In the easy access market, there was good news for those watching the top of the table, with Marcus surpassed by Kent Reliance – albeit by the smallest possible margin.
Tesco Bank also improved its easy access offering – moving into the top five as a result.
Meanwhile, the main move of note amongst fixed rate bonds came from Tandem - improving its one and two year fixed rate bonds, with both rates market leading for the respective terms.
Elsewhere, Gatehouse Bank grabbed the notice account headlines, launching new 120 day and 95 day accounts that took the top two positions in our best buy table.
And if you’re looking for other options, we have also included the lowdown on sharia fixed term accounts, variable rate cash ISAs and fixed rate cash ISAs to help you select the most suitable savings account for your circumstances.
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
The big news of the week came from Kent Reliance, which surpassed Marcus at the top of our best buy table – albeit by the smallest of margins.
In addition, the improved rate of 1.50% gross/AER also applies to any customers who already opened the Easy Access Account – Issue 31 at the lower rate.
Just edging out Marcus by Goldman Sachs (1.49% gross/1.50% AER), there are a number of features that could give Kent Reliance even more of an edge for some.
Unlike the Marcus account, the headline rate does not include a 12 month bonus and for those who prefer not to use the internet to apply for and manage an account, Kent Reliance offers branch and postal options as well.
Also making improvements in the easy access market this week was Tesco Bank, improving its offering to 1.45% gross/AER and moving into the top five as a result.
It is worth noting that the rate does include a fixed 0.90% bonus for the first 12 months, so you may need to review your options after the first year, when the rate plummets.
Further information on these accounts and the rest of the current top five can be found in our easy access best buy table.
Fixed Rate Bonds
Tandem grabbed the headlines this week in this arena - launching improved one and two year bonds.
The one year bond is paying a market-leading 2.05% gross/AER and the two year bond (2.30% gross/AER) moves into joint first place with Charter Savings Bank and Investec.
Amongst the longer-term fixed rate bonds there were fewer changes, with Secure Trust Bank still holding first place in the three year table (2.41% gross/AER).
Meanwhile, Ikano Bank is still top for four years (2.45% gross/AER) and Secure Trust’s five year bond still leads the way at 2.71% gross/AER.
For full information on each of these accounts and for a range of other options, please refer to our full fixed rate bond best buy tables.
Notice Accounts
Secure Trust Bank’s dominance of this area of the market over the last few weeks has been broken up by Gatehouse Bank.
The provider’s 120 day notice account pays 1.87% gross/AER and its 95 day notice account pays 1.85% gross/AER – taking the top two spots in our table.
Offering a higher return than easy access accounts but not tying yourself in for a longer term, notice accounts may be worth considering as the middle ground between these two extremes.
For further information on these accounts and the rest of our top five, please refer to our notice account best buy table.
Sharia Fixed Term Accounts
Sharia accounts are still paying competitive rates and, in some cases, may be worth considering as an alternative to the fixed rates mentioned above.
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.
Variable Rate Cash ISAs
Charter Savings Bank continues to lead the way in our table, paying 1.45% tax free/AER on its 95 day notice account - a permanent fixture in our table it seems.
Next up is another account from Charter Savings Bank, with the top-paying easy access cash ISA that doesn’t place any restrictions on the number of withdrawals that can be made. The account pays 1.40% tax free/AER.
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.
Fixed Rate Cash ISAs
Not many changes of note here this week, with the current incumbents still holding on to their prime positions.
Amongst shorter term accounts, Charter Savings Bank leads the way for one year (1.60% tax free/AER) and Paragon and Bank of Cyprus UK* share the spoils for two years, with both providers paying 1.82% tax free/AER.
For those looking for a three year ISA, there are again joint market leaders - both paying 1.95% tax free/AER – Aldermore* and Marsden Building Society.
Finally, leading the way for five years is Charter Savings Bank, paying 2.26% tax free/AER.
To view our top five accounts across the full range of terms, please refer to our full fixed rate cash ISA best buy tables.
If you would like any help with your savings, why not give one of our Bath-based experts a call on 0800 011 9705, we’d love to hear from you.
*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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