While rate rises seem to have paused to take a breath, perhaps waiting to see what will happen next, there was still some top rate activity last week that you may have missed. So is that it? Have rates peaked? Of course it's impossible to know for sure, but if you were thinking of grabbing a top deal, perhaps now is the time to do it.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (28/10/2022). All up-to-date rates can be found on our Best Buytables.
Al Rayan Bank and Gatehouse Bank stole the show across the easy access market over the last couple of weeks, although there were a number of challengers coming in strong. But as we end the week, only one of this duo is holding strong.
As the recent leader, Santander, withdrew its market leading eSaver Limited Edition account from the market, replacing it with a new issue paying just 2%, Skipton Building Society took the opportunity to climb to the leading spot in our table. Issue 2 of the provider's Double Access account paid 2.55% which was the market-leading rate at the time.
Sainsbury's Bank was next in line to claim the top spot. Issue 33 of Sainsbury's Bank's Defined Access account pays 2.75% and though leading when it came to market, has now been withdrawn.
Luckily we saw changes from both Al Rayan Bank and Gatehouse Bank, both edging to the top. Gatehouse Bank with its Easy Access Account was paying 2.80% just shy of the market-leading Al Rayan Bank paying 2.81%.
Since then the Gatehouse Bank Easy access Account has been withdrawn too leaving Al Rayan head and shoulders above the rest of the field.
Competition has continued across each of our fixed rate bond best buy tables over the last two weeks.
As always we begin with our one year table. The first move of note came from Dudley Building Society, with the latest version of its one year bond paying 4.75% hitting the top spot with a lead of 0.30% (next best was Kent Reliance paying 4.45%). As the offering from Dudley Building Society was withdrawn from the market within hours, we can assume this was a big hit with savers. The same can be said with JN Bank’s offering which came to market later the same day, again paying 4.75%, and in similar form to Dudley Building Society, JN Bank withdrew its bond later that evening.
This trend continued with the launch of DF Capital’s Issue 5 of its 1-year bond, paying 4.60% which claimed the top spot. Once again though, this product did not stay on the market for long and was pulled the day after taking the lead in our table.
Hampshire Trust Bank was another provider to make a fleeting visit to our 1-year table with a bond paying 4.52% which was in the top spot for just one day, leaving Shawbrook Bank which had launched a bond paying marginally less at 4.50% in pole position for much of last week.
However, as we end the week RCI bank is leading the way with its latest bond paying 4.60%, with Access Bank and Tandem joining Shawbrook in joint 2nd place. Each of the trio pays 4.50% on their respective one year fixed rate bonds.
Continuing to our two year table and we saw JN Bank making a similar move. On the same day Tesco Bank launched a new two year bond paying 4.77%, JN Bank launched its own new two year bond with a table topping whopping offer of 5%. Unsurprisingly, once again this 5% offering only stayed in the marker for a matter of hours, and when it was withdrawn Tesco Bank claimed the lead.
The next move of note came from Tandem, the provider’s latest two year bond is paying 4.80% and took command of the table at the time of its launch. Since then, RCI Bank launched a new two year product ousting Tandem, paying 4.85% and sitting atop our table at the end of play.
As we turn our attention to our three year table we once more saw JN Bank hit the top early in the period, but once again only remaining on sale for a short time. The provider's three year offering was again paying 5.00% and like the two year product, was withdrawn from the market the same day it launched.
Following JN Bank withdrawing its market-leading product, Buckinghamshire Building Society reclaimed the leading spot with issue 167 of its three year bond which was paying 4.95%.
But this was the next account to fall and when Buckinghamshire withdrew the offering, we saw the newly launched three year bond from Close Brothers, paying 4.90%, take the lead. This remains in the leading spot, however it was joined by Tandem and the two hold a share of the lead position in our table.
Finally we look over to our five year fixed rate bond table. Close Brothers Savings latest version of its five year product hit the lead early in this period and has remained there paying 5.05%.
Once again we saw a new offering from JN Bank paying 5.00%, this time however, it only made it into joint second spot (with Atom Bank), slotting in behind the Close Brothers bond, but with smaller minimum deposit requirements. Once again the offer from JN Bank was short lived and was removed from sale the same day and Atom only lasted a little longer being withdrawn the following day.
But as we head into the weekend, while Close Brothers is still leading the field, we have a three way tie for second spot, with Dudley BS, Tandem and United Trust Bank each paying 5.00% on their respective five year bonds. Rounding out the top five we see RCI paying 4.95%.
Another busy period across our fixed rate bond tables.
