🔔 Rates Rundown - base rate cut delay, boosts best buys

Author: Anna Bowes
31st May 2024

The latest inflation figures are out, and it's looking hopeful! Although we can't simply ignore and forget the pain of the last few years, at least the rising cost of living appears to have slowed to a more comfortable level. But, as it continues to be a little higher than expected, the base rate cut that is on the cards has been pushed back again.

Whilst some savings rates have already been cut in anticipation, overall the best rates are still staying higher for longer - and it's easy to find an account paying more than inflation. So, now's the time to review and switch to earn as much as possible.

RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (31/05/2024). All up to date rates can be found on our Best Buy tables.

Easy Access

The good news is that there have been some positive moves in the easy access table over the last couple of weeks, pushing up the average of the top five to 5.05%, from 4.98%. However there have also been some withdrawals and the first to leave the table was the then market leading Easy Access Account Limited Edition 1 from Oxbury Bank, paying 5.02%.

This withdrawal did see Oxbury’s other easy access account – Personal Easy Access Account Issue 1 – paying 4.96% - move into 5th place however.

The next change was a switcharoo on the Raisin cash platform, as the Raisin Exclusive Paragon Rainy Day Saver paying 5% was withdrawn, but replaced by another exclusive paying the same rate – but this time with Hoist Bank. However, this account only remained available for a few days, before being withdrawn. And Close Brothers also withdrew its Easy Access Account (Issue 3) paying 5%.

Luckily at the same time these withdrawals were made, Oxbury Bank re-issued its Limited Edition Easy Access account, still paying 5.02%, which put it back into the top spot.

However, there were a couple more changes to come which pushed the Oxbury account down into its current 3rd place position. First, we added the Ulster Bank Loyalty Saver account paying 5.20% AER, as it was brought to our attention that although you need to have or open a current account with Ulster Bank, you can now do all of that online or by post if they require ID. Previously you’d have needed to visit a branch to provide ID.

The other and final addition to the table was a new easy access account, exclusive to the Flagstone platform, this time the partner bank is SmartSave, and the rate is currently 5.07% AER.

Fixed Rate Bonds

1 Year

I’m pleased to say that there has also been quite a bit of positive news in the 1-year table, raising the average to 5.19%, up from 5.16%. This includes a new leader!

The first new bond to leap into the table was due to an increase in the offering from Sensible Savings from The Access Bank. They closed their bond paying 5.15% and launched a new issue paying 5.20% - slotting into 2nd place behind Habib Bank AG Zurich.

The next few moves were not as competitive but it got them into the top five. Tandem launched a new bond paying 5.12%, then SmartSave upped its offering from 5.11% to 5.13%. The next to be added was a new bond from Ziraat Bank via the Raisin platform, paying 5.15% AER. But the battle wasn’t over yet. SmartSave was clearly not attracting the amounts it wanted, so boosted the rate available to 5.17% although that was withdrawn a few days later, to be replaced by a lower paying bond – once again 5.13% AER.

Raisin then made the biggest move of last week, launching a bond via the Bank of Egypt, paying 5.22% AER – to take pole position, and it remains there as we head into the weekend.

One other move was from Vanquis which has returned to the table after quite some absence with a bond paying 5.15% - joining Union Bank of India at the bottom of the top five.

2 Years

It’s been a bit quieter in the 2-year table and sadly we lost our leader with the withdrawal of the DF Capital Bond paying 5.07%. This propelled RCI into the top spot with its bond paying 5.05%, but a new 2-year Bond from Sensible Savings also paying 5.05% saw them share the glory.

SmartSave wanted some action in this table too but uncharacteristically only launched a mid-table bond offering 4.96%. This bond would have been boosted up a spot when RCI issued a new lower paying bond with a rate of 4.92% but United Trust Bank claimed 2nd place behind Sensible Savings with a new offering paying 5%.

So unfortunately, not only have we seen the top rate on offer fall slightly, but there are now only two providers in the 5% club in this table at the moment.

