We have seen rates continue to increase across the savings market, with numerous new market leaders. Read on for more detail and to see this week’s movers and shakers.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (22/07/2022). All up-to-date rates can be found on our Best Buy tables.
The big mover in our easy access table came in the form of Al Rayan Bank. The provider claimed the leading spot with the latest issue - issue 3 - of its Everyday Saver which is paying 1.60%. As a result, Virgin Money slipped down to second spot, continuing to offer 1.56% on its M Plus Saver.
A new release from Shawbrook Bank sees the provider climb to third spot, paying 1.52% just ahead of the duo in joint fourth - both Zopa and the Family Building Society are offering 1.50%.
Good news for Shawbrook Bank customers is that this competitive rate has also been passed on to existing customers holding previous issues of the easy access account.
The first move of the period came from Allica Bank, with its 95 day notice account, matching DF Capital paying 2.00%, which was the market leading rate at the time.
OakNorth was next to steal the show launching new issues of two of its products. The new issues of both its 120 day and 90 day notice accounts rose through the ranks and held first and second spot in our tables, paying 2.05% and 2.02% respectively.
The final plays worthy of a mention came firstly from Furness Building Society, with its 120 day notice product which pays 2.00%, seeing a three way tie for third position in our table. But as the week ended, Shawbrook Bank nudged the others out of the way with a new issue of its 120 Day Notice account, paying 2.06% AER.
SmartSave was the early mover in our one year table, climbing up to second spot paying 2.66% on the latest version of its one year fixed rate product.
Next up we saw Cynergy Bank make a play for the top position, paying 2.72% whilst Secure Trust Bank claimed second place paying 2.70%, a rate later matched by Monument and Kent Reliance.
But then, Charter Savings Bank split the leading Cynergy Bank and the chasing trio paying 2.70% with its latest one year product paying 2.71%.
All the while SmartSave plotted to regain the leading spot and launched another version of its one year fixed rate account paying 2.73% taking back the top spot. However, this rate was matched by Secure Trust Bank seeing a shared lead, but Tandem came along to spoil the party with a new product paying 2.75% taking the lead going into the weekend.
Across in our two year fixed rate bond table we saw Cynergy Bank make the early move paying 3.08% claiming the leading spot. Tandem and Hodge Bank shared second position when each launched new products both paying 3.05%.
Close Brothers Savings edge ahead and climb to second, just shy of the leading Cynergy, paying 3.07% on the latest version of its two year account. But in the last of the news in our two year table, DF Capital hit the top paying 3.10%.
Looking to the three year table Cynergy Bank was again seen leading the way, the latest offering at 3.15%. This rate was later matched by Hodge Bank and Aldermore. But in another late play we saw DF Capital climb to the top paying 3.20%.
Finally in our five year table, Hodge Bank took the lead paying 3.31% at the end of last week - a rate only surpassed by PCF Bank, now holding the crown paying 3.45%.
However, we also saw Aldermore and Paragon jostle for the last two places in the table, paying 3.25% and 3.20% respectively.
All in all, another busy period for best buy fixed rate bonds.
Virgin Money extended its lead paying 2.12% on the latest issue of its one year fixed rate cash ISA, while Secure Trust Bank crept up the table paying 2.10%, a rate also offered by Aldermore.
Charter Savings Bank entered the fray, paying 2.06% on the latest version of its one year fixed rate ISA.
Secure Trust Bank later increased the rate offered to 2.15% claiming the leading spot heading into the weekend. The other move of note saw the return of Close Brothers Savings, paying 2.11% sitting just behind Virgin Money, in third spot.
Heading across to our two year table, we again saw Secure Trust Bank shaking things up.
The first move from Secure Trust saw the provider head into joint third spot paying 2.42%, matching Castle Trust and just ahead of the new release from Kent Reliance which pays 2.40% and held fourth spot (with Paragon).
Virgin Money was the next mover, knocking Charter Savings Bank from its top spot with Issue 503 of its 2-year fixed rate ISA paying 2.56%.
Charter Savings soon slipped further down our table, as Shawbrook Bank released a new offering paying 2.50%, which was matched by Secure Trust Bank and later by Aldermore. And Charter responded by increasing its offering to 2.50% to match the others.
However, Secure Trust Bank was not done there, the provider increased the rate offered to 2.55% to hold second position. But Paragon was the winner as we head into the weekend, launching a new two year ISA paying the market leading 2.60% AER.
Our three year fixed rate cash ISA table has seen plenty of movement as well over the last few weeks, and unsurprisingly we again see Secure Trust Bank in the mix.
Secure Trust Bank moved up to third spot paying 2.55%, but then increased to 2.65% claiming the spot above Hodge Bank which is paying 2.61%.
But both of these remain behind Aldermore which had made a bold move for the leading position in our table, paying 2.75% on its latest three year fixed rate ISA. Secure Trust Bank and Hodge Bank therefore sat in second and third position. But they were to be pushed down a spot each when Paragon made a late move at the end of the week, matching Secure Trust Bank and beating Hodge Bank by offering 2.65% on the latest issue of its 3-year Fixed Rate ISA.
In our five year fixed rate cash ISA table Close Brothers Savings took the early lead, paying 2.65%, a rate later matched by Secure Trust Bank. Furness Building Society was the next to make some waves, climbing up to second position paying 2.61%. But Hodge Bank later edged ahead of the field paying 2.66%, while the latest five year fixed rate ISA from Shawbrook Bank pays 2.65%.
We also saw the return of Castle Trust Bank to the table, paying 2.71% which now holds second position, while first spot goes to Secure Trust Bank following the increase to the rate on offer to 2.75%
It has been another quiet period for our variable rate cash ISA table, with only one move to note. Cynergy Bank released Issue 24 of its Online ISA, paying the joint market-leading rate of 1.40%. This gives a three way tie with Cynergy Bank and Shawbrook Bank both offering easy access ISAs and Aldermore on its 30 day notice ISA.
We then have a tie for the next spots, with the long standing Triple Access product from Paragon and a new unrestricted access entry from Charter Savings Bank both paying 1.35%.
It's great to see best buy rates continuing to improve - let's hope there is more to come. Keep a close eye on our Best Buy tables for up to the minute information.
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