There has been plenty of movement in our best buys since our last rundown – unfortunately mostly downwards – but there are still some good deals to be had for those able to move quickly.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (06/11/2020). All up-to-date rates can be found on our Best Buy tables.
Unfortunately things are still going down. This week we lost our last 0.80% AER easy access account when Leeds Building Society finally withdraw its Double Access Saver. The top accounts are now paying 0.75% AER – but these accounts from Gatehouse Bank and Atom at least are true easy access accounts, with no restrictions on the number of withdrawals that can be made.
There has been a busy little battle among the 1 year fixed rate bond providers in particular this week - and while at the beginning of the week ALL the best buys were paying less than 1% - as the week ended, four of the top five bonds are paying 1% or more - with Tandem Bank taking the crown with its 1 Year Fixed Saver paying 1.05% AER.
Tandem has also been competitive in the 2 year bond table - as it battled it out for the top spot with DF Capital. However, the latter proved more resilient and remained in the top spot paying 1.20% AER until the very end of the week, when it was withdrawn. A late entry from Zopa saw the new bank top the table as we head into the weekend, offering 1.15% AER
It is always worth keeping a close eye on the fixed rate bond tables as we have seen some good deals pop up over the last few weeks. However, these deals have often proven to have a very short shelf live, so don’t delay if you want to snap one up.
Continuing to offer consistently good returns are the options available in our Sharia Fixed Term table, with the best one year offering paying marginally more than the best fixed rate bond - 1.08% AER with Al Rayan Bank. And BLME is still paying a market leading 1.55% AER for five years. These accounts are certainly worth considering, offering higher returns across the board in comparison to their standard fixed rate counterparts.
The notice account market has been pretty flat over the last couple of weeks, and that Steady Eddie United Bank Ltd is currently offering the best rate of 1% - but with a relatively short notice period of 35 days. Perhaps worth a look if you don't need immediate access to all your cash?
Our variable rate ISA table has not been popular with the competitors and as a result best buy rates have simply fallen. That said, taxpayers who are currently fully utilising their Personal Savings Allowance can still earn more tax free - but only just.
For those looking for a fixed return on their cash ISA allowance, it has been a similar story to the rest of the market, with many best buys disappearing over the last few weeks. Again, top marks for consistency go to United Bank UK, which STILL leads the way for both three year (1.10% AER) and 5 year (1.40% AER) terms.
So, make sure you continue to keep a close eye on our best buy tables for any new options that enter the market – and be prepared to move quickly, as the top rates are not hanging around for long.
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