Rates Rundown: A quiet week in the best buy savings market

02nd November 2017

It has been a slow week, with very few accounts launching and competing amongst our best buy tables.

This is perhaps due to providers waiting for the result of the Bank of England base rate announcement that took place earlier today, before unleashing new competitive rates in to the savings market.

However, we have inevitably seen further improvements made in the fixed rate bond market, along with changes amongst the easy access account best buy table.

 

Fixed Rate Bonds

Vanquis Bank has broken through into our short term fixed rate bond categories, with its market-leading 1 and 3 year accounts.

The provider is offering 1.85% gross/AER and 2.25% gross/AER, leading the way in our respective tables.

Both accounts can be opened, like many leading rates, online only, with a minimum balance of £1,000.

We have also seen PCF Bank climb higher in our 5 year table, now holding third position, paying 2.42% gross/AER.

This is the highest-paying 5 year fixed rate bond that can also be opened by post, rather than just online like many other top rates, so may be a suitable alternative for those who do not wish to conduct financial transactions online.

 

Easy Access Accounts

Although we haven’t seen any new top end rates enter the easy access market, it is interesting to see that a number of providers have withdrawn their best buy rates over the last week.

This includes both the Post Office’s Online Saver Issue 26 and Ulster Bank’s eSavings account.

This illustrates why we feel acting quickly to obtain the best rates available is essential, as often they (the rates) do not hang around for long.

That said, we continue to see RCI Bank’s Freedom Savings Account holding strong at the top, as it has consistently since its launch.

This account has recently been joined by Birmingham Midshires’ Internet Saver Account, with both accounts paying 1.30% gross/AER.

 

For more information on any of the accounts above or for other options, call our Bath-based Savings Experts on 0800 011 9705. We’d love to hear from you.

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