Competition among the best buy tables have been simmering away over the last few weeks and another base rate rise should mean that there's more to come - but don't wait for too long as all the time you are waiting for better rates that might be round the corner, you 're missing out on more interest in the meantime.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (18/03/2022). All up-to-date rates can be found on our Best Buy tables.
Best Buy Easy access rates are continuing to creep back up with a number of providers pushing for the top spot. Cynergy Bank has extended its lead over the pack paying 0.84% AER on Issue 47 of its Online Easy Access account.
This account does include a 0.54% bonus for 12 months, so you’d be wise to make a diary note to review in a year's time if you open this account, if not before.
Paragon Bank is also back with Issue 7 of its Triple Access Account which is paying 0.80%. But as the name suggests, if more than three withdrawals are made, the rate will drop to 0.25% from the date of the 4th withdrawal, with the 12 month period resetting on the anniversary of the account opening date.
With the expectation of another base rate rise, which has now come to fruition, there’s been a bit of a flurry of activity across all the terms.
Firstly over 1-year, we saw Raisin (with an account from Brown Shipley) join Tandem Bank in the top spot paying 1.55% AER. However late this week, Shawbrook Bank launched Issue 73 of its one year bond snatching the lead position, paying 1.60%. This was challenged by United Trust Bank who launched a new bond matching Shawbrook, but not beaten. And Castle Trust has also got in on the act by launching a bond paying 1.57% AER.
We have also seen quite a lot of activity in the two year table. Only a week ago Monument held the leading position, paying 1.86%, but now Monument has dropped out of the table completely, having been trumped by Hampshire Trust Bank (HTB) and Smart Save, both offering the market-leading rate of 1.91%. However, HTB was withdrawn just a day later, leaving Smart Save in the top spot. PCF Bank and United Trust Bank are both new entrants who go into joint second place paying 1.90% AER, while other new entrant, Aldermore, goes into fourth place, paying 1.87% AER.
The three year arena sees Smart Save again hitting the top, this time solo, paying 2.01% with United Trust Bank making a late move to get into 2nd place playing 2%, matching the latest offering from Raisin via Ahli United Bank.
The big movers across in the five year table are again, PCF Bank, Shawbrook Bank and United Trust Bank. The long standing top rate of 2.20% offered by Monument, Secure Trust Bank and United Trust Bank have been pushed aside as PCF Bank launched a new offering at 2.30%. This was followed by United Trust Bank upping its offer to match PCF Bank and Shawbrook Bank has also edging forward into third place, paying 2.22%.
We have seen competition and rates edging higher and higher across many fixed rate bond terms over the past few weeks, let's hope we see even more following the latest Base Rate increase.
Castle Trust Bank claimed the lead spot in the one year table paying 1.21%, and was subsequently joined by Secure Trust Bank. Late in the proceedings, Shawbrook Bank launched a new range of fixed rate cash ISAs each with highly competitive rates. Issue 57 of its one year offering stole the leading place, paying 1.25%.
Across in the two year table, Coventry Building Society was the first real mover, the latest offering paying 1.50% took the leading spot, but as with Castle Trust Bank, they too saw Secure Trust Bank swoop in with a new product, this time taking the leading spot offering 1.55%.
But all was not over. In a late play, we saw the leading spot in the two-year table change hands again. Shawbrook Bank, upped it offering to 1.56% but UBL UK leads the table heading into the weekend with its latest 2 Year Fixed Rate Cash ISA paying 1.60%.
UBL is also once again commanding the leading spot in our three-year table having launched its latest 3 Year Fixed Rate Cash ISA paying 1.70%, seeing off the competition.
In a busy period for Shawbrook, we see its five-year product, Issue 31, claiming third place paying 1.87%. Close Brothers Savings and United Trust Bank tie for the top spot, each paying 1.90%, with all three available to open online. UBL UK offers the leading rate for those not online, 1.86%.
With the end of the tax year fast approaching we expect to see more competition among the cash ISA best buy tables.
Paragon has been the latest addition to the Variable Rate Cash ISA table by taking the top spot with Issue 7 of its Triple Access ISA, paying 0.80% AER
Yorkshire Building Society is still offering 0.77% on a balance of £10,000 on its Internet Saver ISA Plus Issue 10, but don’t forget that for those with a balance of £50,000 or more you could earn a higher rate of 0.82% AER.
We have also seen the return of Nationwide to the top five, offering 0.70% on its Triple Access Online ISA. As given away by the name, you are only permitted to make three penalty free withdrawals each year. Anything over that and the rate drops to just 0.10% for the remained of the account year.
Things have been a little quite recently, but Al Rayan Bank is back with a bang. Increasing rates almost across the board the Sharia compliant provider is now paying the best rates over 1, 2 and 3 years with expected profit rates of 1.71% AER, 1.96% AER and 2.11% AER respectively – beating all the equivalent fixed rate bonds. Definitely worth a look.
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.
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