Rates Rundown: half term slowdown, as competition in the best buys cools

This week best buy improvements were few and far between - with activity seeming to slow down, as school holidays took over for many.

That said, a number of the top rates that have been in pole position over the last few weeks remain in place.

So, this week we take you through the best options in each of the key categories, to help you find the most suitable account for your circumstances.

One of the most popular categories for savers and providers alike are fixed rate bonds, with a range of terms available between one and five years.

>> What are the best fixed rate bond rates?

If you are looking for a fixed term account, Sharia compliant accounts are consistently among the very best rates available, so are worth investigating further.

>> Sharia fixed term account best buy table

For those looking for more access to their money or a better home for their rainy day cash, there are a number of competitive options to choose from.

>> Latest easy access best buys

Last but not least, for those looking for a home for their ISA allowance, as we start to build up towards the end of the 2018/19 tax year, there are plenty of competitive cash ISAs to choose from.

>> Top-paying fixed rate cash ISAs

>> Top-paying variable rate cash ISAs

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

There are a range of options to choose from, depending on which term length is most suitable for your circumstances and plans.

There is the same leader in our one and two year tables, with Tandem paying 2.00% gross/AER and 2.30% gross/AER respectively.

In our three year table there is a four-way tie at the top, with Aldermore*, ICICI Bank*, Masthaven and Tandem all paying 2.40% gross/AER.

If you are looking for longer term bonds, leading the way for four years is Vanquis Bank, paying 2.52% gross/AER and the leading spot in our five year table is occupied by Ikano Bank, paying 2.56% 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

An interesting area of the market to consider, as the leading accounts are currently paying higher rates than the standard equivalents.

Amongst one year accounts, having previously been neck and neck with Al Rayan Bank, BLME improved its offering this week and is now paying 2.20% gross/AER.

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.

>> How do Sharia compliant accounts work?

Easy Access Accounts

For those looking for easy access to their money, The Family Building Society is currently top of the table, with 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 and there is a comparatively high minimum balance requirement of £15,000.

Then comes Cynergy Bank* and Marcus by Goldman Sachs, which both pay 1.50% AER and feature introductory bonuses as part of the headline rates.

Virgin Money are also paying 1.50% gross/AER; however, its Double Take E-Saver does restrict you to just two withdrawals per year – so may not suit everyone.

So, with a number of introductory bonuses and other restrictive terms and conditions evident amongst many of the top-paying accounts, Shawbrook Bank (1.43% gross/AER) offers something a little more straightforward – albeit at a lower rate.

For those interested in a simple savings account, just behind Shawbrook is the Freedom Savings Account* from RCI Bank, which pays 1.42% gross/AER. Also available at the same rate is Ford Money’s Flexible Saver.

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

Fixed Rate Cash ISAs

To make the most of your ISA allowance or if you are considering transferring an existing ISA that pays a less than competitive rate, there are a number of options available.

Shawbrook Bank is top for one year, paying 1.74% tax free/AER – just ahead of Cynergy Bank (1.73% tax free/AER*).

Top spot is also occupied by Shawbrook in our two and three year tables, paying 1.91% tax free/AER and 1.96% tax free/AER respectively.

To complete the picture, leading the way for five years is Coventry Building Society (2.30% 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

Top of our variable rate cash ISA table is Kingdom Bank, with its One Year Base rate plus cash ISA paying 1.50% tax free/AER.

As the name of the account suggests, the interest rate tracks movements in the Bank of England base rate – so it will go up or down with any base rate changes during the term.

The rate is guaranteed to be 0.75% above the base rate for the one year term. It is worth noting that you cannot make withdrawals within the term, although you can transfer it to another provider, if you pay the required penalty.

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

Matching this account is the 95 day notice cash ISA from Charter Savings Bank, where you have to give notice to withdraw your money.

New to our best buy table this week was an improved offering from Tesco Bank, which pays 1.44% tax free/AER – though this rate does include a 0.79% bonus for the first 12 months.

The top-paying easy access cash ISA that has no introductory bonus or withdrawal restrictions comes from OakNorth, paying 1.44% tax free/AER.

For further information on these accounts, please refer to our variable rate cash ISA 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 (*).

You might also like...