This time of year is often quiet in the savings market and 2017 has been no different, with fewer providers making waves – but nevertheless there are still those that are actively competing in the savings market.
This is particularly evident amongst fixed rate bonds – which remain one of the most popular areas of the market for banks and building societies and savers alike.
The latest provider making a bid for the top of our fixed rate bond best buy tables is Atom Bank, who within the last week released new versions of its 1, 2, 3 and 5 year Fixed Savers, each reaching the summit of the respective tables.
This kind of move is to be commended in the current low rate environment, as we are relying on providers to push rates back up and spark the competition that ensures this upward trend continues.
Atom Bank finds itself in a rather unique position as it is the first UK provider that offers a solely mobile app-based application process.
But we encourage innovation in the savings market and those looking for the best possible returns should certainly consider using them.
However, there will be some savers who are not comfortable using an app to apply for an account and there are those that remain reluctant to use online application channels.
With this in mind, we aim to cater for every type of saver, from those comfortable using mobile apps to those that prefer the more traditional application methods.
Our independent best buy tables contain a wealth of helpful information about accounts and a healthy selection of alternatives for those looking for something different.
So, having established the fact that Atom Bank are table-topping and worth looking further into if you have access to a mobile device and the provider’s app, it is worth spending some time considering other options that may also be suitable.
Remaining consistently at the top-end of the market are Sharia compliant accounts, with returns that rival Atom Bank or in the case of the 1 Year Premier Deposit Account from Bank of London and the Middle East (2.00%) actually beats it.
Whilst the accounts are primarily designed for those people who would like to get a return on their savings, without compromising their faith, they can be suitable for all savers.
However, because of the different way that the return is calculated and the element of risk that sets these accounts apart from standard savings accounts, you should ensure that you are comfortable with this before proceeding.
Because of this key difference, we have a best buy table dedicated solely to Sharia accounts, ensuring that savers are fully informed and can make a decision on that basis.
To achieve the best possible returns, even in these tough times for savers, you need to be active – don’t stick to your current provider because it’s the easiest option, unless you are offered a competitive rate.
Some of the biggest names in the savings market simply do not feature in our best buy tables at the moment, so this may be just the right time to try out someone you may not have come across before.
All of the providers featured in our best buy tables are covered by the Financial Services Compensation Scheme (FSCS) ,or European equivalent, so if you stick to the limit of £85,000 per person, per provider, your funds are covered in the same way as any of the high street banks.
If you would like to discuss any provider further with us or are simply looking for a better deal, do not hesitate to get in touch.
Call our Savings Experts free on 0800 011 9705, we’d love to hear from you.