It has been a quiet week with few whisperings of rate increases coming from providers in the wake of the Bank of England base rate announcement. However, we have seen a small smattering of new fixed rate accounts hit our best buy tables.
A modicum of hope was injected into the fixed rate cash ISA market this week from Bank of Cyprus UK, Monmouthshire Building Society, Charter Savings Bank and Coventry Building Society, as each launched new market-leading rates.
The fixed rate bond market has seen a slowdown with low levels of activity this week.
Only three changes worth noting - the return of Axis Bank UK to our best buy tables, a new market-leading account from Charter Savings Bank and a joint leading rate from OakNorth.
We have seen no change in the variable rate market this week - disappointing considering the recent increase to the base rate.
As a result, Secure Trust Bank maintains its stronghold over our notice account table, Coventry Building Society continues to lead our easy access table and our variable rate cash ISA best buy table also remains unchanged from last week.
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Fixed Rate Bonds
The avid savers out there may recall Axis Bank UK, which spent time amongst our top five fixed rate bonds, across a range of terms throughout last year.
This week we have seen the provider make a return to our tables with the latest version of its two year fixed rate product.
The account sits in third position in our table paying 2.24% gross/AER*, just 0.02% off the leading rate (from Secure Trust Bank).
Charter Savings Bank launched a new version of its one year product, surpassing the previous market leaders - Investec - by just 0.01% and now pays 2.06% gross/AER.
OakNorth unveiled the latest version of its five year fixed rate bond late in the week and subsequently joins Secure Trust Bank atop our table, both providers offer 2.69% gross/AER on their respective accounts.
For other leading rates across a range of terms, please refer to our full fixed rate bond best buy tables.
And don’t forget about Sharia accounts - BLME is paying the top rate at the moment of 2.70% gross/AER* for a five year term.
Fixed Rate ISAs
Monmouthshire Building Society made an impressive move amongst fixed rate ISAs this week.
The provider’s new three year account stormed to the leading position in our table paying 1.91% tax free/AER, with Shawbrook Bank’s longstanding offering at 1.85% tax free/AER the next best.
Looking at the one year table, Bank of Cyprus UK hit the top spot, paying 1.54% tax free/AER* on its latest edition.
Charter Savings Bank slid into the top spot in our two year table.
The provider is paying 1.71% tax free/AER, ousting Paragon and Shawbrook Bank from the top by just 0.01%.
Finally in the fixed rate ISA domain, Coventry Building Society has risen to the top spot following an increase to the rate on its five year account.
The Fixed Rate ISA (67) now pays 2.30% tax free/AER and sits clear of the rest of the field.
For the full range of accounts over various terms, please refer to our full fixed rate cash ISA best buy tables.
Notice Accounts
Secure Trust Bank continues to dominate our best buy table, occupying four of the five stations, paying up to 1.80% gross/1.81% AER on its 180 day notice account.
Meanwhile, Charter Savings Bank remains in the mix with its 30 day notice account paying 1.36% gross/AER holding fifth position.
Further information on these accounts can be found in our notice account best buy table.
Easy Access
We haven’t seen any changes in this area of the market this week, Coventry BS remains in pole position, with the chasing group unchanged.
Coventry’s Limited Access Saver (2) – offers the market-leading rate at 1.40% gross/AER – though the account does have a few terms and conditions to be aware of.
Birmingham Midshires continues to play second fiddle, paying 1.35% gross/AER, just 0.01% ahead of both Tesco Bank and Bank of Cyprus UK* (both paying 1.34% gross/AER).
As each of the leading quartet have aspects to be wary of (introductory bonuses etc), we also include in our table the highest paying simple easy access account – Paragon Bank’s Limited Edition Easy Access (Issue 6), paying1.31% gross/AER.
For more information on each of these accounts, please take a look at our easy access best buy table.
Variable Rate ISAs
No development in this area of the market over the last week. Charter Savings Bank sits proudly ahead of the field, paying 1.40% tax free/AER on its 95 day notice account.
Meanwhile Al Rayan Bank offers the top rate on an easy access cash ISA (1.35% tax free/AER).
To see how our top five stack up, take a look at our variable rate cash ISA best buy table.
Our Bath based savings experts are on hand if you would like any help with your savings, so why not give us a call on 0800 011 9705, we’d love to hear from you.
Alternatively, if you want to keep up to date with best buy rates as they hit the market, follow us on Twitter and sign up to our Rate Alert emails.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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