Savings round up - 1st July
30/06/2024
Sometimes you have to hold your hands up and say you got it wrong, and this is one of those weeks! Last week, we said we expected to see an easing back on rates but we've seen an uptick in short term rates. Gatehouse surprised everyone with a 6 Month Fixed at Base Rate and Mizrahi Tefeahot Bank launched a 5.25% 1 Year on Raisin with three other providers going above last week's best buy rate of 5.21%. With markets expecting a cut of Base Rate to 5% on 1st August and swap rates pricing in falling rates, there's little logic to these increases. But they are great news for savers and we'll be shocked to see anyone go above these levels. Here's our round up of all the best buys and key changes from the savings market from the past week:
Unusually, the top ten are completely unchanged. Chase stay top of the best buys courtesy of a bonus rate offer for six months - they are paying a 1% bonus on top of their 4.10% rate until 16th January. Agricultural bank, Oxbury, are next with their easy access account paying 5.02% but this has a high minimum balance of £20,000 though. Chip move up to third paying 5.01% on their app only easy access after the addition of a 0.17% bonus for 12 months. Monument's 5.01% rate is tied with Chip and is a straight forward savings account but does also have a high (£25,000) minimum balance. Oxbury Bank are next offering 4.94% to those with £1,000+ to save, followed by Paragon's Double Access paying 4.91%, which is a whisker ahead of Aldermore Bank's Double Access which pays 4.90%. QIB, on Raisin, also pay 4.90% as do Close Brothers.
Vanquis lead the way with their 90 Day Notice getting an uplift to 5.35%. Monument are next paying 5.27% on their 60 Day Notice. There's a three way tie for third - Investec pay 5.25% for 90 Days, United Trust Bank for 180 Days - although this is a Base Rate tracking account - and Hinckley & Rugby Building Society also for 180 Days. Monument Bank's 45 Day Notice pays 5.20% followed by Shawbrook paying 5.16% also for 45 Day's Notice. BLME pay 5.15% for 90 Days. Cynergy increased their rates last week and move in to the top ten paying 5.15% for 120 Day Notice. Monument pay 5.13% for 7 Days and Kent Reliance offer the same rate but for 60 Days. StreamBank pay 5.05% for 90 Days Notice.
Gatehouse pay a best buy 5.25% for 6 Months followed by Oxbury and Cynergy, who both pay 5.22%, with the latter increasing their rate last week. isbank pay 5.15% via Raisin and Allica, Secure Trust and Zenith all pay the same rate too.
Al Rayan Bank pay a best buy 5.10% via Raisin with National Bank of Egypt next at 5.08%, also via Raisin. Kent Reliance pay 5.08% too, via Hargreaves Lansdown, as do United Trust Bank also pay 5.08%. Atom Bank are next at 5.05%.
Mizrahi Tefahot Bank pay a best buy 5.25% via Raisin. With Base Rate expected to fall to 5% in August, this is a great chance to lock in at the current Base Rate for a year. They weren't the only ones on the move with SmartSave up to 5.24%, Cynergy up to 5.23% and Union Bank of India increasing to 5.22%. Ziraat Bank pay 5.21% via Raisin and Vanquis Bank pay the same rate direct. Al Rayan Bank pay 5.20% via Raisin and direct, which is matched by Close Brothers.
United Trust Bank lead the way with their 15 Month Fixed paying 5.05% alongside Cynergy, who pay 5.05% on their 15 Month too. Union Bank of India are next at 4.95% ahead of Cynergy's 18 Month at 4.90%. Al Rayan Bank paying 4.85% via Raisin and direct as do Allica Bank. Tandem Bank pay 4.80%.
Close Brothers, SmartSave and Vanquis are all tied at the summit paying 5.06%. RCI Bank pay 5% as do isbank via Raisin. Next is Hodge, who increased their rate to 4.97%, to move ahead of Secure Trust Bank. Zenith Bank are next paying 4.93% via Raisin and direct.
United Trust Bank are the next best buy paying 4.81%. They are matched by Cynergy, who also upped their rate last week. Close Brothers via Hargreaves Lansdown pay 4.80% as do Hodge and Vanquis. Birmingham Bank come back in to the market at 4.79%, ahead of RCI Bank who stay at 4.76%. RCI Bank also pay 4.76% via Raisin.
Vanquis Bank pay a best buy 4.60% with United Trust Bank next at 4.35%, following their increase last week. Oxbury pay 4.31%, narrowly ahead of Zopa Bank and BLME at 4.30%.
United Trust Bank pay a best buy 4.60%. Hodge are next at 4.58%, just ahead of Close Brothers at 4.57% via Hargreaves Lansdown, and Shawbrook, also at 4.57%. Hampshire Trust Bank are back in the market at 4.55%, alongside Al Rayan Bank, who pay 4.55% via Raisin, and GB Bank who also pay 4.55% via Raisin. Secure Trust and Vanquis also both pay 4.55% in a tight top 10.