At the start of September, the best 1 Year Fixed rate from a non-Sharia provider, who typically dominate the best buy tables, was the 1.95% payed by SmartSave. This month, the best rate is 1.80% from Zenith Bank or 1.76% from Ikano Bank.
Marcus by Goldman Sachs, the UK savings provider, has cut the bonus rate paid on its market leading easy access savings account, losing its place at the top of our best buy tables.
I wrote in last month’s column about falling interest rates and August was another month where we witnessed a number of providers cutting their interest rates on savings.
Each month, James writes a column for Around Town and BeauLieu Magazines, which go out to around 60,000 homes and businesses in Essex. This is his August column.
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It’s been a very quiet month at the top of the best buy tables with no changes to the headline rates, with the exception of notice accounts where Secure Trust Bank have leapfrogged Hampshire Trust Bank with their 90 day notice account paying 1.92%.
If you keep an eye on best buys, you’d be forgiven for thinking that last month was a quiet month in the market, as headline rates have barely changed in the past few weeks.
In the third episode of Savings Guru TV, James talks to Brian Bartaby of Proplend about the P2P investment market, Innovative Finance ISAs, and the potential impact of Brexit.
The Savings Guru help start up/challenger banks apply for a licence, b...
It’s been a busy few weeks in the savings market and at Savings Guru HQ with a host of rate changes, two new banks entering the market and an awards evening!
Having been starved of new savings bank launches since the high water mark of 2017, aside from Marcus in September 2018, we have now seen two in a matter of weeks.