Best buy activity has increased overall this week, with a number of key changes happening in the savings market. However, we are still waiting for someone to challenge Marcus at the top of the easy access market, with the new provider still leading by some way.
Amongst fixed rate bonds, Charter Savings Bank brought out a new market-leading two year bond, which was then matched by Shawbrook Bank late in the week.
Meanwhile OakNorth hit the top of the one year fixed rate bond best buy table and Ikano Bank did likewise in the five year table.
Fixed rate cash ISAs saw renewed activity with - most eye-catchingly of all - new one, two and three year ISAs launched by Aldermore, all of which are market-leading.
Shawbrook Bank launched a new version of its easy access account which, while falling short of Marcus, breaks into the top five.
Paragon was again active this week, bringing out a new version of its easy access cash ISA, the top-paying easy access cash ISA now available.
Leeds Building Society also made it into our variable rate cash ISA top five, with its own easy access ISA.
For an overview of the whole savings market and to look at the top options in other categories, make sure you consult our independent best buy tables and if you want to keep up to date with best buy rates as they hit the market, sign up to our Rate Alert emails.
Easy Access
Marcus by Goldman Sachs is still top of the pile, with its market-leading Online Savings Account, paying 1.49% gross/1.50% AER.
The rate does include a small bonus of 0.15% for the first 12 months, so you may need to review things after the first year.
The other providers haven’t reacted to the challenge yet, but if the account from Marcus proves to be popular with savers, we could see some more aggressive competition in this area before too long.
Meanwhile, still in second place is Yorkshire Building Society’s Single Access Saver (1.41% gross/AER).
It is important to be aware that, as the name suggests, you can only access funds once throughout the 12 month period that the account runs for.
For those looking for a bonus-free account without withdrawal restrictions, Charter Savings Bank’s easy access account pays 1.40% gross/AER.
The most noteworthy change this week came from Shawbrook Bank, which broke into the top five with a new version of its own straightforward easy access account, which is also paying 1.40% gross/AER.
Further information on each of these accounts can be found in our easy access best buy table.
Fixed Rate Bonds
For the second week running, the lead in the two year table has changed hands, with Charter Savings Bank coming up trumps this time.
The provider launched an improved version of its two year bond paying 2.27% gross/AER, taking the lead by the smallest of margins.
However, not to be outdone, Shawbrook Bank took joint lead of the table with its own improved two year bond late in the week.
Elsewhere, OakNorth made a similar move in the one year table, with Charter coming off second best this time. OakNorth now pays 2.02% gross/AER and takes first position as a result.
For those looking at a longer term, there were fewer changes at the top, with Tandem still holding the top spot in our three year table (paying 2.40% gross/AER). In the four year table, Masthaven still rules the roost, paying 2.53% gross/AER.
Then, in the final move of the week, Ikano Bank moved to the top of the five year table, with an improved offering that is paying 2.70% gross/AER - taking the lead by the smallest of margins.
For full information on each of these accounts and others, please refer to our full fixed rate bond best buy tables.
Fixed Rate Cash ISAs
Our fixed rate cash ISA tables saw more activity than usual this week, with new market-leading rates in the one, two and three year tables.
New this week, Aldermore’s one year ISA (1.60% tax free/AER), two year ISA (1.80% tax free/AER) and three year ISA (1.90% tax free/AER) all came in straight at the top of the respective tables.
Unchanged this week, our five year table still has joint leaders - in the form of Coventry Building Society and United Trust Bank - both paying 2.30% tax free/AER.
To view our top five accounts across a variety of terms, please refer to our full fixed rate cash ISA best buy tables.
Sharia Fixed Term Accounts
If you are looking for an alternative fixed term account, Sharia accounts may be worth considering.
BLME continues to hold the top spot with its five year Premier Deposit Account, paying 2.70% gross/AER*.
If you’re looking for shorter terms, Al Rayan is paying 2.40% gross/AER for three years and BLME pays 2.05% gross/AER for one year*.
Al Rayan Bank continues to lead the way with its fixed term cash ISAs, paying 1.60% tax free/AER on its one year account and 1.80% tax free/AER for two years.
Please refer to our sharia fixed term accounts best buy table for more information on the accounts above and read our recent article for more on sharia accounts and how they work.
Variable Rate Cash ISAs
There were a few changes to our table this week, as both Paragon and Leeds Building Society entered our top five with new versions of their easy access cash ISAs.
Charter Savings Bank continues to lead the way, paying 1.40% tax free/AER on its 95 day notice account, seemingly difficult to budge from top spot.
Next up is Paragon’s new account, which is now the top-paying easy access cash ISA at 1.37% tax free/AER.
Then comes Leeds Building Society, with its own easy access cash ISA, which is just behind Paragon at 1.36% tax free/AER.
For further information on these accounts and to see how the top five stacks up, please refer to our variable rate cash ISA best buy table.
Our Bath based savings experts are on hand if you would like any help with your savings, so why not give us a call on 0800 011 9705, we’d love to hear from you.
Alternatively, if you want to keep up to date with best buy rates as they hit the market, follow us on Twitter and sign up to our Rate Alert emails.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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