Looking across our fixed rate ISA tables we have seen less competition, but some new best buys nevertheless.
Our one year table saw Shawbrook Bank enter the fray with issue 64 of its one year ISA paying 3.90% which claimed the leading position, however this has subsequently been withdrawn. Luckily while Virgin Money released issue 532, paying 3.85%, as we head into the weekend, Coventry Building Society and Secure Trust Bank have both launched joint market leading cash ISAs paying 3.90% although they are both slightly longer than 12 month fixed term accounts. The Coventry ISA is fixed until it matures on 30.11.2023 whilst the Secure Trust Bank ISA matures a little later on 11.12.2023.
We saw little competition in our two year table over the last two weeks, with the three moves worth noting both coming late this week. Saffron Building Society and Virgin Money each launched new versions of their respective two year fixed rate cash ISAs claiming first and second spot at the time, paying 4.35% and 4.31%. But in a late move, Coventry Building Society once again launched a joint market leading account paying 4.35% although with a maturity date of 30.11.2024.
The lull in competition was also clear in our three year table, with just three changes throughout this period until once again Coventry Building Society swooped in at the last minute. First up we saw new launches from Paragon and United Bank UK, the two split by just 0.01%. Paragon claimed then second spot, paying 4.26%, while United Bank UK held onto third spot paying, you guessed it, 4.25%.
As the week ended however Coventry has taken the top spot with its latest ISA paying 4.40% fixed until 30.11.2025, whilst Secure Trust Bank joined Virgin Money with its latest offering also paying 4.35%, fixed until 8.12.2025.
Lastly, our five year table and we again saw just three changes this period. First up, Principality Building Society entered the top five paying 4.00% on issue 270 of its five year ISA. Next up, and arguably most noteworthy, Paragon climbed to the lead spot in our table with its latest offer paying 4.27%. The last play came from United Trust Bank rising to third spot, paying 4.10%.
It looked as though Coventry Building Society would begin and end this period in the leading spot in our best buy table, with its Limited Access ISA (Online) (3) paying 2.25%. But a late attack by the Mansfield Building Society has snatched the top spot albeit with a 180 day notice cash ISA paying 2.50% AER. Behind them, Tesco Bank returned to our top five, paying 2.15% on its Instant Access ISA, joining Cynergy Bank and Principality Building Society for a share of the final spot.
We don’t always refer to this table as notice accounts are not as popular as other types of account. But there has been plenty of activity over the last couple of weeks that means it’s important to take a look. When the rates on offer are interesting, notice accounts can be an useful halfway house between having immediate access and tying your money up in a fixed rate bond.
It was a slow start to the last couple of weeks, with DF Capital making the only move of note with a new 90 Day Notice Account (Issue 2) taking to top spot paying 2.80% AER – at the time paying 0.05% more than the best easy access account.
But OakNorth Bank was soon to take over the lead with new issues of its 120 days’ notice and 90 days’ notice accounts paying 2.93% and 2.90% respectively.
This was just the beginning however and as we head into the weekend, all five or our top notice accounts are paying more than 3% AER.
The Family Building Society was the first to breach the 3% level with Issue 2 of its Capital 90 account paying 3% – but this was only available for a very short period, being withdrawn the day after it was issued. Luckily Allica Bank took on the 3% top spot although with a far longer notice period of 180 days. But Allica was soon to be booted right to the bottom of the table by United Trust Bank with its 200d Notice Account Issue 2 paying 3.20%, and Oxbury Bank with a trio of best buy accounts paying 3.07% on 180 days’ notice, 3.05% on 120 days’ notice and 3.02% on 95 days’ notice. However OakNorth fought back with more new issues of the 120 days’ notice and 90 days’ notice accounts paying 3.10% and 3,07% respectively, kicking Allica out of the table completely.
Last, but absolutely not least is the activity in the Sharia Fixed Term bond table. There’s not been a huge about of jostling for the top spot, but the activity that has occurred has been significant and as we head into the weekend, the 2, 3 and 5 year Sharia Bonds are paying the highest rates on the market.
Gatehouse Bank was the first to make a move, taking the top spot across the board with bonds paying 4.50% for 1-year, 4.80% for 2 years, 5% for 3-years and 5.10% for 5-years. And while the 3-year and 5-year bonds with Gatehouse are still leading the way, BLME made a late move to dominate the shorter-term bonds with a new 1-year paying 4.60% which matches the best non Sharia Fixed Rate Bond, but 5% for 2 years, meaning it’s currently the best 2-year rate across the fixed term bond market.
It 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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