Latest rates to hit the savings market this week

11th March 2016

Whilst you would be forgiven for thinking that 2016 has so far been nothing but bad news for savers, with accounts dropping out of the best buy tables and lower rates being offered by the majority of providers, there are still some positive changes being made.

Punjab National Bank has bucked the current trend in the savings market for lower fixed rates by improving the rates on two of its fixed rate bonds, re-entering our Best Buy Tables as a result.

There are still some good deals on offer and with many rates on existing accounts being cut, you can still improve your return by switching. Take a look at our Best Buy Tables for the best rates on the market and if you haven’t done so already, sign up to our Rate Tracker Service, to ensure that you are always aware of what rates you are currently earning and receive notifications to prompt you to look at the alternatives.

Elsewhere, Investec has made an interesting change to its Double Base Bond, making the rate more attractive to those who are looking to take advantage of any rises in the Bank of England base rate in the future.

Finally, good news for business savers as Cambridge & Counties Bank launched a new market leading notice account, with a better rate than those on offer at the moment for personal customers.

Take a look at our Business Best Buy Tables for more information and get in touch on 0800 321 3581 if you need help with any of your savings needs.
 
Punjab National Bank has made improvements to a selection of its fixed rate bonds. The interest rate for terms chosen between 2 and 3 years is 2.20% gross/AER (the previous version paid 2.00%) and for terms between 3 and 4 years the rate is 2.40% gross/AER (the previous version paid 2.30%). Accounts can be opened by post or in branch, with a minimum of £1,000.

To open an account, you must hold or open an operative current account or savings account to initially fund the bond. It is worth noting that postal applications require identification certified by a professional, for example a Solicitor or Accountant.

As a result of the improvements, both bonds now appear in our Fixed Rate Bond Best Buy Tables, which is unusual at the current time, where most providers appear to be taking themselves out of the running. It is good to see some rates going in the right direction, giving us encouragement that competition is still alive in the savings market.

Investec has launched a new version of its 2 Year Double Base Bond paying 1.75% gross/AER (the previous version paid 1.50%). The interest rate is guaranteed to be two times the Bank of England base rate plus 0.75%, so will vary with any changes to the base rate within the term. Accounts can be opened online with a minimum of £25,000 and you cannot access your funds within the term.

An interesting change and an improvement to boot, this account may appeal to those hedging their bets in preparation for a possible change in the base rate in the future. Whilst there are significantly higher paying 2 year fixed rates on the market at the moment, that could all change if the base rate rises within the term.

Cambridge & Counties Bank has launched a new 120 Day Notice Business Savings Account paying 1.80% gross/AER. Accounts can be opened by post, with a minimum of £10,000.

A great addition to the options available to those with business cash, not only is the interest rate higher than the rest of the competition but also, unusually, the account pays a higher rate than the top paying personal notice account on the market at the moment (Charter Savings Bank 1.70% gross/AER).

Take a look at our Business Best Buy Tables for more information and alternatives or get in touch with us on 0800 321 3581, if you need help with your business savings.

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