Rates Rundown: Competition continues in the easy access market

12th October 2017

This week we have seen the battle in the easy access market continue.

After a brief spell outside of our best buy table, RCI Bank has returned with vigour to claim the lead in the easy access market once again.

However, this is not the only change to the easy access market worth taking note of, a variety of other providers have unleashed improved rates in this arena.

Birmingham Midshires and Post Office launched new versions of their respective easy access accounts, which sees both providers return to our easy access best buy table.

Just this morning, Bank of Cyprus UK unveiled its new Online Easy Access Account, which has again seen the provider return to our best buy table.

We have also seen Post Office launch multiple cash ISA best buys, across both our fixed rate and variable rate tables.

Continuing with cash ISAs, both Virgin Money and Leeds Building Society launched new versions of their respective cash ISAs, with both their 1 year fixed rate products hitting our best buy table.

Easy Access Accounts

RCI Bank has been a long-standing fixture in our easy access best buy table since it launched in 2015, consistently offering a competitive rate on its Freedom Savings Account.

After a brief spell outside our top 5, the provider has returned to the top spot, paying the market-leading rate of 1.30% gross/AER.

Birmingham Midshires launched a new version of its Internet Saver Account at the end of last week, which saw the provider take a spot in our best buy table.

Just a few weeks ago, the rate offered of 1.25% gross/AER, would have seen the provider match the market-leading rate.

However, due to the recent fierce competition, we now see the provider hold fifth place.

Post Office has made itself at home in our easy access table, with its new Online Saver Issue 26 paying 1.27% gross/AER.

The new addition from Post Office joins Kent Reliance in joint third position in our table.

Although paying the same rate, it is important to be aware that the Online Saver (from Post Office), includes a substantial bonus for the first 12 months, after which point the rate will reduce.

Finally, Bank of Cyprus UK launched a new version of its Online Easy Access Account earlier this morning, storming into second place in our tables paying 1.28% gross/AER.

Again, this rate includes a bonus for the first 12 months, after which point the rate will reduce.

Variable Rate Cash ISAs

Post Office has also made a splash across the cash ISA market, in both our fixed rate and variable rate tables.

The latest version of its Online ISA Easy Access, paying 1.07% tax free/AER, is offering the market-leading rate for an easy access cash ISA.

AA has launched a new version of its Online Easy Access ISA, paying 1.06% tax free/AER, which sees the provider take second place amongst easy access cash ISAs.

It is important to be aware that both of these accounts include a bonus for the first 12 months, after which the rate will drop significantly.

Fixed Rate Cash ISAs

Meanwhile, Post Office’s new version of its 1 Year Fixed Rate Cash ISA now pays the joint market-leading rate for the term, 1.35% tax free/AER.

This rate is matched by the recently launched ISAs from both Leeds Building Society and Virgin Money.

Lastly, from Post Office, its new 2 Year Fixed Rate Cash ISA claimed fifth position in our table, paying 1.45% tax free/AER.

We continue to see Charter Savings Bank lead the way for this term, paying 1.65% tax free/AER.

For more information on any of the accounts above or for other options, call our Bath-based Savings Experts on 0800 011 9705. We’d love to hear from you.

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