Things have certainly started to heat up a bit in the best buy tables. We’ve only just been able to keep up with all the changes happening day by day, sometimes hour by hour. This is great news though, as although inflation has continued to rise as anticipated, and is still far higher than even the best savings accounts available, at least saving rates are rising too.
RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (08/04/2022). All up-to-date rates can be found on our Best Buy tables.
Best Buy Easy access rates have jumped up over the last couple of weeks, with a number of providers pushing for the top spot.
Atom Bank made an early dash to the peak of the table with its offering of 0.90%. Aldermore, entered the table with not one, but two products. The two offerings bookended the table, paying 0.85% and 0.95%.
The reign at the top was short live for Aldermore though and the leading rate of 0.95% fell out of the table completely by the turn of the tax year.
Chase demands the headlines with its Cash Saver Account, offering 1.50% - 0.40% above the next best. Although savers are required to hold a current account with the provider to receive the market-leading rate.
After Chase, we see Tandem and Cynergy Bank, both of which are offering 1.10% on respective products. Tandem’s Instant Access Saver can only be opened via its mobile app, while the rate from Cynergy Bank includes a 0.80% bonus for the first 12 months – but can be opened online.
All in all, it is good news for savers as the average of our top five has increased over the fortnight from 0.79% to 1.14% - that is a 0.44% increase - let’s hope that this continues.
The competition across our fixed rate bond best buy tables has continued in full swing.
In our one year table, Monument came in with an offering of 1.80% which was later matched by Tandem, both were then ousted from the joint leading spot by Zopa, by the smallest of margins. Zopa’ s latest product pays 1.81% taking the lead into the weekend.
We again saw Monument make a strong showing in our two year table, with a new offering at 2.05% only 10 days or so ago, which seemingly spurred on others as we’ve seen a subsequent flurry of competition.
Both SmartSave and Zopa launched new products paying 2.06% and 2.05% respectively, each edging out Monument from the lead spot.
The competition did not end there, next came JN Bank UK and Atom Bank, releasing products paying 2.11% and 2.10% leading the way – though there was yet more to come in the closing stages of this week. SmartSave in a late move offering a new rate of 2.16% ending top of the pile.
SmartSave is not finished there. In our three year table – it again leads the way, this time offering 2.21% although this does not tell the story of the last two weeks.
Earlier on JN Bank UK upped the ante ousting SmartSave (paying 2.01% at the time) from the lead spot nearly two weeks ago. JN Bank offered 2.11% claiming the lead spot by 0.10%. This was in turn, beaten by Tandem offering 2.15% - both Tandem and JN Bank UK were well clear of the field at that point (next best at 2.01%).
But there was a flurry of new products across the final days of March from Secure Trust Bank, Tandem, and JN Bank UK all with new offerings offering 2.20%, later joined by Zopa, before all being pipped by SmartSave once again as mentioned above.
Secure Trust Bank and Monument have stolen the show in the five year table, each offering 2.40% on respective offerings, and that is where they end the week.
But there was a little battle for 2nd place. PCF Bank upped the rate it’s offering to 2.35% which sees the provider hold onto second position where it was joined by Oxbury, while Zopa rounds out the top five, paying 2.31%. As little as two weeks ago Zopa would have been sat proudly atop our table with that rate, but at the time of writing is clinging onto the final spot.
We have seen continued competition across the tables over the last fortnight, and average rates across the top five have increased from 1.57% to 1.80% - as ever we hope we see even more increases in the coming weeks.
As expected, with the end of the tax year we saw several changes across our fixed rate cash ISA best buy tables; not only increases but a number of providers withdrew products from the market in the final days of the tax year.
But the beginning of the 22/23 tax year started, inevitably, with many new products entering the best buy tables.
Hitting the ground running in our one year table, we see Shawbrook Bank, paying 1.40% on Issue 59 of its one year fixed rate cash ISA. The best of the chasing pack comes in the form of Kent Reliance, offering 1.34%, with Leeds Building Society following, paying 1.30% on Issue 163. OakNorth Bank introduced a new range of cash ISAs seeing its one year offering match Leeds BS (paying 1.30%). Rounding out the top five we see Charter Savings Bank paying 1.26%.
On the final day of the 21/22 tax year the average rate in our one year table was 1.16% - a mere 24 hours later, the average rate increased to 1.31% - a sign of competition igniting among providers to get hold of savers’ hard earned money. This is an exciting improvement – although of course if you don’t pay tax on your savings, you can still get more from a non-ISA fixed rate bond.
In our two year table, we have not seen such changes either side of the tax year end. United Bank UK has continued to rule the roost, offering 1.71%, with Aldermore in a close second at 1.65%. Kent Reliance is to be found in third position this time, paying 1.64% on issue 54 of its two year fixed rate product, with the remainder of the table rounded out by two Building Society accounts with Newcastle at 1.61% and Leeds at 1.60% respectively.
Just two weeks ago though, the best two year ISA was paying just 1.60% so the ISA season has really pushed things along in the last days of the tax year.
UBL UK continue to rule the three year realm, offering 1.76% - a leading rate that has been on offer since the end of March. Aldermore is in hot pursuit, paying 1.75% on its new offering at the start of the 22/23 tax year.
Buckinghamshire Building Society entered the fray nearly two weeks ago now with a market-leading offering at 1.70%, which as show above, has be superseded and has fallen to third position in our table.
Finally, we look across to our five year table, and we see United Trust Bank claiming the top spot with Buckinghamshire Building Society in second, the pair offering 1.95% and 1.90% respectively. Both of these products came to market in the week leading up to the turn of the tax year and remain atop the table.
We had seen The Melton Building Society race to the top spot paying 1.00% on its 100 Day Notice Cash ISA - only for this to be pipped to the post today with a late increase to Marcus's Cash ISA rate to 1.00% (with a 0.10% bonus) for both new and existing customers, meaning they will end the first week of the new tax year in 1st place.
Following closely behind offering 0.92% with easy access is Shawbrook Bank, with Issue 20 of its Easy Access Cash ISA, which can be opened online, and allows transfers in of previous tax years’ ISAs.
Aldermore and Ecology BS make up the remainder of the table, offering 0.90% and 0.80% respectively. The Aldermore ISA is a 30 Day Notice Account, available online with transfers of existing, previous tax year ISAs allowed. The Ecology Cash ISA is available to open online or via post, though you are unable to transfer in previous years’ ISAs.
Al Rayan Bank and Gatehouse Bank are once again battling it out for the best Sharia provider. Last week it was Al Rayan that ruled the roost on all terms, bar five years. But Gatehouse Bank has fought back this week by upping its two, three and five year bonds paying 2.15%, 2.20% and 2.50% respectively. However, Al Rayan fought back at the last moment by upping the rates on offer over two and three years to 2.20% and 2.26% respectively, taking the crown back. Once again Sharia bonds are paying the top rate versus non Sharia bonds over all terms, showing it’s important not to ignore these bonds.
It's encouraging to see best buy rates continuing to improve - let's hope there is more to come. Keep a close eye on our Best Buy tables for up to the minute information.