Savings round up - 15th July
28/07/2024
We saw several cuts and withdrawals in the key 1 Year Fixed market last week, although there are now two providers paying Base Rate - but both are only available on the Raisin savings platform. We expect this is the start of rates falling back in anticipation of Base Rate dropping to 5% in August or September. Elsewhere, only one provider pays over 5% on 2 Year and the best buy 3 Year rate fell - but there's a new leader on 5 Year! Easy access rates held up with Monument improving to 5.03% to leapfrog in to second being the stand out move. Here's our round up of all the best buys and key changes from the savings market from the past week:
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. Monument move up to second as they increase their rate to 5.03% (but it does have a high minimum balance of £25,000). Agricultural bank, Oxbury, are next with their easy access account paying 5.02% but this also has a high minimum balance (£20,000) too. Chip pay 5.01% on their app only easy access which includes a 0.17% bonus for 12 months. Oxbury Bank are next offering 4.94% to those with £1,000+ to save and Monument pay 4.91% via savings platform Raisin, also with only £1,000 needed to open an account. Paragon's Double Access pays 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 and Secure Trust Bank.
Vanquis lead the way with their 90 Day Notice paying 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. Cynergy pay 5.18% with FCMB Bank paying 5.17% via Raisin, following their increase last week. isbank pay 5.15% via Raisin as do Allica and Zenith.
isbank pay a best buy 5.15% for 9 Months Fixed via Raisin. FCMB Bank are next at 5.10% via Raisin with National Bank of Egypt also at 5.08%, also via Raisin as are United Trust Bank.
Mizrahi Tefahot Bank pay a best buy 5.25% via Raisin but have now been joined by Raisin stable mate Ziraat Bank at 5.25%, following their increase last week. Following withdrawals and cuts, next is Union Bank of India paying 5.22% and SmartSave who cut to 5.21%. GB Bank pay 5.20% via Raisin as do Close Brothers. StreamBank pay 5.16% alongside Cynergy with three raisin providers at 5.15% - FCMB Bank, isbank and Zenith Bank - the latter also paying the same rate direct.
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. Hampshire Trust Bank pay 4.97% for 18 Months following their return to market on Friday. Union Bank of India are next at 4.95% ahead of Cynergy's 18 Month at 4.90%. Allica Bank pay 4.85% and Tandem offer 4.80%. Al Rayan Bank are paying 4.75% via Raisin.
Close Brothers pay a best buy 5.06% via Hargreaves Lansdown and direct. RCI Bank pay 5% as do isbank via Raisin, GB Bank via Hargreaves Lansdown and Cynergy. Hampshire Trust Bank are back in the market at 4.95% ahead of Hodge at 4.94% and Zenith Bank at 4.93% via Raisin and direct. Atom Bank and Union Bank of India both pay 4.90%.
Birmingham Bank and Hodge share the top spot - both paying 4.81%. They are a whisker ahead of Close Brothers via Hargreaves Lansdown who pay 4.80%. GB Bank pay 4.78% via Hargreaves Lansdown ahead of RCI Bank who offer 4.76%. RCI Bank also pay 4.76% via Raisin, with Cynergy just behind at 4.75%.
United Trust Bank pay a best buy 4.35% ahead of Oxbury at 4.31% and Zopa Bank and BLME at 4.30%. UBL Bank pay 4.26% via Raisin and direct and RCI Bank are at 4.25%.
Birmingham Bank pay a best buy 4.61% ahead of Hodge at 4.58%. Close Brothers pay 4.57% via Hargreaves Lansdown and direct as do Shawbrook. 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.