Savings round up - 18th March
17/03/2024
It has been another week of jostling for positions at the top of the tables with easy access rates falling back but some increases to fixed terms. 2 and 5 Year Fixed rates both have new best buys whereas the top three easy access providers from last week have either cut or pulled. The Bank of England meet on Thursday to decide the Base Rate and, while we expect to see another hold, the commentary will be of much interest. While the market expects a cut to come, the timing is key and will dictate where interest rates for savers go from here. The cuts on easy access suggest that providers are expecting a reduction to 5% to come sooner rather than later. Here's our round up of all the best buys and key changes from the savings market from the past week:
Last week's top three have gone, with Monument and Secure Trust withdrawing and Virgin cutting, which promotes Charter Savings to best buy with their 5.08% rate. Kent Reliance are just behind at 5.07% and so are Hampshire Trust Bank, who pay 5.06%. Metro Bank pay 5.06% too, via their Ratesetter brand on Hargreaves Lansdown's Active Savings platform. Virgin Money's Defined Access Saver also pays 5.06% but the Virgin rate falls to 2% if more than three withdrawals per year are made. Paragon Bank are fifth with their Double Access Saver paying 5.05% - although there's a hefty cut to 1.50% if three or more withdrawals are made. 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 Monument, who bought their 60 Day Notice back to market at 5.27%. There is tie at 5.25% - Investec pay this 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%. Charter Savings Bank pay 5.12% via Hargreaves Lansdown in a tight knit top four.
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 Charter Savings Bank, who offer 5.10% on their 9 Month Fixed.
Also worthy of note is Emirates 3 Months Fixed at 5.04% on Hargreaves Lansdown.
SmartSave still lead the way at 5.28%, just ahead of StreamBank who improved their rate to 5.25%. Charter Savings also increased - up to 5.21% - to move up to third. Close Brothers pay 5.18% and Hampshire Trust Bank are just behind at 5.17%. There's a triumvirate at 5.16% - Allica, Hodge and Shawbrook Bank all paying the same rate. Kent Reliance pay 5.15% via Hargreaves Lansdown and direct, as do Investec. Aldermore Bank complete the top twelve at 5.11%.
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 and Skipton Building Society both pay 4.75%. Aldermore Bank pay 4.70%.
Close Brothers pay a best buy 5.05% via Hargreaves Lansdown Active Savings and direct. Hampshire Trust Bank are close behind at 5%, as are Hodge Bank. DF Capital pay 4.96% and Union Bank of India offer 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 share the best buy paying 4.65%. Close Brothers also pay the same rate via Hargreaves Lansdown and direct. Al Rayan Bank are also offering 4.65%, following their increase last week. UBL Bank pay 4.63% direct and UBL Bank also pay 4.63% via Raisin and have been joined by Birmingham Bank, who launched this morning, 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%.
Close Brothers are the new best buy, increasing their rate to 4.55% last week. They move above Hampshire Trust Bank, who offer 4.54%, and Shawbrook who 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.