🔔 Rates Rundown: best buy activity slows this week, though key accounts remain in place

Author: Tom Adams
08th February 2019

This week, there were some key accounts dropping out of the best buys, including high-profile one and two year fixed rates from Aldermore.

Fortunately, this trend was not widespread and so many of the leading accounts remained in place for another week.

In the fixed rate cash ISA tables, we saw a new three year best buy from Leeds Building Society and all the leaders remained in place for another week – including the top one year ISA from Cynergy Bank*

>> Top-paying fixed rate cash ISA best buys

For those looking for a more straightforward easy access account or cash ISA, Shawbrook Bank made improvements and now offers the top-paying simple option in both categories.

>> Latest easy access best buys

>> Top-paying variable rate cash ISAs

There was little to shout about amongst fixed rate bonds this week, with Aldermore dropping out of the running for one and two years – but fortunately, this was the exception rather than the rule and the other top accounts held strong for another week.

>> What are the best fixed rate bond rates?

And there was also little change in our Sharia account best buy table – with the leaders still in place.

>> Sharia fixed term account best buy table

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

There was a new entrant in our three year ISA table this week from Leeds Building Society (1.90% tax free/AER).

Elsewhere the leaders are in place for another week, including Cynergy Bank for one year (1.73% tax free/AER), a rate which is the highest we have seen in this category since June 2016.

>> Apply for the account from Cynergy Bank*

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.


Easy Access Accounts

The main change this week came from Shawbrook Bank, which launched a new version of its easy access account paying 1.43% gross/AER.

What makes this account attractive to some is the fact that the account does not include an introductory bonus or a restricted number of withdrawals or other restrictions – so is now the top-paying straightforward option available.

Ahead of this new account, ICICI Bank UK still leads the way, paying 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 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.

Then comes Cynergy Bank and Marcus by Goldman Sachs, with both pay 1.50% AER and feature introductory bonuses as part of the rates.

So, with a number of introductory bonuses and other terms and conditions evident amongst many of the top-paying accounts, Shawbrook offers something a little more straightforward – albeit at a lower rate.

For those interested in a simple savings account, just behind Shawbrook is the Freedom Savings Account* from RCI Bank, which pays 1.42% gross/AER. Also available at the same rate is Ford Money’s Flexible Saver.

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

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Variable Rate Cash ISAs

Not content with just offering a straightforward easy access account, Shawbrook Bank also launched a new easy access cash ISA, paying the same rate (1.43% tax free/AER).

Again, there is no introductory bonus or withdrawal restrictions on this account and it compares favourably with the top rates on offer.

The joint leaders at the moment are Virgin Money’s Double Take E-ISA, which is paying 1.45% tax free/AER, but you are restricted to just two withdrawals per year and the 95 day notice cash ISA from Charter Savings Bank, where you have to give notice to withdraw your money.

For further information on each of 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.


Fixed Rate Bonds

Having come straight in at the top of the one and two year tables last week, Aldermore dropped out of the running somewhat this time around – although its three year account (2.40% gross/AER) remains joint top of our table.

OakNorth now leads the way for both one and two years, paying 2.01% gross/AER and 2.31% gross/AER respectively.

In our three year table there is a four-way tie at the top, with the aforementioned Aldermore, ICICI Bank*, Investec and Tandem, which are all paying 2.40% gross/AER.

Amongst the longer term bonds, leading the way for four years is Vanquis Bank, paying 2.52% gross/AER* and the leading spot in our five year table is occupied by Ikano Bank, paying 2.56% 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

For the second week in a row, there was less activity in this area of the market compared to the preceding weeks, but the key players are still holding their ground.

Amongst one year accounts, there is a tie between Al Rayan Bank and BLME, with both accounts paying 2.15% gross/AER.

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?


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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