Rates Rundown: best buy changes plentiful for the second week in a row…

There were further best buy changes this week, over a number of different categories, carrying on from last week’s positive moves.

Some of the most noteworthy changes took place in our Sharia fixed term account best buy table.

The market-leading rate for one year from Gatehouse Bank*, was challenged by Al Rayan Bank and subsequently responded to with a higher rate, leaving Gatehouse still top of the tree at the end of the week.

>> Sharia fixed term account best buy table

In addition, both Al Rayan Bank and Gatehouse Bank made other improvements, comparing favourably with standard fixed rate bonds - of which there were fewer key changes this week.

>> Fixed rate bond best buy tables

Elsewhere, Paragon relaunched its best buy easy access account and easy access cash ISA, which both offer a straightforward alternative to some of the top rates at the moment.

>> Easy access account best buys

>> Variable rate cash ISA best buys

There was also activity amongst best buy fixed rate cash ISAs this week, with Coventry Building Society improving the rates on offer on its range of options.

>> Latest fixed rate cash ISA best buys

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.

Sharia Fixed Term Accounts

This week it was the turn of Sharia fixed term accounts to take centre stage, with a mini battle taking place between Gatehouse Bank and Al Rayan Bank.

Despite being matched earlier in the week by Al Rayan, still offering the very best one year return on the market is Gatehouse Bank, with its improved one year fixed term account now paying 2.15% gross/AER*.

Also this week, Gatehouse Bank launched competitive new two and three year accounts that compare favourably to the rest of the market.

>> 3 Year Fixed Term Deposit - 2.45% gross/AER*

>> 2 Year Fixed Term Deposit - 2.35% gross/AER*

>> 1 Year Fixed Term Deposit - 2.15% gross/AER*

In addition, each of the three accounts are 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

Earlier in the week, Al Rayan Bank took the plaudits, matching the previous rate from Gatehouse for one year and taking the leading position for 18 months, two years and three years.

12 Month Fixed Term Deposit – 2.10% gross/AER

18 Month Fixed Term Deposit – 2.30% gross/AER

24 Month Fixed Term Deposit – 2.40% gross/AER

36 Month Fixed Term Deposit – 2.50% gross/AER

Meanwhile, BLME continues to pay a joint-leading return on its five year Premier Deposit Account, paying 2.70% gross/AER.

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

>> How do Sharia compliant accounts work?

Fixed Rate Bonds

While somewhat overshadowed by the activity in the Sharia fixed term account table, it is still worth running through the top options in this popular category.

The top rate on offer for one year comes from Atom Bank, paying 2.05% gross/AER, closely followed by Charter Savings Bank (2.03% gross/AER).

There was also no change in the two year table, where Investec still leads the way, paying 2.35% gross/AER.

In the three year table, there are still four leaders – ICICI Bank*, Investec, Atom Bank and Tandem - which are all paying 2.40% gross/AER.

Meanwhile, for those looking for a longer term, Vanquis Bank is still top of our four year table, paying 2.50% gross/AER* and 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.

Easy Access Accounts

The key change this week came from Paragon, which entered our top five with a straightforward account which pays 1.45% gross/AER – the top rate for those looking for an account without an introductory bonus or withdrawal restrictions.

The top of our easy access account best buy table remains static this week, with the quartet of Cynergy Bank*, West Brom Building Society, Virgin Money and Marcus by Goldman Sachs sharing the spoils – all paying 1.50% AER.

While the returns on offer on each of the four accounts mentioned above are high in today’s easy access market, each has features to be aware of – both West Brom and Virgin restrict you to just two withdrawals per year and the accounts from Cynergy Bank and Marcus include an introductory bonus for the first year.

Further information on the leading accounts can be found in our easy access best buy table.

Variable Rate Cash ISAs

Matching its standard easy access offering – which in itself is unusual in today’s savings market – Paragon’s relaunched easy access cash ISA pays 1.45% tax free/AER, matching the top variable cash ISA rates.

With easy access to your ISA funds, Paragon could well be the standout option of the three leaders.

Virgin Money’s Double Take E-ISA is also paying 1.45% tax free/AER, but you are restricted to just two withdrawals per year.

Matching these two ISAs is the consistent 95 day notice cash ISA from Charter Savings Bank, where - as the name suggests – you have to give notice to withdraw your money.

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

Coventry Building Society improved the rates on offer across its range of fixed rate cash ISAs.

Interestingly – and unusually – the increased rates have also been applied to existing account holders, not just those opening the accounts.

The most striking of the new rates is the provider's five year account, which pays 2.30% tax free/AER and claims the leading position in our table.

Improvements were also made to its 16 month, 28 month and 40 month accounts - which now pay 1.70% tax free/AER, 1.90% tax free/AER and 2.05% tax free/AER respectively.

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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