There’s been no specific trend amongst the best buys over the last couple of weeks, although unfortunately some rates have continued to fall.
That said, there have also been some new additions to the market, keeping the reductions less painful. And there are still plenty of accounts paying more than inflation - helping you to keep up with the current rising cost of living.
But we are still expecting more base rate cuts in the coming months, so make sure you monitor your savings closely and switch when you need to.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (27/09/2024). All up to date rates can be found
on our Best Buy tables.
There’s been very little activity in the Easy Access Best Buy table recently but there was a surprising uptick in the average of the top five, driven by an increase to the interest rate on offer on the Chip Easy Access Saver Account to 5%.
This slotted the account into 2nd place behind Ulster Bank, although as previously reported Ulster Bank has announced that they will be cutting the rate on this account to 4.75% on 14th October. As things stand at the moment, this means the account will drop out of the table completely. But we have made the decision to keep the account in the table however, as any of the easy access account rates could be cut at any time, without letting us know in advance; we don’t want to penalise those providers who do give us advance warning!
Another positive move in this table was via Raisin. Monument Bank is now offering an account paying 4.87% via the platform and putting it into mid table position and bolstering the average of the top five.
There’s mixed news in the fixed term bond tables.
1 Year
The good news is that the top rate on offer in this table has increased in the last couple of weeks - GB Bank via the Raisin platform has launched a new 6-month account paying 5.30% AER, and Mizrahi Tefahot (again via Raisin) has also launched a 6-month bond paying 5.06%, which we slotted into 2nd place.
Mizrahi Tefahot is still offering the top 1-year bond of 5%, once again via Raisin but Union Bank of India is still just behind paying 4.95%.
2 Years
The 2-year table has been extremely quiet. Union Bank of India is still at the top paying 4.75% for 18 months, but with Ziraat Bank and then Isbank, both via Raisin, being withdrawn, this has left RCI as the top paying 1-year bond as we head into the weekend, paying 4.70% AER. Birmingham Bank is hot on its heels though paying 4.68% - all far higher than inflation!
3 Years
The 3-year table has given us some good and bad news. The good news is that there is a new higher paying market leader for those happy to get onboard with Raisin. GB Bank which is not available directly, has launched a 3-year bond paying 4.55% AER, bucking the downward trend.
The only other news in this table is poor! Hodge Bank withdrew its bond offering 4.52%, replacing it with its latest bond, paying slightly less at 4.50% AER.
5 Years
There’s almost nothing to report in the 5-year table but the one bit of news is good!!!
GB Bank – once again via Raisin, has launched a market leading account paying 4.40%.
Cash platforms, like Raisin, often partner with banks that cannot be accessed directly, and as they are lesser known, they are prepared to pay higher rates to attract money and choose to use the platforms to raise the funds they want. Added to that, the platforms conduct the necessary due diligence to ensure these banks are legitimate and part of a compensation scheme, such as the UK Financial Services Compensation Scheme (FSCS) – so you don’t need to worry.
Remember that Raisin UK is still offering a welcome bonus for those who have not yet joined up to the platform. Those opening and funding an account with at least £10,000 for the first time with Raisin UK, will receive a £100 bonus payment
In order to receive the bonus, savers must enter the promo code 'OFFER100' whilst signing up for a new Raisin UK account clicking here or using the links in our best buy tables and they must do so before midday on the 30th September 2024. Once your Raisin UK Transaction Account has become active, you must apply for and open a savings account within the platform, and fund the account with a minimum of £10,000 by 11:59pm on 15th October 2024.
As with the fixed rate bond tables, there has been good and bad news in the ISA tables over the last couple of weeks – but while I sound like a broken record, in general the trajectory is downwards.
1 Year
Unfortunately, a plethora of withdrawals of the top 1-year ISAs available means that the overall average of the top five has fallen from 4.63% to 4.56%.
Kent Reliance was the presiding ruler paying 4.63%, but this was withdrawn along with the next in line for the top spot, Close Brothers paying 4.62%
This meant that when Virgin Money launched a new issue of its 1 Year Exclusive ISA paying 4.61%, down from the previous issue which was paying 4.75%, this went back into the top spot.
Beehive and Shawbrook have made it back into the table, albeit unfortunately with lower rates as we have come to expect, but they are in joint 2nd spot as we head into the weekend paying 4.56% AER
2 Years
It’s been quieter in this table but overall the top rates have fallen too. We lost the previous market leading ISA from Loughborough Building Society paying 4.45%. But an increase from Hodge Bank saw the Welsh-based bank take pole position with its latest ISA paying 4.42% AER.
3 Years
It’s been an interesting time in the 3-year ISA table. There were some encouraging increases, but also a couple of withdrawals which leaves the top rate available still at 4.35% with Cynergy Bank, but the average of the top five has fallen a little to 4.23% from 4.28%.
The bright spot in this table over the last couple of weeks is a new increased rate on offer from UBL UK, paying 4.31% tax-free. This sits firmly in 2nd place behind the aforementioned Cynergy.
5 Years
There’s not much to report in the 5-year table either, The top rate on offer is still 4.10% AER with UBL UK, but the average of the top five has decreased ever so slightly to 4.02% from 4.04% two weeks ago.
Whilst the last couple of weeks have continued to see rates falling overall, there is still some competition alive and there are still some pretty good rates to be found – especially bearing in mind the fact that inflation is just over the 2% target – so you can find plenty of inflation busting accounts.
We’ll be back with another update in two weeks. In the meantime, remember to keep an eye on the best buy tables.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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