There was a marked slowdown in new account launches this week, but there was a group of providers still making a play for the best buys, particularly in the fixed rate categories.
Probably the biggest news of the week for those looking for a shorter fixed term account was the launch of a new market leader from Gatehouse Bank*.
The account comes from a sharia compliant provider, so takes pride of place in our Sharia fixed term account best buy table.
At the other end of the term spectrum, Vanquis Bank launched market-leading four year* and five year* fixed rate bonds, to take charge of our longer term fixed rate tables.
Also active was Masthaven, with one year, two year, three year and four year fixed rate bonds that all made it into our top five.
And it wasn’t just fixed rate bonds that saw new leading accounts launched, with Shawbrook Bank now dominating the fixed rate cash ISA arena.
There was less action in the easy access market this week, though Ford Money improved its rate – taking its account into our top five.
If you’re looking for other options, we have also included the lowdown on variable rate cash ISAs to help you select the most suitable savings account for your circumstances.
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.
Sharia Fixed Term Accounts
Perhaps the biggest news of the week came from Gatehouse Bank, launching a new market-leading one year fixed term account paying 2.10% gross/AER*.
In addition, this account is also available through the Raisin UK savings platform, where a welcome bonus of up to £100 is available for new customers.
>> Find out more about Raisin UK
Other Sharia accounts are also paying competitive rates and, in some cases, may be worth considering as an alternative to standard fixed rate bonds.
BLME continues to hold the top spot with its five year Premier Deposit Account, paying 2.70% gross/AER*.
If you’re looking for a shorter term, Al Rayan is paying 2.40% gross/AER for three years.
Please refer to our sharia fixed term accounts best buy table for more information on the accounts above.
>> How do Sharia compliant accounts work?
Fixed Rate Bonds
Following an unusually quiet week in this area of the savings market, this week saw an increase in activity.
Vanquis Bank made waves in the longer-term end of the market, with the launch of its new market-leading four year bond, which is paying 2.50% gross/AER* and five year bond paying 2.70% gross/AER*.
Masthaven was also active, with new versions of its one year (2.05% gross/AER), two year (2.35% gross/AER), three year (2.40% gross/AER) and four year (2.45% gross/AER) bonds all making it into our respective best buy tables.
So, we have a bunch of providers at the top of each of our fixed rate best buy tables now.
In the one year table, the lead is shared by the aforementioned Masthaven account, plus the offerings from Tandem, Investec and Atom Bank – all paying 2.05% gross/AER.
In the two year table its Masthaven and Investec again – both paying 2.35% gross/AER.
Amongst three years, the joint leaders are Masthaven, Investec, Atom Bank and Tandem, all paying 2.40% gross/AER.
Finally, the lead in the five year table is shared by Vanquis Bank* and Atom Bank – both providers paying 2.70% 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.
Fixed Rate Cash ISAs
Last week Aldermore stole the show in the fixed rate cash ISA arena and this week it was the turn of Shawbrook Bank.
The new version of its one year fixed rate cash ISA pays a market-leading rate of 1.66% tax free/AER.
Its new two year fixed rate cash ISA pays 1.86% tax free/AER, taking charge of our table.
Meanwhile, its improved three year option pays 2.01% tax free/AER – again leading the way.
Finally, the new version of its five year fixed rate cash ISA made its way to the summit, paying 2.27% 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.
Easy Access Accounts
Few changes of note this week, with the current incumbents still leading the way – though Ford Money* made a return to our top five.
The West Brom’s Direct Double Access account, Virgin Money’s Double Take E-Saver and Marcus’ Online Savings Account all pay the leading rate of 1.50% AER.
However, there are terms and conditions to be aware with each of these three accounts – both West Brom and Virgin restrict you to just two withdrawals per year and the account from Marcus includes an introductory bonus for the first year.
For those looking for a more straightforward account, Ford Money offers its newly-improved Flexible Saver*, which pays 1.42% gross/AER and doesn’t feature an introductory bonus or restriction on the number of withdrawals you can make.
This matches the rate already available on another straightforward account – the Freedom Savings Account* from RCI Bank, giving you a second competitive option if you are looking for a simple account.
Further information on the leading accounts and the rest of the current top five can be found in our easy access best buy table.
Variable Rate Cash ISAs
Virgin Money retains its lead in our table, with its Double Take E-ISA paying 1.45% tax free/AER.
You are restricted to just two withdrawals per year, although it matches the rate paid on the well-established 95 day notice ISA from Charter Savings Bank.
If you are looking for a cash ISA with easy access to your money, without a restriction on the number of withdrawals you can make in a year, Leeds Building Society offers the top rate at 1.38% tax free/AER.
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.
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 (*).
You might also like...
@savingschampion
Find us on Facebook