We have seen the upwards trend continue over the last two weeks, with new market-leading rates in a number of our best buy tables.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (19/08/2022).
All up-to-date rates can be found on our Best Buy
tables.
Zopa was the first to come out swinging, staking a claim to the leading spot in our easy access table paying 1.81% on its Smart Saver and knocking Al Rayan from the top. This was swiftly followed by Gatehouse Bank which slid into second spot with the increased rate on its Easy Access Account, which now pays 1.80%.
Then, in what has become a familiar sight of late, Al Rayan Bank returned to claim the crown of the easy access table when it increased the rate offered on Issue 3 of its Everyday Saver to 1.90%.
To finish of the news in the easy access market, we saw the return of Cynergy Bank to our table with the latest issue of its Online Easy Access Account (Issue 53) paying 1.85% and taking second spot heading into the weekend. Unlike the other products currently sitting in our top five, this offering from Cynergy Bank includes a 0.15% bonus for the first 12 months.
Our notice account table has also seen some movement with both familiar names and lesser-known contenders entering the fray.
First up we saw Paragon take a share of the lead, offering 2.15% on issue 25 of its 120-day notice account. Allica Bank then increased the rate offered on its 95-day notice product to 2.20% claiming the lead for itself.
But then OakNorth launched new issues of both its 120 and 90 day notice products, seeing the provider return to first and second spot in our table. Issue 19 of its 120 day notice account is paying 2.25%, while the slightly shorter 90 day notice product pays 2.21%.
Next came Mansfield Building Society, a name that may not be familiar to many. Mansfield Building Society was established in 1870 so has certainly been around the block a few times but rarely seen in the best buy tables. The Society's Postal 90 Day notice product went to the top of the table paying the same as OakNorth but with a shorter notice period. Unlike the others currently in our notice account table, the account can be applied for via post, an attractive (and increasingly rare) prospect for many.
As the week ended though, Allica Bank decided to make a stand and increased the rate on its 95-Day Notice account to 2.26% AER and launched a market-leading 180 Day notice account (Issue 1) paying 2.30%.
Changes have been plentiful across our fixed rate bond best buy tables this period, with the leading position in many tables changing hands multiple times.
We start as always by looking at the action in our 1-year fixed rate bond table and the entire cast has changed hands. Two weeks ago the top rate in the table was 2.85% AER. Today, the bond in 5th place is paying 2.97% and at the top the 3% barrier has been smashed several times.
Charter Savings Bank was the first to break 3% by racing to the top paying 3.05%. This was followed closely by Hampshire Trust Bank (HTB) paying 3.01%. But not to be outdone, as we ended the week Allica Bank also launched a bond paying 3.05% and so too did Ahli Bank via the Raisin UK cash platform.*
As we have mentioned before, for new customers to Raisin UK there is also a welcome bonus of £25 for a deposit of £10,000 or more for Savings Champion subscribers using our link. If you are eligible for a bonus, you must claim it by emailing [email protected] with the subject 'Raisin UK Bonus' - using the same email address as you used to register. In the email, please add your full name. You can make the claim as soon as you have been notified that your savings account has become active.
Union Bank of India, hit the top very briefly by paying a rate of 3.20% but it only remained on sale for a matter of days.
The picture is very similar across our 2-year table. Charter Savings Bank once again led the way, paying 3.35%, though this rate was matched by Cynergy Bank. But both were pipped at the very last minute by HTB with a bond paying 3.36% AER.
While two weeks ago the best rate in this table was paying 3.17% - as we end the week the average of the top five is 3.34% - a significant improvement.
The lead in our 3-year table changed hands multiple times over the last two weeks. First up, United Trust Bank hit the top paying 3.25%, a rate later matched by Aldermore. Shawbrook Bank surpassed this rate, offering 3.29% on issue 62 of its 3-year bond, though this was outdone by issue 163 from Buckinghamshire Building Society, which stormed to the top paying 3.35%.
Later in the week, Cynergy Bank came back swinging with the latest version of its 3-year fixed rate product commanding the lead, paying 3.37%. It held this lead right until the last minute when it was pushed into 2nd place by Tandem with a bond offering 3.40% AER
Our 5-year table has been the quietest of the bunch over this two-week period. The notable moves came early from United Trust Bank, hitting the lead paying 3.45%, though the reign was short lived as Aldermore launched a new version of its 5-year fixed rate product paying 3.50% - the highest rate for a decade.
Aldermore held this lofty spot until once again Tandem swept in on Friday with a bond paying 3.55% AER.
