Following a spell of wet weather, it’s good to see that, at the time of writing, things are looking up for the bank holiday weekend and there were plenty of new best buys this week for those looking to spend some of that extra time reviewing their savings.
There was a new market leader in our easy access best buy table in the shape of Bank of Cyprus UK* and a new leading one year bond from Investec.
There was also activity in the notice account table this week, with both PCF Bank and Charter Savings Bank entering our best buy table with competitive offerings.
Hodge Bank was also active this week, improving rates across its fixed rate ranges – with the new version of its one year fixed rate cash ISA particularly eye-catching – leading the way in our best buy table.
Finally, TSB must still be reeling from its widely reported recent online banking failure – an increase in the interest rate for its Classic Plus current account customers this week may soften the blow for some.
For this and other interest-bearing current accounts, check out our best buy table.
Easy Access Accounts
One of the big headlines of the week was made by Bank of Cyprus UK, which launched a new version of its Online Easy Access Account*, with a market-leading rate of 1.31% gross/AER.
It is worth noting that the headline rate does include a 0.46% bonus for the first 12 months, so the rate will drop after this time. However, this is not necessarily an issue if you keep the end date in mind, with a view to reviewing your options then.
Alternatively, for those looking at the best easy access rate that doesn’t include a bonus, both RCI Bank* and Kent Reliance are currently paying 1.30% gross/AER.
Finally, Paragon has made a return to both our easy access and variable rate cash ISA best buy tables this week, with both accounts offering a competitive 1.25% AER.
Use the following link to see how our easy access best buy table stands at the end of the week, following these changes.
Fixed Rate Bonds
Perhaps the biggest news this week, in this hotly contested area of the market, is the improved offering from Investec, which at 1.90% gross/AER, now stands at the top of our best buy table.
While paying the leading rate, the account does require a comparatively high minimum opening balance of £25,000, which may not be suitable for those with smaller amounts to deposit.
For those savers, the next best rate on offer is 1.85% gross/AER, from both Kent Reliance and, new this week, Hodge Bank.
For those looking to fix their rate for a longer period, Secure Trust Bank still leads the way for two years, paying 2.16% gross/AER. Meanwhile RCI Bank still tops the three year table, paying 2.31% gross/AER*.
Amongst the long-term fixed rate bonds, Vanquis Bank still leads the way, paying 2.52% gross/AER for four years* and 2.70% gross/AER for five years*.
For more detail on each of these accounts or to view other leading rates, please refer to our fixed rate bond best buy tables.
Notice Accounts
There was more activity in this area of the market this week than normal, with two new entrants in our table.
PCF Bank launched a new 100 day notice account, paying a competitive rate of 1.55% gross/AER.
Then later in the week, Charter Savings Bank launched a slightly shorter 95 day notice account, paying 1.51% gross/AER.
For further information and other leading notice accounts, take a look at our notice account best buy table.
Fixed Rate Cash ISAs
Hodge Bank made the most notable moves this week amongst fixed rate cash ISAs, following the launch of its new range.
Most striking is its new one year fixed rate cash ISA paying 1.50% tax free/AER, which is now in top position in our table.
Meanwhile, improvements to its two, three and five year offerings push the provider higher up each table.
Still leading the way for two years is Kent Reliance (1.68% tax free/AER) and United Bank UK is top for both three years (1.87% tax free/AER) and five years (2.65% tax free/AER).
For more on each of the above accounts and for other options, visit our fixed rate cash ISA best buy tables.
High Interest Current Accounts
Making headlines over the last few weeks, but probably not in the way it would have liked, was TSB, though there was some good news this week for those holding or considering its Classic Plus current account.
An increase to the rate on offer for both existing and prospective account holders has led to the account joining Nationwide's FlexDirect Current Account at the top of our best buy table, both paying 4.89% gross/5% AER.
For more information and other interest-paying alternatives, take a look at our current account best buy table.
If you’re trying to work out the best thing to do with your savings, why not give one of our Bath based savings experts a call on 0800 011 9705, we’d love to hear from you.
Finally, any ardent savers looking for the best rates as they hit the market, follow us on Twitter for the latest accounts as they enter our tables. Or sign up to our Rate Alert emails to receive regular updates on new accounts.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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