The improvements continue to flow thick and fast across all areas of the savings market. Whilst the fixed rate cash ISA market has been relatively quiet when compared to its standard fixed rate bond counterparts, the competition across the short term fixed rate ISAs has ignited of late.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (16/09/2022). All up-to-date rates can be found on our Best Buy tables.
Another quiet couple of weeks in the Easy Access table with just three changes to our top five, although no challenge has been made for the top spot.
First up, Zopa increased the rate offered on its Smart Saver account to 1.85% elevating the provider up our table into third spot.
Next we saw the return of Buckinghamshire Building Society to our table, matching the rate from Zopa, and taking a share of third spot. A key feature of the Buckinghamshire BS offering, as the name states (Single Access Saver), you are permitted to make just one withdrawal per calendar year. A second is possible but only to close the account.
The final change of this period came from Raisin UK, with an offering from Hoist Finance. This product is also paying 1.85%, resulting in a three-way tie for third position.
Al Rayan Bank continues to reign supreme, offering 2.10% on its Everyday Saver (Issue 3), while Gatehouse Bank holds on to second spot paying 2%.
Though we haven't seen a new market-leading rate over the last two weeks, it is encouraging nonetheless to see rates continue to edge up across the table.
Our Notice Account table has seen further movements recently, this time with a new market-leading rate entering the mix.
Two big moves came from BLME and Al Rayan Bank, both increasing the rate on respective notice products and toppling the stalemate at the top.
Al Rayan Bank increased the rate on offer on its 120 Day Notice Saver to 2.40% which rose to second spot in our table. Meanwhile, BLME increased the rate on Issue 5 of its 90 Day Notice product to 2.50% storming to the leading spot.
We also saw Investec climb up to third in our table with its 90 Day Notice product, paying 2.35% just ahead of OakNorth's 120 Day account (Issue 21) which is paying 2.33%.
As the week concludes, OakNorth decided to improve its position by launching a new issue of its 120 Day Notice account (Issue 22), paying 2.36%, boosting itself from 4th to 3rd place.
We begin as always by looking first at our one year table, which has seen a lot of activity, although the first moves of note were negative. The Ahli United bond which was available exclusively via the Raisin UK platform and paying 3.50% AER, was withdrawn, leaving the top rate of 3.30% shared by the remainder of the field. However one of those contenders United Trust Bank, took the bull by the horns and launched a new bond paying 3.35% which took it straight to the top. That standing, however, was short lived as they withdrew the product from sale after just two days.
As a result, Virgin Money hit the top following the launch of its new issue 495, paying 3.32%. OakNorth later climbed to joint first with Virgin, while the other three in our top five offered 3.30%.
The next move worth noting came from Close Brothers Savings as they entered the fray with its new offering also paying 3.32% taking a share of the lead.
Finally to round off proceedings in our one year table, Charter Savings Bank and Monument ousted both Virgin and Close Brothers as the two each launched new versions of their respective one year fixed rate products. Charter Savings Bank is paying 3.40% taking a commanding lead from Monument in second spot paying 3.35%.
Over in our two year table, United Trust Bank were again amongst the headliners. Illustrating just how closely fought the battle in our best buys is, United Trust Bank entered the table in fifth spot paying 3.47%, while Close Brothers Savings paying 0.03% higher claimed the top spot (3.50%).
Close Brothers Savings dropped down to second place following the launch of Smart Save's latest offering, paying 3.51% edging Close Brothers out by the smallest of margins.
But we saw the lead change hands again by just 0.01% - this time OakNorth hit the top paying 3.52% while Secure Trust Bank joined Close Brothers Savings paying 3.50%. The lead continued to change hands on numerous occasions after this - right up to the last minute on Friday. First Smart Save snatched the lead back, once again by just 0.01% (paying 3.53%), next up came Close Brothers, this time claiming the lead by 0.02% (paying 3.55%). But Charter Savings Bank clearly decided to try and end the skirmishes and instead blew the field away with its latest offering paying 3.70%! But we weren't done there because as the week ended both Hampshire Trust Bank and, surprise surprise, Smart Save, edged into joint 1st place, both offering 3.71%. and with Hodge Bank launching its latest bond paying 3.65% the average of the top five is now 3.66%, up from just 3.47% two weeks ago.
Looking ahead to our three year table, we again saw Smart Save dominating. Firstly the bank launched a new 3-year bond paying 3.56% knocking Secure Trust Bank into 2nd place with its new offering of 3.55% AER. However this leading pair were quickly surpassed by the rare appearance of Cahoot (part of the Santander Group). The provider hit the leading spot paying 3.60% on its three year fixed rate product, while OakNorth entered the table paying 3.56% sitting in joint second spot with Smart Save.
