Multiple best buys launched across the savings market
We have seen a number of changes throughout June so far, with new accounts coming thick and fast across a range of our best buy tables.
Kent Reliance and Charter Savings Bank launched new versions of their easy access accounts, which surpassed the formidable RCI Bank in our table.
Amongst notice accounts, Hampshire Trust Bank took the throne with a new version of its 90 Day Notice Account, which was then surpassed by Paragon Bank the following week, with a new 120 Day Notice Account.
We have also seen improvements in the fixed rate cash ISA market, first coming from Shawbrook Bank, with a new version of its 1 year fixed rate cash ISA with a market-leading rate, only to be trumped by Charter Savings Bank the very next day.
Finally, Atom Bank launched a range of improved fixed rate savers, with competitive rates across the board. Although all are offering market-leading rates, our attention was drawn particularly towards the 3 year account, as it matches the rate on National Savings & Investments' Investment Guaranteed Growth Bond.
Charter Savings Bank launched a new version of easy access account, Issue 4, paying 1.11% gross/AER, which took the lead for a short period. Following this, Kent Reliance launched its Easy access account – issue 19, paying 1.15% gross/AER, taking the top position in our table.
In addition to offering the market-leading rate, it is a completely straightforward account, free from any introductory bonus or restrictions on withdrawals. You are also given the option to have monthly interest payments, should you prefer it.
It is interesting to note that the account from Charter Savings Bank squeezed RCI Bank off its long-term perch at the top of our easy access best buy table by just 0.01% and in turn Kent Reliance took the lead by just 0.04%. So, small improvements, but all in the right direction.
Hampshire Trust Bank took command of the notice account best buy table with its new 90 Day Notice Account, paying 1.40% gross/AER. This account can be applied for either online or via the post, with a minimum of £1,000.
However, the following week, Paragon Bank launched a new version of its 120 Day Notice Account, paying 1.45% gross/AER. The account can be applied for online, with a minimum of £500.
So, Paragon Bank trumped Hampshire Trust Bank at the top of the table. However, it is worth noting that whilst there is a 0.05% difference in the interest rate, Hampshire Trust offers a much shorter notice period, so may still represent a better option for some.
Shawbrook Bank unleashed a new version of its 1 year fixed rate cash ISA, which soared to the top of the table, paying 1.15% tax free/AER. You can open this account online, with a minimum of £5,000.
As well as offering the market-leading rate at the time of launch, this account also gives the choice of monthly interest payments for those who opt for it. You can also transfer in previously accrued ISA funds.
Charter Savings Bank has taken its first steps into the cash ISA market and in a similar way to when the provider first entered the savings market in 2015, they have come straight out of the blocks with a set of competitive rates, going straight to top spot in our 1 year table, paying 1.16% tax free/AER. This account can be opened online, with a minimum of £1,000.
The provider also leads the market for an easy access cash ISA, paying 1.06% tax free/AER. Again, this account can be opened online, with a minimum of £1,000. This is a straightforward easy access cash ISA, free from any introductory bonus or withdrawal restrictions.
Looking across to the fixed rate bond market… Atom Bank made bolds moves, launching new improved versions across its range of fixed term savers. Although the improved rates on its 1, 2 and 5 year accounts are market-leading, paying 1.80% gross/AER, 2.00% gross/AER and 2.40% gross/AER respectively, the 3 year account paying 2.20% gross/AER is the most striking of the bunch.
Atom Bank’s 3 Year Fixed Saver matches the rate on offer from National Savings & Investments on its Investment Guaranteed Growth Bond. However, the account from Atom Bank is not limited to a £3,000 maximum deposit and has the option of monthly interest payments.
These accounts from Atom Bank can be opened with a minimum of £50, via the providers app, available in the Apple App store or Google Play store.
If you would like to discuss further options or would like any help with your savings, please get in touch. Our Bath-based savings experts would love to hear from you, so call us on 0800 321 3581.