Plentiful movements across the cash savings market
We have seen a multitude of improved rates launched across an array of savings products over the last two weeks.
In the easy access sector, we have seen both RCI Bank and Shawbrook Bank improve rates and move higher up our best buy table. We have also seen the return of Paragon Bank following the launch of its new easy access account.
After which, Charter Savings Bank had its say, with a torrent of new versions of its fixed and variable rate cash ISA products unleashed, all now market-leading.
Virgin Money then launched improved rates across a range of its fixed rate cash ISAs, including a new 3 Year Fixed Rate Cash ISA, which joined Charter Savings Bank at the top of our table.
We also saw improvements in the fixed rate bond arena from a number of different providers, the big movers were; Vanquis Bank, Shawbrook Bank, United Trust Bank and a new entrant in the shape of PCF Bank. Interestingly, PCF Bank increased rates across its entire savings range just days after first launching.
First looking at our easy access best buy table, RCI Bank has made a return with the increased rate on its Freedom Savings Account, now paying 1.20% gross/AER, which was also applied to existing account holders, pushing the provider up to second position.
Today, we have seen Paragon Bank return to our best buy table, with the launch of a new version of its Limited Edition Easy Access account, paying 1.15% gross/AER.
Looking at our fixed rate cash ISA tables, we saw an improved version of Bank of Cyprus UK’s 1 Year Fixed Rate Cash ISA hit the top spot, paying 1.22% tax free/AER.
For longer term fixed rate cash ISAs, United Trust Bank launched a new version of its Cash ISA 5 Year Bond, which sat head and shoulders above the rest of the field, paying 2.10% tax free/AER. Although it is important to note that this account does not accept any new non-ISA funds.
Following this, Charter Savings Bank launched new versions of its cash ISA range, including a brand new 120 Day Notice Cash ISA, paying 1.25% tax free/AER, which has taken the lead in our variable rate cash ISA best buy table.
Not content with just leading this table, the provider has also taken fourth position with the new version of its Easy Access Cash ISA, paying 1.02% tax free/AER.
Charter Savings Bank also took the lead in each of our fixed rate cash ISA tables, surpassing the new rates from both Bank of Cyprus UK and United Trust Bank, paying 1.30% tax free/AER on its 1 Year Fixed Rate Cash ISA and 2.15% tax free/AER on its 5 Year Fixed Rate Cash ISA.
In addition to these, improved rates on both its 2 and 3 year fixed rate cash ISAs saw the provider stretch its lead over the rest of the field in the respective tables.
However, Virgin Money then joined the party, launching its new 3 Year Fixed Rate Cash ISA, matching the rate on offer from Charter Savings Bank and now accompanies the provider at the top.
We have also witnessed a number of changes in our fixed rate bond best buy tables, with improved rates coming from a number of providers.
Vanquis Bank launched new versions of its range of fixed rate bonds, most eye-catching are its two market-leading rates. Its 4 Year Fixed Rate Bond pays 2.20% gross/AER and its 5 Year Fixed Rate Bond pays 2.50% gross/AER.
Changes also came from Shawbrook Bank, with its 1 Year Fixed Rate Bond Issue 48 heading to the top spot, paying 1.90% gross/AER.
Last of the moves in the fixed rate bond domain came from PCF Bank, taking the first steps into the savings market this week with a variety of fixed term deposit accounts and a 100 day notice account.
Just days after first launching, the new provider increased rates across its entire range of savings products, which subsequently saw the provider feature in each of our fixed rate bond best buy tables.
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.