For some, the end of the 2018/19 tax year and the start of the brand new one has dominated their savings thoughts, but there were some interesting best buys launched this week - both inside and outside of the cash ISA arena.
With cash ISAs on the mind of many savers, we start with the easy access variety, as Leeds Building Society took joint second place in our table.
>> Top variable rate cash ISAs
There were fewer changes to report amongst fixed rate cash ISAs, but with some top accounts going in and out of the best buys as year-end deadlines were reached, we run through the top options for the new tax year.
Secure Trust Bank had a busy week, launching competitive new two, four and five year fixed rate bonds - all best buys, with two of the three market leaders.
>> What are the best fixed rate bond rates currently?
Meanwhile, Sharia compliant accounts continue to offer competitive rates – so could also be worth a look. This week, Gatehouse Bank upped the rate on offer on its three year option to lead the way for the term.
>> Sharia fixed term account best buy table
We don’t often see changes in our notice account best buy table, but this week Secure Trust Bank moved up in the rankings.
>> Our top notice account selection
Finally, there were few changes to report amongst the easy access best buys, with the leading accounts still in place for those looking for a better deal.
>> Latest easy access 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.
Variable rate cash ISAs
One of the key changes this week came from Leeds Building Society, launching a new version of its Limited Issue Online Access ISA paying 1.46% tax free/AER – an improvement on the previous version.
The account does not have any withdrawal restrictions, but it does have a maturity date of 4 May 2020 – after which, you may need to look for an alternative.
Santander remains top amongst easy access ISAs. The ISA is paying 1.50% tax free/AER - although it is only available to new and existing 1|2|3 World or Santander Select customers.
Alongside the new Leeds account is Yorkshire Building Society, with its Single Access Saver ISA that is also paying 1.46% tax free/AER.
The main factor to be aware of with this account is, as the name suggests, you are only able to access your money on one day over the first year, so may not suit everyone.
Available to all and without withdrawal restrictions or a set end date is Paragon’s latest offering, which is paying 1.45% tax free/AER.
For further information on these accounts and the rest of our top five, please refer to our variable rate cash ISA best buy table.
Fixed rate cash ISAs
Over the last week or so, we have seen accounts withdrawn or deadlines for depositing money in time for the end of the tax year pass by and, as a result, accounts dropping in and out of the best buys.
So, with the start of a brand new tax year, we run through the top options for each term.
Shawbrook Bank leads the way for one year (1.77% tax free/AER), while Charter Savings Bank dominates proceedings for both two and three years - paying 1.95% tax free/AER and 2.05% tax free/AER respectively.
For those looking for an even longer term, Shawbrook Bank and United Trust Bank lead the way for five years, both providers paying 2.30% tax free/AER.
To view our top five accounts across the full range of terms, please refer to our fixed rate cash ISA best buy tables.
Fixed rate bonds
Secure Trust Bank was far and away the biggest mover in the fixed rate bond arena this week.
Its new two year fixed rate bond pays 2.27% gross/AER and now leads the way in our table, albeit by the smallest of margins. Also now leading the way is the provider’s new four year bond – paying 2.50% gross/AER.
Also launched was the provider’s new five year bond (2.60% gross/AER), which took second place in our table.
Amongst shorter-term bonds, Shawbrook Bank (1.97% gross/AER) remains at the top of our one year best buy table.
The longer-term bond tables are dominated by Raisin UK exclusive products through AgriBank, which lead the respective tables by a significant margin.
>> 3 Year Fixed Term Deposit at 2.64% gross/AER*
>> 5 Year Fixed Term Deposit at 3.05% gross/AER*
It is worth noting that deposits placed in these accounts are not protected by the UK Financial Services Compensation Scheme (FSCS) – instead funds are covered by the Maltese Depositor Compensation Scheme up to the equivalent of €100,000 per person.
In addition to the rates on offer, a welcome bonus of up to £100 is on offer for new Raisin UK customers.
>> Find out more about Raisin UK
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
Sharia accounts continue to pay some of the best returns on the market, so are worth closer inspection if you are looking for a fixed term account.
Gatehouse Bank has made changes this week and is still offering competitive three year and five year fixed term accounts. The three year offering has been increased this week and is now leading the way.
>> 3 year Fixed Term Deposit: 2.55% gross/AER*
>> 5 year Fixed Term Deposit: 2.75% gross/AER*
These accounts are also available through the Raisin UK savings platform, where a welcome bonus of up to £100 is available for new customers – as mentioned earlier.
>> Find out more about Raisin UK
For those looking for a shorter term, BLME is top of the pile, paying 2.20% gross/AER – head and shoulders above the rest of the one year fixed term market.
Al Rayan is also in amongst the top rates, leading the way for two years (2.40% gross/AER) and offering a competitive 18 month option, which pays 2.30% 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?
Notice accounts
Notice accounts offer an interesting middle-ground option for savers to consider, paying higher rates than easy access accounts, in exchange for restricting access to funds - but without the need to tie yourself in for a longer term with a fixed term account.
There tends to be fewer changes in this area of the market compared to other categories, but there was a notable improvement this week.
Completing a busy week, Secure Trust Bank moved up the table with a new version of its 90 day notice account, which pays 1.89% gross/1.90% AER.
It is worth noting that this account, in addition to requiring notice to be given for withdrawals, also restricts you to just three withdrawals per year.
For further details and a range of top-paying options covering different notice periods, take a look at our notice account best buy table.
Easy access accounts
Not much to report this week in this area of the market – however the key players remain in place.
There is a trio of providers leading the way, which consists of Kent Reliance, Virgin Money and Marcus by Goldman Sachs, which all pay 1.50% AER.
For some, the account from Kent Reliance may have the edge over its rivals, as it offers no restriction on the number of withdrawals you can make in a year - unlike Virgin Money.
It also has no introductory bonus included in the rate – in contrast to the account from Marcus.
Further information on the leading accounts can be found in our easy access 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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