Although the Budget didn't deliver any good news for savers, as best buy rates continue to rise, there are still ways that you can earn more interest.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (17/03/2023). All up-to-date rates can be found on our Best Buy tables.
Once again, this has been a pretty active table and for those happy to open an account via an app, the top rate is now 3.40% AER
The Chip Instant Access account, which was a recent addition to our best buy table, has recently seen an increase to the rate for both new and existing customers to a market leading 3.40% AER While this account is only available via the Chip app your cash is actually deposited with ClearBank Limited which is fully regulated and part of the UK Financial Services Compensation Scheme (FSCS).
And while no-one challenged Chip for the top spot, there were still a number of other providers increasing rates, which means that the average of the top five is now 3.27% AER compared to just 3.14% a couple of weeks ago.
Family Building Society was the first mover, introducing Issue 5 of its Online Saver paying 3.20% although this was withdrawn just a couple of days later.
Al Rayan Bank was another key mover, first increasing the rate on its Everyday Saver Issue 3 from 3.05% to 3.12% for both new and existing customers, but then as we ended the week, increasing the rate again to 3.22% AER
However Cynergy Bank launched yet another issue (58) of its Online Easy Access account, this time paying 3.25%, putting it into 2nd place in our table. But Paragon wanted in on the action and launched a new issue of its Triple Access Savings Account (Issue 12) also paying 3.25% - so also paying the 2nd best rate available but with limited access to your cash; as the name suggests, you can make just three penalty free withdrawals per year.
Although there has been a little less activity in the Notice Account best buy table, once again the average of the top five notice accounts has increased from 3.47% a couple of weeks ago, to 3.52% AER today.
Investec is still paying the top rate of 3.55% AER on its 90-Day Notice Saver but it has been joined in this lofty position by United Trust Bank which increased the rate on its 200 day notice account – same rate but clearly a longer notice period.
The other three spots in the table are all accounts paying 3.50% - a 95-day notice account with QIB Bank via the Raisin platform, Secure Trust Bank Bank’s 120 Day Notice Account and the Melton Building Society 180 Day Notice Account.
It’s been another good couple of weeks in the fixed rate bond tables.
Smart Save and OakNorth have been the key protagonists – jostling for the top spot in a number of the tables, keeping the competition alive.
In the 1-year table once again the good news is that in the last two weeks, the top rate on offer has increased from 4.30% to 4.34% - in fact all of the top 5 rates are paying 4.32% or more.
Smart Save has been a key driver and has ended the week in 1st place paying 4.34% - but it’s good to see DF Capital back in 2nd place paying 4.33%.
In the 2-year table once again Smart Save has dominated the top spot paying 4.46% but at the last minute this week, OakNorth upped its offering, matching Smart Save paying 4.46% too.
Atom Bank, Vanquis and Close Brothers take up the final spots paying just a tiny amount less, all offering 4.45% AER.
It’s been a little quieter in the 3-year table although once again the top rate has increased over the last couple of weeks from 4.46% to 4.51% AER.
Smart Save started off in pole position with its bond paying 4.46% but after a few days Tandem decided to take the top spot with a bond offering 4.50%. This strategy worked for a few days before Smart Save once again leapfrogged its competition by the smallest of margins with a new bond paying 4.51%. As we end the week, this is still the best rate on offer, although OakNorth Bank has matched Smart Save – but with a lower minimum deposit of £1 rather than £10,000.
Finally, in the 5-year table, Tandem Bank appears to have been determined to be the king of the table, knocking Smart Save off its perch. Smart Save had been paying 4.51%, pipping Isbank, via the Raisin Cash Platform by the smallest of margins. But app-only provider Monument matched this rate, before Tandem swooped in with a bond paying 4.60% AER. And although OakNorth upped its offering with a bond paying 4.53%, it was not enough to take the top spot.
It's been disappointingly quiet over the last couple of weeks although top rates on 2-year and 3-year ISAs have increased over that time.
Over 1-year, the top rate from Virgin ISA which you can only access if you have a current account with them paying 4.25% has been withdrawn leaving Charter Savings Bank with its newly launched 1-year ISA paying 4.10% in the top spot.
Over 2-years the average of the top five is 4.16% - up from 4.03% a couple of weeks ago. And the best rate on offer is also higher – 4.17% with Virgin Money, up from its previous rate of 4.11%. And with Close Brothers launching an ISA paying 4.15% and Shawbrook launching Issue 68 of its 2-year fixed rate ISA paying 4.16%, there is plenty of choice.
The news is good in our 3-year Cash ISA table too with Close Brothers launching an ISA paying 4.20% knocking the previous leader, UBL UK paying 4.11%, in 2nd position. However Paragon also joined in the fray, knocking UBL down another place by offering 4.15% fixed for 3 years.
Over 5-years, unfortunately things are not as rosy, as the top rate on offer has fallen from 4.15% to its current level of 4.05% AER
While it’s been disappointingly quiet, it’s better that things have remained fairly stable at least, offering plenty of opportunities for those looking to use up their ISA allowance this tax year.
Although there has been quite a bit of activity in the variable rate cash ISA table, the top rate is still the Furness Building Society 45 Day Notice Cash ISA paying 3.30%, taking the top spot as we head into the weekend.
But there has also been some good positive activity amongst easy access cash ISAs, especially as we ended the week. Cynergy Bank has launched two new issues of its Online ISA this week – firstly Issue 32 paying 3.15%, but then Issue 33 was launched on Friday, paying 3.20% to make it the top paying easy access Cash ISA.
Shawbrook Bank has increased the rate on its Easy Access Cash ISA Issue 23 from 3.01% to 3.17% for new and existing customers, taking 2nd place in the easy access cash ISA table.
There is still just over a couple of weeks until the end of the tax year, so we can only hope that more demand as we approach the end of the tax year will bring more cheer for savers, but we’ll simply have to wait and see.
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