As providers continue to gradually reveal their plans with regard to their existing interest rates, following the base rate rise a fortnight ago, new accounts coming into the market have been fewer in number this week.
However, there have been a few key changes in our best buy tables – proving that some providers at least continue to actively compete in the savings market.
Perhaps the biggest news of the week came in the easy access table, with a new market leader in the form of Bank of Cyprus UK. This account was closely followed by Charter Savings Bank, launching their own best buy later in the week.
The bad news is that the account from Bank of Cyprus UK was withdrawn from sale yesterday evening – which just goes to show how important it is to keep an eye on the market and act quickly.
Sign up to our Rate Alert emails if you haven’t done so already to make sure you don’t miss out on any new accounts.
Meanwhile, for those looking for easy access to their cash ISA funds, there is also a new leader – Shawbrook Bank.
Easy Access Accounts
At the beginning of the week, a new market leader emerged in our Easy Access Best Buy Table.
Bank of Cyprus UK went straight to the top with the launch of a new version of its Online Easy Access Account, paying 1.35% gross/AER. Evidently it proved popular with savers, lasting less than a week before it was withdrawn from sale yesterday evening.
This just goes to prove that top-paying accounts do not always last long, so you often need to act quickly to snap up a good deal. Keep on top of the latest movements with our Rate Alerts – delivered to your inbox whenever an interesting new account hits the market.
Now taking top spot is Charter Savings Bank, with another new account that was launched this week. Paying 1.32% gross/AER, accounts can be opened online with a minimum of £1,000.
Variable Rate Cash ISAs
Elsewhere, those looking for easy access to their cash ISA funds were boosted by the launch of a new leading rate towards the end of the week.
Shawbrook Bank’s new Easy Access Cash ISA Issue 1 pays 1.10% tax free/AER and can be opened and managed online with a minimum of £1,000. Transfers in from previous ISAs are accepted into the account.
Fixed Rate Bonds
No week would be complete without improvements in the fixed rate bond market and this week has been no exception.
United Trust Bank launched a new version of its 2 Year Bond paying 2.05% gross/AER, matching the top rates for the term.
Amongst the other top rates currently available, Vanquis Bank (2.40%) and Ikano Bank (2.46%) lead the 4 year and 5 year tables respectively.
Meanwhile, Atom Bank still dominates the shorter term tables, though the provider has an app-based application process, so those looking for an alternative should consult our fixed rate bond best buy tables.
Fixed Rate Cash ISAs
Not to be outdone, the Fixed Rate Cash ISA tables have also seen improvements, with new leading rates amongst the shorter terms.
Charter Savings Bank now offer the top rate for a 1 year term, with a new account launched paying 1.36% tax free/AER. The account takes top spot by the smallest of margins - just 0.01%.
Earlier in the week, Yorkshire Building Society launched a new 15 month fixed rate ISA paying 1.40% tax free/AER.
Although comparing favourably with the 1 year fixed rate cash ISAs in our table, you would be tied in for an extra 3 months – something to consider before taking the plunge.
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.