Rates Rundown: new market leaders and best buy entrants take centre stage…

The positive news continued this week, as we saw several new market-leaders and best buy accounts launch.

Some of the key changes were in the easy access arena, as ICICI Bank UK stole the limelight and The Family Building Society re-entered our top five.

>> Latest easy access best buys

Having responded to the competition from Al Rayan Bank last week, the market-leading rate for one year from Gatehouse Bank*, was challenged this week by BLME - matching the rate on offer, alongside other improvements.

>> Sharia fixed term account best buy table

Unfortunately, there were fewer interesting developments among the fixed rate bond best buys, with several prominent providers reducing the rates they have on offer, leaving others to take the plaudits.

>> Who are the current leaders in our fixed rate bond best buy tables?

Barring a new entrant in our top five variable rate ISAs from Yorkshire Building Society, there were few changes of note amongst cash ISAs - although the majority of the leading providers have held strong for another week.

>> Top-paying variable rate cash ISA best buys

>> Fixed rate cash ISA best buys for a range of terms

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 Accounts

There is a new leader in this key area of the market, in the form of ICICI Bank UK, moving past the members of the 1.50% AER group that have been dominating the table for some time.

The account pays 1.54% gross/1.55% AER, although the rate includes a 0.30% bonus for the first 12 months, so you may need to review your position after a year.

Moving back into our top five best buys was The Family Building Society, which launched a new version of its Premium Saver, paying 1.51% gross/AER.

The account does have a funding cut-off date of 8 March 2019, after which you cannot add further funds to the account.

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

Sharia Fixed Term Accounts

With Sharia fixed term accounts taking centre stage last week, there was more competition this week, with Bank of London & the Middle East (BLME) taking its turn to battle with Gatehouse Bank and Al Rayan Bank.

Perhaps one of the most noteworthy of its improved offerings is the provider’s one year account, which matches Gatehouse Bank* as market-leader for the term, with both accounts paying 2.15% gross/AER.

BLME also matches Gatehouse Bank* for two years, with both providers paying 2.35% - comparing favourably to the rest of the market.

One factor that possibly sets Gatehouse Bank ahead of BLME in the pecking order for some is that the 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

Elsewhere, Al Rayan Bank continues to hold the leading position for both two and three years, paying 2.40% gross/AER and 2.50% gross/AER respectively.

Meanwhile, BLME continues to pay a market-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

Somewhat overshadowed by the activity in the Sharia fixed term account table for the second week running, unfortunately this week we also saw a handful of providers taking themselves out of the running.

Both Atom Bank and Vanquis Bank lowered some of the rates they have on offer – though a number of the accounts at least remained competitive as a result.

The top rate on offer for one year comes from Charter Savings Bank (2.03% gross/AER) and there was 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 three leaders – ICICI Bank*, Investec 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 Ikano Bank – both providers paying 2.62% 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.

Variable Rate Cash ISAs

Not a huge amount of activity in this area this week, but there was a new entrant in our top five from Yorkshire Building Society.

The provider’s Single Access Saver pays 1.41% tax free/AER, although – as the name suggests – you can only access your money on one day each year.

In addition, after 12 months, your money will be transferred to the latest version of the provider’s Triple Access Saver ISA – the current version pays 0.90% tax free/AER to give you an idea.

The new entrant lags behind Paragon’s easy access cash ISA, which pays 1.45% tax free/AER and remains joint top of our table.

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

This week there was little to shout about in terms of new activity, but the top accounts remain available for those looking to utilise their ISA allowance or transfer to a better option.

In our one year table, Aldermore leads the way, paying 1.70% tax free/AER. In our two year table, top position is occupied by Charter Savings Bank (1.87% tax free/AER).

Aldermore and Marsden Building Society share top spot for three years, with both providers paying 1.95% tax free/AER.

For those looking for a longer term, Coventry Building Society is top of the podium, with an account that pays a fixed rate of 2.30% tax free/AER until 30.11.2023.

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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