Savings round up - 26th February
25/02/2024
In last week's round up, we said we expected to see more jostling positions but not significant increases in rates and that's exactly what we have seen. 2, 3 and 5 Year Fixed rates all have new best buys who have increased by one or two basis points on the previous leader. There's been some reductions in rates on easy access as this market looks to be pricing in a Base Rate cut in the summer, which will make these accounts unprofitable for those banks which are putting excess balances in the Bank of England Reserve Account - effectively a savings account for banks which pays the Base Rate. Here's our round up of all the best buys and key changes from the savings market from the past week:
Paragon Bank remain 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. Close Brothers move up to second, after they increased their rate last week to 5.12% and Coventry cut the rate on their Triple Access Saver. Virgin Money's Defined Access Saver is joint third paying 5.11% - but the rate falls to 2% if more than three withdrawals per year are made - alongside Monument Bank, who upped their rate last week. Leeds Building Society are a touch behind paying 5.10%. Charter Savings Bank and Coventry Building Society's Triple Access Saver are tied at 5.08%, following the latter's cut, a nudge ahead of Kent Reliance at 5.07%. Hampshire Trust Bank's 5.06% and Family Building Society's 5.04% are the other providers paying over 5%.
Market Harborough Building Society top the tables paying 5.45% - but they want a whopping 195 Days Notice in return. BLME offer a slightly lower 5.35% but for only 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 three way tie at 5.25% - West Brom pay this for 60 Day's Notice, Investec for 90 Days and United Trust Bank for 180 Days - although this is a Base Rate tracking account. Cynergy Bank dropped their rates by 0.05% last week so are next at 5.20% for 120 Day's Notice.
Following Allica's rate cut, they and Monument's app only 5.14% for 6 Months are the joint best buys. Hampshire Trust Bank's 5.13% for 6 Months is only a whisker behind. Cynergy pay 5.12% and Emirates Bank pay 5.11% via Hargreaves Lansdown.
Emirates Bank lead the way on 9 Months at 5.11% on Hargreaves Lansdown's Active Savings platform. They move ahead ofAtom Bank who pay 5.10% before a big drop to Charter Savings and Kent Reliance who both pay 5% on Hargreaves Lansdown's Active Savings platform.
Also worthy of note is Emirates 3 Months Fixed at 5.09% on Hargreaves Lansdown.
SmartSave still lead the way at 5.21% before a four way tie for second - Close Brothers via Hargreaves Lansdown Active Savings, Allica Bank, Hodge and Shawbrook are all tied at 5.16%. StreamBank pay 5.15% alongside Emirates Bank via Hargreaves Lansdown and Investec. Virgin Money pay 5.11%, narrowly ahead of Hampshire Trust Bank who pay 5.10%, as do Atom Bank.
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. Zopa Bank pay 4.80% via Hargreaves Lansdown Active Savings, as do Al Rayan Bank, BLME and Cynergy. Gatehouse Bank pay 4.75% with Aldermore Bank at 4.65%.
Hodge Bank are the new best buy, paying 5%, although they had briefly paid 5.11%. They move above SmartSave, who pay 4.97%, and DF Capital at 4.96%. Close Brothers, via Hargreaves Lansdown Active Savings, pay 4.95% as do Union Bank of India. Zenith Bank are just behind at 4.90%. Hampshire Trust Bank pay 4.80%. Emirates Bank pay 4.79% via Hargreaves Lansdown and Virgin Money and Zopa Bank are tied at 4.76% in tenth place.
UBL Bank are the new best buy paying 4.63%. UBL Bank also pay 4.63% via Raisin. Investec are just behind at 4.62% with last week's leader, SmartSave dropping to third paying 4.61%. There are five providers at 4.60%. Hampshire Trust Bank, Close Brothers via Hargreaves Lansdown's Active Savings, Atom DF Capital and Hodge all paying 4.60%. Zenith Bank are at 4.55% with several providers at 4.50%.
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% and UBL Bank also pay 4.26% via Raisin. United Trust Bank pay 4.25% and Cynergy complete the top eight at 4.20%.
There's a new best buy with UBL Bank's 4.52% taking top spot. UBL Bank also pay 4.52% via Raisin as do SmartSave. They all move ahead of Hampshire Trust Bank who are paying 4.51% as is Hodge Bank, following their rate increase last week. They Next is isbank, who pay 4.50% via Raisin, and Atom Bank at the same rate. There's a drop then to DF Capital and Close Brothers at 4.40%.