Charter Savings Bank made a splash in the fixed rate cash ISA market, taking top spot in the five year table.
Also active in the fixed rate cash ISA market was Aldermore*, launching a top five one year ISA and joint market-leading three year ISA.
Meanwhile, Charter Savings Bank also improved its one and two year fixed rate bonds, with both accounts entering the top five for the respective terms.
Completing a busy week for Charter, the provider also launched a market-leading easy access cash ISA.
The rate was matched by Virgin Money, although its cash ISA does have more restrictive withdrawal conditions.
In the easy access market, the main move of note this week came from Post Office Money, taking up a position in the top five - but not overtaking Marcus at the top.
If you are looking for monthly interest on your savings, Market Harborough Building Society made a rare appearance in our monthly income best buy table, with a new one year bond that pays the highest monthly rate for the term.
For the sake of completion, we have also provided the lowdown on sharia fixed term accounts and notice accounts to help you choose the right account for your savings.
For an overview of the whole savings market and to look at the top options in all categories, make sure you consult our independent best buy tables and if you want to keep up to date with best buy rates as they hit the market, sign up to our Rate Alert emails.
Fixed Rate Cash ISAs
Charter Savings Bank had a busy week, firstly taking control of the five year fixed rate cash ISA best buy table – albeit by the smallest of margins.
The new account pays a market-leading rate of 2.26% tax free/AER.
At the other end of the term scale, Aldermore just scraped into the top five with an improved version of its one year ISA – paying 1.55% tax free/AER*.
There was even better news from Aldermore for those looking for a three year ISA, with its improved account paying a joint market-leading rate of 1.95% tax free/AER*, alongside Marsden Building Society.
For those looking at the other top rates on offer, Charter Savings Bank continues to lead the way for one year, paying 1.60% tax free/AER.
Bank of Cyprus UK* and Paragon share the lead in our two year table, both providers paying 1.82% tax free/AER.
To view our top five accounts across the full range of terms, please refer to our full fixed rate cash ISA best buy tables.
Fixed Rate Bonds
Charter Savings Bank was also active this week in this arena - launching new best buy one and two year bonds.
The one year bond is paying 2.01% gross/AER and the two year bond is 2.30% gross/AER - both taking their place in the top five for the respective terms - with the two year taking the top spot.
Amongst the longer term fixed rate bonds there were fewer changes, with Secure Trust Bank still holding first place in the three year table (2.41% gross/AER).
Meanwhile, Ikano Bank is still top for four years (2.45% gross/AER) and Secure Trust’s five year bond still leads the way at 2.71% gross/AER.
For full information on each of these accounts and for a range of other options, please refer to our full fixed rate bond best buy tables.
Variable Rate Cash ISAs
There were two best buy changes to report this week in this area of the savings market.
First up was Charter Savings Bank yet again, with a new easy access cash ISA that now leads the way for those looking for unrestricted access to their money.
The provider’s new easy access cash ISA pays 1.40% tax free/AER, second only in the table to another account from the same provider.
Charter Savings Bank continues to lead the way, paying 1.45% tax free/AER on its 95 day notice account - a permanent fixture in our table it seems.
Also launched this week was a new version of Virgin Money’s Double Take E-ISA, paying 1.40% tax free/AER.
Although matching the easy access rate on offer from Charter detailed above, as the name suggests, you can only make two easy access withdrawals per year – so may not suit everyone.
For further information on these accounts and to see how the rest of the top five stacks up, please refer to our variable rate cash ISA best buy table.
Easy Access
Post Office Money made a move this week in the easy access market, moving into our top five with a new version of its Online Saver.
The new version of the account pays 1.45% gross/AER, though this rate does include a 1.20% gross/AER bonus for the first 12 months, so will have to be reviewed after a year.
Marcus by Goldman Sachs is still sitting pretty at the top of the table, paying 1.49% gross/1.50% AER.
Again, the rate does include a small bonus of 0.15% for the first 12 months, so you may need to review things after the first year.
Further information on both of these accounts and the rest of the current top five can be found in our easy access best buy table.
Monthly Income Accounts
Market Harborough Building Society made a rare appearance in our best buy tables, launching a one year fixed rate bond that pays the top monthly interest rate available for the term.
The new account pays 2.00% gross/2.02% AER and can be opened with a minimum of £25,000.
For more information and a selection of other options that pay interest on a monthly basis, take a look at our monthly income accounts best buy table.
Sharia Fixed Term Accounts
Sharia accounts are still paying competitive rates and, in some cases, may be worth considering as an alternative to the fixed rates mentioned above.
BLME continues to hold the top spot with its five year Premier Deposit Account, paying 2.70% gross/AER*.
If you’re looking for shorter terms, Al Rayan is paying 2.40% gross/AER for three years and BLME pays 2.05% gross/AER for one year*.
Al Rayan Bank continues to lead the way with its fixed term cash ISAs, paying 1.60% tax free/AER on its one year account and 1.80% tax free/AER for two years.
Please refer to our sharia fixed term accounts best buy table for more information on the accounts above and read our recent article for more on sharia accounts and how they work.
Notice Accounts
Secure Trust Bank continues to dominate proceedings in this area of the market, maintaining its grip on three out of the five positions in our best buy table.
The provider’s 120 day notice account pays 1.84% AER, its 90 day notice account pays 1.82% AER and its 60 day notice account pays 1.60% AER.
Offering a higher return than easy access accounts but not tying yourself in for a longer term, notice accounts may be worth considering as the middle ground between these two extremes.
For further information on these accounts and the rest of our top five, please refer to our notice account best buy table.
Savings Platform update…
Here’s a taste of some of the rates on offer from the Savings Platforms this week, as there have been some interesting additions. For more information on this interesting option for savers, take a look at our article – The rise of the Cash Savings Platform
Flagstone is currently offering a 12 month fixed term bond paying 2.20% and an 18 month bond paying 2.30%. Of course, remember that the minimum for the Flagstone platform is currently £250,000 - so it may not be accessible to all and there is also an annual fee. However, for those with larger amounts in cash, Flagstone does offer easy access and notice accounts, as well as fixed term accounts, so could be a good all-round option for some.
Hargreaves Lansdown's Active Savings has a minimum deposit of £1,000 and is currently offering an exclusive rate of 2.04% on a 12-month fixed term bond.
Raisin UK is going through a website update at the moment, so is unavailable for those looking to apply for a new account. If you already have an account, you can still log in and view your savings portfolio – we’ll let you know when it is back up and running.
If you would like any help with your savings, why not give one of our Bath-based experts a call on 0800 011 9705, we’d love to hear from you.
*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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