Generally speaking, it has been fairly quiet recently for changes to the best buy tables, as providers appear to be concentrating their energy on cutting interest rates on their existing accounts, reacting to last month’s base rate cut.
So, whilst on the whole the news has been far from positive, there is a provider that has bucked the overall trend in the savings market and has actually increased some of the rates it has on offer.
Vanquis Bank has improved its range of fixed rate bonds, with its 2, 3, 4 and 5 year bonds each appearing in the respective best buy tables. The 2 year fixed rate bond is now paying 1.40% gross/AER, the 3 year bond 1.56% gross/AER and the 4 year bond is paying 1.80% gross/AER. The pick of the bunch is the 5 year fixed rate bond, which is paying a market leading 2.01% gross/AER.
This provider has been fairly quiet recently but, with the 5 year bond in particular, this is better news for savers. Beating its rivals by the smallest of margins, nevertheless this is an encouraging change and a welcome sign that competition may still be alive in the savings market. The more that providers compete in this way, the better for savers, as interest rates are gradually pushed back in the right direction.
🔔 Latest Rates Rundown
22nd September 2016
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