🔔 Rates Rundown 30th June 2017

Author: Anna Bowes
30th June 2017

Improved rates continue throughout June

We have continued to see rates creeping up throughout the first half of the year and in the last two weeks, there has been no sign of this letting up.

United Bank UK launched market-leading rates across its fixed rate cash ISA range.

Paragon Bank made a bold statement with improved rates across its fixed rate bond range. The provider now holds the top spot in the 1, 2 and 5 year tables.

Al Rayan Bank also made improvements to its 12 and 24 month fixed term deposit accounts, which saw the provider lead the sharia account best buy table for those terms.

Ulster Bank has taken the top spot in our easy access best buy table, with an improved rate on its eSavings account. We have also seen improved easy access rates from both Tesco Bank and National Counties Building Society.

------------------------------------------------------------------------------------------------------------------------------------------

United Bank UK has launched new versions of its fixed rate cash ISA range, all now topping the respective best buy tables. The 5 Year Fixed Rate Cash ISA pays 1.93% tax free/AER, the 3 year ISA pays 1.44% tax free/AER and the 2 year ISA pays 1.36% tax free/AER.

All three accounts can be opened in branch or via telephone, with a minimum of £2,000. The accounts also accept transfers in, so could provide a home for previously accrued cash ISA funds.

Paragon Bank has increased the rates across its range of fixed rate bonds, now leading the market in multiple terms.

Most prominent of the new versions are the 1, 2 and 5 year fixed rate bonds, paying 1.85% gross/AER, 2.05% gross/AER and 2.45% gross/AER respectively.  These accounts can all be opened online, with a minimum of £1,000.

Coupled with offering the top rates, these accounts also give the option of monthly interest payments for those that would prefer it.

Looking across to Sharia accounts, we have seen increased rates from Al Rayan Bank, which has seen them rise to the top spot in our table for the given term lengths.

Al Rayan Bank now pays 2.00% gross/AER and 2.09% gross/AER respectively. Both of these accounts have multiple channels for both opening and operating, so there should be an option to suit all.

It is important to fully understand and be comfortable with how sharia compliant accounts work before going ahead. If you would like further information, please call our savings team on 0800 321 3581 or see our recent article on sharia accounts.

Across to the easy access market, we have seen a number of improved rates. The pick of the bunch came from Ulster Bank, following an improvement on the rate on its eSavings account. Now paying 1.25% gross/AER on balances from £1, the account can be applied for online or via the telephone.

It is important to be aware that although this account is applied for online or via the telephone, the online ID verification is strict, so you may be required to take ID to a branch for verification. This can be done at an Ulster Bank, or RBS or NatWest branch.

We have also seen improved easy access accounts from Tesco Bank and National Counties Building Society, paying 1.11% gross/AER and 1.12% gross/AER respectively, although slightly overshadowed by the rate on offer from Ulster Bank.

 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.