Let’s hope things perk up a little going forward as we’ve been given another reprieve from the spectre of a base rate cut.

3 Years

It didn’t start off well in this table, as Birmingham Bank withdrew its then market-leading 4.58% bond, leaving Shawbrook Bank at the top paying 4.57%.

But Sensible Savings swooped into the top spot, with a bond paying 4.80% AER.

There have been some other comings and goings over the last couple of weeks but nothing to challenge Sensible Savings; Atom Bank launched a mid-table bond paying 4.70%, then Isbank – via Raisin, went into 2nd place with a bond paying 4.75%. RCI was the next to make a move increasing the rate on offer from 4.70% to 4.72% and finally Vanquis launched a new bond paying 4.71% to take the final spot. Overall this activity has pushed the average up from 4.72% to 4.74%.

5 Years

In the 5-year table, once again Birmingham Bank withdrew its top place bond paying 4.58% leaving Shawbrook in 1st place with its current offering of 4.57%. But, as in the 3-year table, they were ousted, this time by Isbank via Raisin paying 4.75% - the same as they are offering on the 3-year bond.

And Vanquis has launched a new 5-year bond too, taking the bottom spot paying 4.55%.

Less activity than the other tables, but a new and higher paying leader, which is great news.

Fixed Rate Cash ISAs


Although the top ISA in this table is still the Virgin Money 1 Year Fixed Rate Cash ISA Exclusive Issue 12, paying 5.05% (but only available to current account holders) a few increases further down the table have pulled the average of the top five up from 4.79% to 4.83%.

United Trust Bank and Shawbrook Bank were the first to move – taking up 2nd and 3rd place paying 4.75% and 4.74% respectively. A couple of days later, OakNorth launched a new ISA, matching UTB paying 4.75% too. Castle Trust and Paragon were the next to up the stakes, each launching ISAs paying 4.76%, but OakNorth, Shawbrook Bank and UBL all wanted to pip them so launched ISAs paying 4.77% taking joint 2nd place. Finally, UTB launched the top paying ISA that does not require a current account, with an ISA paying 4.78%.

Some great activity pushing rates in the right direction.


It’s positive news in the 2-year table too – including a new market-leader.

United Trust Bank yo-yoed a little over the last couple of weeks, first increasing the rate on its ISA to 4.61% to join OakNorth at the top of the table, both paying 4.61% AER. But a few days later UTB reduced its offering to 4.55% joining Paragon and Aldermore in joint bottom place.

But Paragon wanted to break free, so increased the rate on offer to 4.59%, sitting just below Beehive Money offering 4.60%. But UTB increased its rate to 4.60% and then again to 4.61% edging its way up. Prior to that latest move from UTB, Secure Trust Bank had joined OakNorth paying 4.61% too, so there were three paying the same rate. But Shawbrook and OakNorth had a little battle as we ended the week as first Shawbrook upped its rate to 4.63% - but OakNorth did not want to left behind, so matched them!


The good news continued into the 3-year table although there was less activity. But what there was, saw an new leader – Principality Building Society launch an ISA paying 4.42%, pipping Secure Trust Bank, OakNorth Bank and Shawbrook Bank who are all offering ISAs paying 4.41% - plenty to choose from within spitting distance of each other.


It’s a full house for good news as there are also two new leaders, paying a higher rate in the 5-year table, as well as a couple of other increases lower down the table. Paragon was the first to move, launching a new account paying 4.05%, matching Beehive Money and Close Brothers in bottom place. Then Secure Trust Bank increased the rate it was offering to 4.07% matching Shawbrook Bank and UBL in joint 1st place. UBL decided it wanted pole position on its own, so pipped the others by upping its rate to 4.08% - but as we end the week, it had to share its crown with Principality Building Society, who matched them. It’s great to see that top rate going higher.

Overall it’s been a pretty good couple of weeks – clearly the markets are no longer expecting the base rate to be cut at the next Monetary Policy Committee (MPC) meeting on 20th June 2024.

We’ll be back with another update in two weeks. In the meantime, remember to keep an eye on the best buy tables.