions. Charter Savings Bank and Monument are tied at 5.08%, a nudge ahead of Kent Reliance at 5.07%, and Hampshire Trust Bank, who upped their rate to 5.06%. Family Building Society at 5.04% and Coventry Building Society's 5.03% via Hargreaves Lansdown are the remaining accounts paying over 5%.
Market Harborough Building Society are the new table toppers, following their increase to 5.45% - but they want a whopping 195 Days Notice. Vanquis Bank pay 5.40% for 90 Day's Notice with BLME offering a slightly lower 5.35% for 90 Days Notice. LHV Bank pay 5.30% for 95 Day's Notice via Raisin and Monument Bank pay 5.27% for 60 Days. There's a four way tie at 5.25% - West Brom pay this for 60 Day's Notice, Investec 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 5.08% on Hargreaves Lansdown's Active Savings platform. Also of note is Emirates 3 Months Fixed at 5.09%.
SmartSave moved back top with an increase to 5.21%, ahead of Allica Bank at 5.20%. Shawbrook Bank and Hodge Bank are tied at 5.16%, following the latter's increase last week. StreamBank pay 5.15% alongside Investec with Virgin Money at 5.11%, 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 pays 4.85%, as does Cynergy Bank on the same term. Cynergy pay 4.80% on their 18 Month, which is alongside Al Rayan Bank and fellow Sharia provider, BLME. Gatehouse Bank pay 4.75% with Aldermore Bank at 4.65% following their price increase last week.
SmartSave are the new best buy, following their increase to 4.97%, nipping above DF Capital at 4.96%. There's a three way tie for third with Hodge Bank, Union Bank of India and Close Brothers all paying 4.95%. Zenith Bank are just behind at 4.90%. Hampshire Trust Bank pay 4.80%. Virgin Money and Zopa Bank are tied at 4.76% 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%.
SmartSave also top 3 Year Fixed by their customary one basis point as their 4.61% is just ahead of five providers at 4.60%. Hampshire Trust Bank, Atom, DF Capital, Close Brothers and Hodge all paying 4.60%. Zenith Bank are at 4.55% ahead of UBL Bank who 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%.
There's a new best buy with Hampshire Trust Bank paying 4.51%. They move ahead of long term leader, isbank, who pay 4.50% via Raisin, as do Atom Bank. DF Capital are next at 4.40% with Hodge just behind at 4.39% following their rate increase last week. UBL Bank pay 4.37% via Raisin with SmartSave just behind at 4.36% and Close Brothers at 4.35%.