It’s the usual movers and shakers, as savings rates continue to move in the right direction
In keeping with the overall trend in 2017 so far, savings rates continue to move upwards and, as usual, it is the challengers that are leading the way by keeping competition alive in the savings market.
First of all, Kent Reliance improved the rate on its easy access offering and is now paying 1.27% gross/AER, leading our best buy table by a small margin.
Not only is this the best rate on the market, it is also the highest we have seen in the easy access market since August 2016.
Meanwhile, Charter Savings Bank has made extensive improvements to its savings range and now leads the way in a number of our best buy tables.
Amongst notice accounts, Charter Savings Bank has the market-leading rate on its 95 day notice account and also dominates the shorter notice periods, with both its 60 day and 30 day offerings making it into our top five.
Kent Reliance, in addition to the easy access account above, has also matched Charter with a new 60 day notice account paying 1.35% gross/AER.
Short Term Fixed Rate Cash ISAs
The provider also dominates the shorter term fixed rate cash ISA market, leading the way in the 1 year, 2 year and 3 year best buys.
Variable Rate Cash ISAs
Variable rate cash ISAs are also included, with the highest notice cash ISA and easy access cash ISA currently available on the list of improved offerings.
Each of the above accounts can be opened online with a minimum of £1,000. Each of the cash ISAs accept transfers in from previous ISAs.
Paragon Bank hit top spot
Another consistent presence in our best buy tables is Paragon Bank, this time improving its 3 year and 5 year fixed rate bonds, hitting top spot in both tables.
Both accounts can be opened online with a minimum of £1,000 and offer a monthly interest option for those who prefer a regular income from their savings.
If this feature is handy for you, both accounts feature in our Monthly Income Best Buy Table, along with other options.
Coventry Building Society improves rates
Meanwhile, flying the flag for the building societies is another familiar name to our best buy tables, Coventry Building Society. The latest account launches saw the provider take second position in our variable rate cash ISA and 1 year fixed rate cash ISA tables.
Whilst the provider falls short of the rates on offer from Charter Savings Bank in both tables, the accounts can both be opened with just £1, through a number of different channels – online, telephone, post and in a branch.
Then, in its latest move, the provider increased the rate on offer on its Fixed Rate ISA (49) 30.11.2022 from 1.80% to 2.15% tax free/AER, benefitting those already holding the account, as well as those opening one from today.
This move brings Coventry Building Society in line with the top 5 year ISA rates on the market and joint top of our best buy table.
It is unusual to see a provider increase a fixed rate for existing account holders, but Coventry is not the only one, Kent Reliance did the same yesterday on its 1 year fixed rate bond - issue 49 and is now paying a joint market-leading 1.85% gross/AER.
New Business Notice Accounts
Finally, for those looking for a new home for their business savings, Redwood Bank and Bank and Clients (B&C) both entered our Business Notice Account Best Buy Table this week.
Redwood Bank has two accounts in the table, both of which can be opened online or by post, with a minimum of £10,000.
B&C meanwhile launched its 90 Day Notice Business Account, paying 1.20% gross/AER.
This new account from the provider enters the top five and can be opened by post with a minimum of £1,000.
For more information on any of the accounts above or for other options, call our Bath-based Savings Experts on 0800 011 9705. We’d love to hear from you.