Of course, as you can probably guess, Smart Save was not happy with this and in a move that will come as no surprise launched a new offering paying, yes you guessed it, 0.01% better than Cahoot - so 3.61% AER. However, Smart Save's product at 3.61% was turfed from the top by Market Harborough Building Society with its latest fixed three year product paying 3.63%. But once again Friday was a busy day as Smart Save tried to reclaim its top place this time but beating Market Harborough with a convincing 3.71%, But as the week ended Smart Save was once again thwarted, this time by Hampshire Trust Bank with a bond paying 3.80%. How long will it be before we see the 4% barrier broken?
Last up in the fixed rate bond arena we head to our five year table - not quite as busy but once more there is a new leader. Secure Trust Bank made its way up to second spot paying 3.60% matching Close Brothers Savings. The duo soon became a trio as the new offering from OakNorth came to market also paying 3.60%.
Monument and Oxbury were the next to join the fray. The former made a play for the lead paying 3.65% and took the top spot for a matter of hours before Oxbury made an emphatic return to our table storming to lead position paying 3.70%. However, guess who swooped in at the last minute to take the top place - yup, it's Smart Save which has made the decision to pay the same rate for a five year bond as it does for two and three year terms - 3.71% AER.
Our fixed rate ISAs tables have been fairly quiet in recent months, but the last two weeks has seen competition across each term length heat up.
Darlington Building Society kicked off a flurry of action in our one year table with issue 40 paying 2.60% claiming the leading spot at the time. This account now doesn't even feature in the top five, as things have moved on significantly.
The next moves worth noting saw four providers in one day launching new products to the market each claiming a spot in our top five.
Virgin Money launched issue 511 paying 2.62% which claim the crown. Paragon and United Bank UK each launched new versions of their one year fixed rate ISAs, both paying 2.61% holding joint honours in second position and the final move from Castle Trust Bank with its latest offering matching Darlington (2.60%) sharing the final spot.
However, within a matter of days, we had new joint market-leading products from Leeds BS and Secure Trust Bank, both paying 2.65%. The rule of the table was short lived for this duo though as Castle Trust Bank was the next to make a move and increased the rate offered on its latest version to 2.67%, though this did not see the provider claim the leading position. That goes to Santander. Santander launched a new one year fixed rate cash ISA paying 3.00% claiming the lead by quite a margin - a rare appearance from this high street bank.
But that wasn't quite it, and as we end the week another well know brand, Virgin Money, swooped to take the lead with Issue 516 of it's 1-year Fixed Rate ISA paying 3.02%
In the 2-year cash ISA table, again the instigator of competition was Darlington BS, issue 41 paying 3.00% hitting the top spot early on.
The next big moves came from United Bank UK and Virgin Money. The former launching a new version paying 3.06% taking the top spot, while the latter claiming second paying 3.02%.
These two were soon split when Leeds BS and Secure Trust Bank both launched new products each paying 3.05% though neither of three feature in our top five heading into the weekend.
Santander returned in style paying 3.25% claiming the top accolade in our two year table by 0.08% over the next best, which was from Hodge Bank.
Hodge Bank entered the fray paying 3.17% on the latest version, while Castle Trust Bank climbed to third spot paying 3.10% with United Bank UK hot on its heels paying 3.08%.
However, in a mirror image of the 1-year cash ISA table, Virgin Money swooped in at the end of the week and pipped Santander with issue 517 of its 2-year fixed rate cash ISA table, paying a market leading 3.27%
We have seen some of the usual suspects battling it out in our three year table as well.
Once all the dust had settled, Hodge Bank was the one to beat paying 3.18% - and low and behold, Virgin Money was the provider to take on Hodge Bank and push then into 2nd place by launching Issue 518 paying 3.32% - claiming the crown as we head into the weekend.
As with the bonds, across to our five year table, we've seen far less action, although the leading rate on offer has risen from 3.10% two weeks ago, to 3.45% today.
It is Shawbrook Bank that has grabbed the top spot in our table paying 3.45% on issue 37 of its five year ISA, while the latest offering from Close Brothers Savings holds second, paying 3.30%. At the time Shawbrook launched that ISA the next best rate was just 3.16% - so the bank really meant business.
Close Brothers, Leeds Building Society and Hodge Bank have all launched new ISAs paying 3.30%, 3.20% and 3.19% respectively, all edging the previous market leading UBL ISA into 5th place offering at 3.16%.
The big mover in our variable rate ISA table for this period was once again Santander. The provider hit the top spot paying 1.85% on its eISA Issue 15, while another high street provider, Coventry Building Society, challenged but only matched rather than beat Santander with it's Limited Access ISA (Online)(3) paying 1.85%
We also saw Cynergy Bank return with issue 25 of its Online ISA, paying 1.65% and just hanging onto the 5th position.
Meanwhile, Gatehouse Bank and the Tipton & Coseley Building Society hold joint second spot paying 1.75%
The return of some big name to our best buy tables is another encouraging sign, fingers crossed there is more to come.
It's has been good to see best buy rates continuing to improve - keep a close eye on our Best Buy tables for up to the minute information.
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