We have seen a smattering of new best buy products over the last two weeks, with a number of providers returning to the top end of our best buy tables.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (22/04/2022). All up-to-date rates can be found on our Best Buy tables.
Our Easy Access Best Buy Table has been strangely quiet over the last couple of weeks with very few changes of note. Chase continues to lead the way holding the top position for a little over three weeks now, paying 1.50% AER on its Chase Saver Account.
Zopa was the busiest of the bunch with two new rates which has seen the bank climbing the best buys. First up, a new rate of 1.15% AER saw the provider climb to second spot, though this was short lived as Cynergy Bank released Issue 50 of its Online Easy Access Account paying 1.20% knocking Zopa down to third. Not to be beaten, Zopa came back swinging, matching Cynergy, offering 1.20% AER on its Smart Saver. The Cynergy account has been temporarily removed from sale for new customers, but will be back on Monday 25th April. Both products can be opened with as little as £1 and both are paying 1.20%, the key difference is that the offering from Zopa can only be opened via its mobile app, whereas the product from Cynergy can be opened online.
When Cynergy returns to the table on Monday, Tandem will be pushed back into the fourth spot, with Al Rayan Bank sitting in the final spot in our table paying 1.10% and 1.01% respectively.
This quintet, although playing leap frog at times, have remained in our top five products for 10 days or so now. Even though we have seen these five leading the way for the best part of a fortnight since our last rundown, we have seen the average rate of the top five products increase from 1.14% to 1.20%. Although this increase pales in comparison to the spectacular 0.44% increase we saw across the previous fortnight, it is encouraging to see it continue to increase especially when we have not seen new entrants to the table to drive the competition harder still.
The competition across our fixed rate bond best buy tables has continued in full swing. Charter Savings Bank and Cynergy Bank demand the headlines, both putting strong offerings forward across a number of terms.
Cynergy Bank made the first move, returning to our 1-year best buy table paying 1.86% AER which took the leading place. Perhaps spurred on by this move, both Shawbrook Bank and PCF Bank launched new offers each paying 1.96%. Not to be outdone, Cynergy Bank came to the market with an increased offering at 2.00% claiming second place in the table as Charter Savings Bank stole the show with its one year bond paying 2.05% AER. This product can also be opened via Raisin UK, and savers who are new to the platform could receive a welcome bonus of £30 if they apply via this route before 29th April 2022 and deposit at least £10,000 - this would boost the effective rate earned to 2.35% on that balance! For those who preferred not to apply online, Charter Savings Bank accepts postal applications as well as online.
Looking at the two year term and SmartSave kicked things off by launching a new bond paying 2.16% taking them to the top of the table. However Cynergy Bank retaliated by producing a bond offering 2.18% climbing above SmartSave. Subsequently though, Atom Bank came up with a new rate of 2.20%, which PCF Bank matched, while SmartSave battled back, pipping the two challengers offering 2.21%. However, that wasn't the end of the battle as Charter Savings Bank jumped well ahead at the end of the week with a bond paying 2.35%, clearly feeling that would be enough to hold the top spot. But at the last minute SmartSave swooped in again with a bond offering 2.37% AER.
Things were a little quieter in the three year table although the best rate on offer has increased from 2.21% a couple of weeks ago to 2.50%, once again with Charter Savings Bank. Although SmartSave and Cynergy Bank and PCF Bank have all been part of the fray that kept the competition fierce..
Finally, in our five year fixed rate table. we have had a quieter couple of weeks. The only change of note was from PCF Bank, with a new offering paying 2.41% edging the lead by just 0.01%.
We had not seen the same action in this area of the market as we had in the weeks around the turn of the tax year. The torrent of new cash ISAs has died down and we have only a trickle of offerings coming down the pipeline, although Aldermore made a bit of a splash on Friday. It launched market-leading 1-year and 2-year ISAs paying 1.46% and 1.86% respectively.
In our three year table Secure Trust Bank entered the fray paying 1.75% which saw the provider (at the time) claim joint second spot with Aldermore, as neither could nudge UBL from the top spot that it has been inhabiting for a number of weeks now, paying 1.76%. However, there was a bit of a shift in the order as we ended the week, due to a market-leading rate coming in from Skipton Building Society. Issue 182 of its three year fixed rate offering is paying 2.00%, while Aldermore climbed back into second place with its latest offering of 1.96%
Lastly in the 5-year fixed rate cash ISA space, we again see Secure Trust Bank and Skipton Building Society at the top end. Secure Trust Bank is holding second spot, paying 2.00%, while Skipton grabs the headlines offering 2.10%.
We have seen very little movement since the first week of the new tax year, with the only change to our best buy table coming in the form of Cynergy Bank with issue 22 of its online cash ISA, paying 1.05% claiming the leading position. However, as with the easy access non-ISA, it too has been temporarily withdrawn for new customers - but don't fret, it'll be back on Monday 25th April.
It's encouraging 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.
@savingschampion
Find us on Facebook