Savings Champion

Well, it’s fair to say that activity in the savings market ground to an almost complete halt this week, with providers seemingly preparing for their Christmas break.

So, for those who may be using some spare time over the festive period to review their savings or finally open that account they have been meaning to get around to, we thought we would run through some of the top options currently available.

First up are fixed term accounts - we run through the full range of terms in our fixed rate bond best buy tables and Sharia fixed term account best buy table, where the very best one year account is still available from Gatehouse Bank*.

For those who need more access to their savings, next up are the top easy access accounts.

Then, for those looking to use their cash ISA allowance or transfer an existing ISA, we take you through the current leaders in the fixed rate cash ISA arena and give you the lowdown on variable rate cash ISAs.

Last but not least are notice accounts – offering a middle ground between easy access and fixed term accounts, so something to consider as part of a balanced savings portfolio.

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.

Fixed Rate Bonds

With very little activity this week, we continue to have a number of providers grouped at the top of three of our fixed rate bond best buy tables.

In the one year table, there is a two-way tie at the top, with Investec and Atom Bank both paying 2.05% gross/AER.

In the two year table Investec is out on its own, paying 2.35% gross/AER.

Amongst three year bonds, there are four leaders - Masthaven, Investec, Atom Bank and Tandem - which are all paying 2.40% gross/AER.

Vanquis Bank are in sole charge of our four year table, paying 2.50% gross/AER*

Finally, the lead in the five year table is shared by Vanquis Bank* and Atom Bank – both providers paying 2.70% 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.

Sharia Fixed Term Accounts

Still offering the very best one year return on the market is Gatehouse Bank, with its one year fixed term account paying 2.10% gross/AER*.

In addition, this account is also available through the Raisin UK savings platform, where a welcome bonus of up to £100 is available for new customers.

>> Find out more about Raisin UK

BLME continues to pay a competitive return on its five year Premier Deposit Account, paying 2.70% gross/AER*.

In between the two options above is Al Rayan, paying 2.40% gross/AER for three years.

Please refer to our sharia fixed term accounts best buy table for more information on the accounts above.

>> How do Sharia compliant accounts work?

Easy Access Accounts

Still leading the way is West Brom’s Direct Double Access, Virgin Money’s Double Take E-Saver and Marcus’ Online Savings Account, which are all paying the top rate of 1.50% AER.

However, each of these three accounts have features to be aware of – both West Brom and Virgin restrict you to just two withdrawals per year and the account from Marcus includes an introductory bonus for the first year.

If these accounts don’t suit you and you are looking for something more straightforward, Ford Money’s Flexible Saver* pays 1.42% gross/AER and doesn’t feature an introductory bonus or restriction on the number of withdrawals you can make.

Also available at the same rate is the Freedom Savings Account* from RCI Bank, giving you a second competitive option if you are looking for a simple account – a provider that has been consistently competitive over the last 12 months.

Further information on the leading accounts and the rest of the current top five can be found in our easy access best buy table.

Fixed Rate Cash ISAs

One provider is still dominating the fixed rate cash ISA arena - Shawbrook Bank.

The provider’s one year fixed rate cash ISA pays a market-leading rate of 1.66% tax free/AER and its two year fixed rate cash ISA pays 1.86% tax free/AER, still top of the table.

Meanwhile, its three year option pays 2.01% tax free/AER – again leading the way.

Finally, the new version of its five year fixed rate cash ISA remains at the summit, paying 2.27% 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.

Variable Rate Cash ISAs

Virgin Money retains its lead in our table, with its Double Take E-ISA paying 1.45% tax free/AER.

You are restricted to just two withdrawals per year, although it matches the rate paid on the 95 day notice ISA from Charter Savings Bank.

If you are looking for a cash ISA with easy access to your money, without a restriction on the number of withdrawals you can make in a year, Leeds Building Society offers the top rate at 1.38% 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.

Notice Accounts

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 options.

Leading the way in this area of the market is Gatehouse Bank, occupying the top two slots in our best buy table.

The provider’s 120 day notice account pays 1.87% gross/AER and its 95 day notice account pays 1.85% gross/AER.

Elsewhere, for those looking for an account with a shorter notice period, Investec offers an interesting option, paying 1.40% AER on a 35 day notice account.

Investec offers a range of notice options and potentially easy access to a portion of the funds held in the account – so could be worth a further look.

>> Find out more about Investec’s innovative account

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

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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