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🔔 Rates Rundown: Best buy activity increases, but earth-shattering news is conspicuous by its absence…

Author: Dan Darragh
19th October 2018

Providers upped their game last week with a definite increase in the number of new best buys compared to the preceding seven days.

However, eye-catching new market leaders were harder to find, with many of the current incumbents holding onto their thrones.

In the easy access market, Virgin Money was the key mover, taking second position behind Marcus - which is still ruling the roost.

Amongst fixed rate bonds, Shawbrook Bank had a busy week, launching three improved bonds, with two of these leaping into top position in the respective tables.

Also improving its one year rate was Zenith Bank*, taking joint second position behind Shawbrook.

Shawbrook Bank was also busy in the fixed rate cash ISA arena, taking the lead in our five year table.

Amongst the shorter terms, Charter Savings Bank rose to joint top of the three year table and there were also new one and two year best buys from Post Office Money.

Charter Savings Bank also broke into our notice account top five, with an improved version of its 95 day notice account.

Last but not least, there was a new leader amongst easy access cash ISAs, with Leeds Building Society upping the rate for both new and existing account holders.

For an overview of the whole savings market and to look at the top options in all categories, make sure you consult our independent best buy tables and if you want to keep up to date with best buy rates as they hit the market, sign up to our Rate Alert emails.

 

Easy Access

Virgin Money is the latest provider to attempt to rise to the challenge of Marcus in the easy access market.

The new version of its Double Take E-Saver is paying 1.42% gross/AER, though - as the name suggests - you are restricted to just two withdrawals per year from the account.

As mentioned previously, Marcus by Goldman Sachs is still cream of the crop, with its market-leading Online Savings Account, paying 1.49% gross/1.50% AER.

The rate does include a small bonus of 0.15% for the first 12 months, so you may need to review things after the first year.

For those looking for a bonus-free easy access account without a restriction on the number of withdrawals allowed per year, Charter Savings Bank and Shawbrook Bank both still pay 1.40% gross/AER.

Further information on each of these accounts can be found in our easy access best buy table.

 

Fixed Rate Bonds

Shawbrook Bank was perhaps the busiest provider over the last week, with three improved fixed rate bonds launched, two of which now sit at the top of the respective tables.

The new one year bond - paying 2.03% gross/AER - took pole position in our table, with the two year bond - paying 2.29% gross/AER - doing likewise.

Elsewhere, Zenith Bank took joint second position behind Shawbrook, with an improved version of its one year bond, which is paying 2.02% gross/AER*, alongside OakNorth Bank.

To complete the picture, Tandem is still holding the top spot in our three year table (2.40% gross/AER).

Ikano Bank and Close Brothers share top spot in our five year table, with both providers paying 2.70% gross/AER.

For full information on each of these accounts and others, please refer to our full fixed rate bond best buy tables.

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Fixed Rate Cash ISAs

First up is Shawbrook, completing its busy week with the launch of a market-leading five year fixed rate cash ISA that pays 2.25% tax free/AER.

Also making waves was Charter Savings Bank, taking joint top spot in the three year table with an ISA paying 1.91% tax free/AER. Also making it into the top five is the provider’s new two year fixed rate cash ISA, which is paying 1.81% tax free/AER.

Finally, new this week were best buy one year (1.55% tax free/AER) and two year (1.75% tax free/AER) ISAs from Post Office Money, which both broke into the top five for the respective terms.

Bank of Cyprus UK is still in a strong position, its two year fixed rate ISA is paying 1.82% tax free/AER*, retaining top position in our table.

Bank of Cyprus UK also leads the three year table, albeit now jointly with Charter Savings Bank, paying 1.91% tax free/AER*.

Aldermore retains the one year crown for another week - its leading account pays 1.60% tax free/AER*.

To view our top five accounts across a variety of terms, please refer to our full fixed rate cash ISA best buy tables.

 

Sharia Fixed Term Accounts

If you are looking for an alternative fixed term account, Sharia accounts may be worth considering.

BLME continues to hold the top spot with its five year Premier Deposit Account, paying 2.70% gross/AER*.

If you’re looking for shorter terms, Al Rayan is paying 2.40% gross/AER for three years and BLME pays 2.05% gross/AER for one year*.

Al Rayan Bank continues to lead the way with its fixed term cash ISAs, paying 1.60% tax free/AER on its one year account and 1.80% tax free/AER for two years.

Please refer to our sharia fixed term accounts best buy table for more information on the accounts above and read our recent article for more on sharia accounts and how they work.

 

Notice Accounts

One key change to report this week, as Charter Savings Bank forced its way into our top five with a new version of its 95 day notice account, which is paying 1.81% gross/AER.

PCF Bank still leads with its 180 day notice account, paying 1.85% gross/AER. We then have OakNorth in third place, which is paying 1.77% gross/AER on its 90 day notice account.

For further information on these accounts and the rest of our top five, please refer to our notice account best buy table.

 

Variable Rate Cash ISAs

Leeds Building society this week upped the rate on its easy access cash ISA and is now the highest-paying account of its type that does not restrict the number of withdrawals you can make in a year.

The improved rate of 1.38% tax free/AER applies to those opening the account, as well as those who already opened the account at the previous rate.

Charter Savings Bank continues to lead the way, paying 1.40% tax free/AER on its 95 day notice account, a tricky one to budge from top spot.

For further information on these accounts and to see how the rest of the top five stacks up, please refer to 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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