Savings round up - 11th March
10/03/2024
It has been another week of jostling for positions at the top of the tables with 6 Months, 1, 3 and 5 Year all getting improved best buy rates. However, easy access and notice accounts have both seen price cuts with providers seemingly cutting variable rate accounts ahead of an expected Base Rate cut in the coming months. We expect to see another week of more of the same - with small moves of the odd basis point either way at the top of the tables. The next Base Rate decision is on 21st March, which is likely to give more indication of when a cut could come. Here's our round up of all the best buys and key changes from the savings market from the past week:
It's all change at the top of the charts with a flurry of moves - three of last week's top five all cutting or withdrawing. Monument share top spot with Virgin Money's Defined Access Saver - both paying 5.11% but the Virgin rate falls to 2% if more than three withdrawals per year are made. Charter Savings Bank are third at 5.08%, a nudge ahead of Kent Reliance at 5.07%. Paragon Bank drop to joint fifth as their Double Access Saver is reduced to 5.05% - and there's a hefty cut to 1.50% if three or more withdrawals are made. They are alongside Secure Trust at 5.05% and Family Building Society's 5.04% is the only other provider paying over 5%. With Base Rate expected to be cut in the coming months, it feels like provides are moving, in anticipation of this.
StreamBank pay a best buy 5.30% for 90 Day's Notice ahead of 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. QIB Bank currently pay 5.40% but this decreases to 5.20% on 25th March. Monument also pay 5.20% but for 45 Day's Notice and both Cynergy Bank and Vanquis pay the same rate but for 120 Day's Notice.
Hampshire Trust Bank lead the way paying 5.18% for 6 Months ahead of Monument who offer 5.15% for 6 Months Fixed, with Allica just behind at 5.14%. Cynergy pay 5.12% and Emirates Bank pay 5.11% via Hargreaves Lansdown in a tight knit top five.
Emirates Bank lead the way on 9 Months at 5.15% on Hargreaves Lansdown's Active Savings platform. They are ahead of Hampshire Trust Bank who pay 5.12% and Aldermore Bank, who offer 5.05% on their 9 Month Fixed.
Also worthy of note is Emirates 3 Months Fixed at 5.09% on Hargreaves Lansdown.
SmartSave still lead the way but an improved rate of 5.28%. Next is Close Brothers who pay 5.18% via Hargreaves Lansdown Active Savings and also direct. Hampshire Trust Bank increased their rate to 5.17% to move just behind the leaders but ahead of a triumvirate at 5.16% - Allica, Hodge and Shawbrook Banks. StreamBank pay 5.15% alongside Investec and Aldermore Bank complete the top ten at 5.11%, following their increase on Friday.
United Trust Bank lead the way with their 15 Month Fixed paying 4.90%, which is matched by Union Bank of India, but theirs is an 18 Month Fixed rate. Cynergy Bank's 15 Month Bond pays 4.85% before a four way tie at 4.80%. Zopa Bank pay 4.80% via Hargreaves Lansdown Active Savings, as do Al Rayan Bank, BLME and Cynergy. Gatehouse Bank pay 4.75%, and have been joined by Skipton Building Society, following their increase last week. Aldermore Bank, who pay 4.70%, complete the top 10.
Hampshire Trust Bank lead the way paying 5%, alongside Close Brothers, via Hargreaves Lansdown Active Savings and Hodge Bank. They are above SmartSave, who pay 4.97%, DF Capital at 4.96% and Union Bank of India at 4.95%. Zenith Bank are just behind at 4.90%. There's a drop then to Zopa Bank at 4.76%, who are ahead of a plethora of providers at 4.75%.
Hampshire Trust Bank are the new best buy paying 4.65%, following their increase last week. They move above SmartSave at 4.64% and UBL Bank, who pay 4.63%. UBL Bank also pay 4.63% via Raisin and have been joined by Close Brothers, who pay 4.63% via Hargreaves Lansdown's Active Savings, and Shawbrook. Investec are just behind at 4.62% with three providers at 4.60% - Atom, DF Capital and Hodge all paying 4.60%. Aldermore Bank offer 4.55%.
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% direct and also pay 4.26% via Raisin. United Trust Bank offer 4.25% and Cynergy complete the top seven at 4.20%.
Hampshire Trust Bank top the table paying 4.54% after their increase last week. They move above Shawbrook and Close Brothers - both of whom pay 4.53%. UBL Bank's 4.52% is next - UBL Bank also pay 4.52% via Raisin. Hodge Bank are at 4.51% ahead of isbank, who pay 4.50% via Raisin and Atom Bank at the same rate.