Savings Champion

This week, it was the turn of fixed rate accounts to steal the limelight.

In the one year fixed rate cash ISA table, we saw a new market leader, paying the highest rate we have seen in this category for two and a half years – take a bow Cynergy Bank*

>> Top-paying fixed rate cash ISA best buys

After several weeks of taking a back seat compared to the changes among Sharia fixed term accounts, fixed rate bonds last week came to the fore again.

Improvements were made by OakNorth, Vanquis Bank and, most notably, Aldermore – which is now sitting at the top of our one, two and three year best buy tables.

>> Who are the current leaders in our fixed rate bond best buy tables?

That said, the leaders amongst Sharia fixed term accounts are still holding their ground, including the market-leading rate for one year from Gatehouse Bank*and other key accounts.

>> Sharia fixed term account best buy table

Unfortunately, there were fewer interesting developments among the variable rate best buys, with one provider in particular dropping out of the running, leaving others to take the plaudits.

>> Latest easy access best buys

>> Top-paying variable rate cash ISAs

For an overview of the whole savings market and to look at the top options in all 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.

Fixed Rate Cash ISAs

The key change this week came from Cynergy Bank – launching a new version of its one year fixed rate cash ISA which shot straight to the top of our table.

The account pays a market-leading 1.73% tax free/AER, which is incidentally the highest rate we have seen in this category since June 2016 – well over two and a half years.

>> Apply for the new account from Cynergy Bank*

Elsewhere, in our two year table, top position is still occupied by Charter Savings Bank (1.87% tax free/AER) and Marsden Building Society is top spot for three years, paying 1.95% tax free/AER.

For those looking for an even longer term, Coventry Building Society is still top, with an account that pays a fixed rate of 2.30% tax free/AER until 30.11.2023.

To view our top five accounts across the full range of terms, please refer to our full fixed rate cash ISA best buy tables.

Fixed Rate Bonds

Activity increased in this popular area of the market this week, with a group of providers making improvements that put them right in the best buy mix.

Firstly, OakNorth made improvements that put its one year bond at the top of the table, albeit briefly and as a result of key withdrawals elsewhere. The new version of its bond pays 2.01% gross/AER.

The provider also improved its standing amongst two year bonds, with its new offering paying 2.31% gross/AER and sitting just behind the leaders.

However, the most noteworthy changes this week came from Aldermore, taking the leading positions in our one, two and three year tables.

The new offerings pay 2.10% gross/AER for one year, 2.35% gross/AER for two years and 2.40% gross/AER for three years.

Elsewhere, despite already leading the way for four years, Vanquis Bank improved its offering and is now paying 2.52% gross/AER*

To complete the picture, the leading spot in our five year table is occupied by Ikano Bank, paying 2.62% gross/AER.

For full information on each of these accounts and for a range of other options, please refer to our full fixed rate bond best buy tables.

Sharia Fixed Term Accounts

There was less activity in this area of the market compared to the preceding two weeks, but the key players are still holding their ground.

Amongst one year accounts, BLME matches Gatehouse Bank*, with both accounts paying 2.15% gross/AER.

BLME also matches Gatehouse Bank* for two years, with both providers paying 2.35%.

One factor that possibly sets Gatehouse Bank ahead of BLME in the pecking order for some is that the accounts are also available through the Raisin UK savings platform, where a welcome bonus of up to £100 is available for new customers.

>> Find out more about Raisin UK

Elsewhere, Al Rayan Bank continues to hold the leading position for both two and three years, paying 2.40% gross/AER and 2.50% gross/AER respectively.

Meanwhile, BLME continues to pay a market-leading return on its five year Premier Deposit Account, paying 2.70% gross/AER.

Please refer to our sharia fixed term accounts best buy table for more information on the accounts above and other options.

>> How do Sharia compliant accounts work?

Easy Access Accounts

ICICI Bank UK still leads the way in this key area, keeping its market-leading account available for another week.

The account pays 1.54% gross/1.55% AER, although the rate includes a 0.30% bonus for the first 12 months, so you may need to review your position after a year.

Next up is The Family Building Society, with its Premium Saver paying 1.51% gross/AER.

The account does have a funding cut-off date of 8 March 2019, after which you cannot add further funds to the account.

With a number of introductory bonuses and other terms and conditions evident amongst many of the top-paying accounts, some savers will be looking for something a little more straightforward.

There are two options to choose from that are currently paying the highest rate for a simple easy access account.

The Freedom Savings Account* from RCI Bank pays 1.42% gross/AER – a provider that has been consistently competitive over the last 12 months.

Also available at the same rate is Ford Money’s Flexible Saver, a straightforward account from a well-known brand.

Further information on the leading accounts can be found in our easy access best buy table.

Variable Rate Cash ISAs

Not a huge amount of activity in this area this week, with two consistent providers sharing top spot in our table.

Virgin Money’s Double Take E-ISA is paying 1.45% tax free/AER, but you are restricted to just two withdrawals per year.

Matching this provider is the 95 day notice cash ISA from Charter Savings Bank, where you have to give notice to withdraw your money.

Next in line is Yorkshire Building Society’s Single Access Saver ISA paying 1.41% tax free/AER, although – as the name suggests – you can only access your money on one day each year.

In addition, after 12 months, your money will be transferred to the latest version of the provider’s Triple Access Saver ISA – the current version pays 0.90% tax free/AER to give you an idea.

So, for those looking for easy access to their ISA funds, the top-paying options are currently available from Leeds Building Society and Tesco Bank – both paying 1.38% tax free/AER.

For further information on these accounts and to see how the rest of the top five stacks up, please refer to our variable rate cash ISA best buy table.

If you would like any help with your savings, why not give one of our Bath-based experts a call on 0800 011 9705, we’d love to hear from you.

*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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