So, across the fixed rate bond tables the top rates have all increased. How much longer can this continue?
We have seen some of the usual suspects battling it our for the top spot in our 1-year fixed rate cash ISA table of late.
The first notable move came from Shawbrook Bank, launching Issue 62 of its 1-year fixed rate product paying 2.37%, taking the lead by 0.10% over the next best, Virgin Money. Seemingly not content to be in second spot, Virgin Money launched issue 508 of its own 1-year product, sliding back into the lead paying 2.40%.
But that wasn’t all and as we end the week Close Brothers Savings is sitting at the top paying 2.45%. It is worth noting that the new offering from Close Brothers requires a minimum deposit of £10,000. Another late move, although not market -leading, was from Charter Savings Bank which ends the week holding second position in our table paying 2.42%.
Looking at our 2-year table, we saw Aldermore and Shawbrook battling it out for the top spot. Initially Aldermore took a share of the lead with Secure Trust Bank each paying 2.70%, though this was soon bettered by Shawbrook Bank with issue 63 of its 2-year fixed rate ISA paying 2.80% and held the top spot for the best part of 10 days before it was ousted from the top.
Charter Savings Bank made a move late in the week launching its new 2-year product, paying 2.85% and leading the way into the weekend although it was joined by Aldermore on Friday, clearly not wanting to be outdone. Behind them, we have a four-way tie, with the previously mentioned Shawbrook Bank, Secure Trust Bank, United Bank UK and Close Brothers Savings (all paying 2.80%).
In a busy period for Aldermore and Shawbrook Bank, we again saw the latter shake things up in our 3-year fixed rate cash ISA table. This time around with issue 43 of its 3-year ISA paying 2.82%, Shawbrook initially edged the leading spot from Aldermore (2.80%).
However, Secure Trust Bank was the next to make a move by launching a market-leading rate of 2.90%. After holding the leading spot for a few days, Secure Trust Bank was joined by United Bank UK and as we end the week Aldermore has joined them for a three-way tie.
Finally for the fixed rate cash ISA market, we look to our 5-year table. Unsurprisingly, we again saw a move from Shawbrook Bank, which resulted in the provider sitting atop our table, paying 2.95%. We also saw Close Brothers Savings and United Trust Bank shaking things up, both matching Shawbrook by paying 2.95%.
But Secure Trust Bank once more hit the top spot, its latest offering is fixed until 15th September 2027 and is paying 3.00%. However, the reign was cut short following the launch of West Brom Building Society's latest 5-year product.
The new offer from West Brom is paying 3.10% and is available to open via the post, which is not all too common when it comes to market-leading rates of late. West Brom BS was soon joined and goes into the weekend sharing the lead with Furness Building Society.
The latest five year fixed rate cash ISA from Furness BS is also available to open via post, and for those that prefer to stick with online applications, you'll be glad to hear that both the market-leading products have the option to open them online too.
Although the fixed rate cash ISA market has been slightly quieter than its fixed rate bond counterparts, we have seen a number of rate increases across a range of terms from a variety of providers which is encouraging to see.
Our variable rate cash ISA table has perhaps been the quietest of the bunch over the last two weeks, though we have seen the leading rate increase and the lead change hands twice.
Shawbrook Bank was the first to make a move in this area of the market, with issue 20 of its easy access ISA paying 1.50% taking a share of the leading position, at the time it launched.
We saw the lead change hands though when Paragon launched its Triple Access ISA Issue 9, which allows three penalty free withdrawals per year, paying 1.55%.
Scottish Building Society has made a return to our top five with its Cash ISA product, paying 1.50%. Unlike the offering from Paragon, this product is free from any restrictions on withdrawals.
The final big play came from Furness Building Society in the form of its 45 Day Notice Cash ISA. This product can be opened via post, and it is key to note that you must give 45 days' notice to access your funds, you are not permitted any earlier access by paying a penalty. If this account suits your needs, you will be receiving the market-leading rate of 1.60%.
While quieter, the Sharia table currently includes the highest paying 1-year fixed term bond on the market. QIB UK, via the Raisin UK platform is paying 3.10%. The bank has also increased the rate on its 18-month, 2-year and 3-year bonds paying 3.15%, 3.30% and 3.35% respectively. BLME is still paying the top 5-year rate but this is actually the same as the QIB 2-year and lower than the QIB 3-year, at 3.30% AER.
Once again, remember that if you are new to Raisin UK make sure you use our link to be eligible for the welcome bonus of £25 on your first deposit of £10,000 or more.
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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