Rates Rundown: The latest savings news, then the FA Cup final and then the royal wedding – a busy weekend!

18th May 2018

Whatever you are doing this weekend – football, the wedding or trying to avoid both altogether, there is always time to keep up to date with the latest movers and shakers in the savings market.

Determined to regain its easy access crown, Bank of Cyprus UK* upped its rate again and now sits back at the top of our easy access best buy table - after having to share the spoils with Paragon last week.

Bank of Cyprus UK* also took the lead amongst one year fixed rate cash ISAs, again claiming top spot from Paragon.

Also making notable changes this week was Shawbrook Bank, improving rates on both its easy access account and easy access cash ISA.

Sainsbury’s Bank also upped the rates on both its easy access cash ISA and fixed rate cash ISAs, with a number of them entering the best buy tables.

Elsewhere, there were few changes amongst fixed rate accounts, with the only notable improvement coming from OakNorth Bank, taking joint second position in our two year fixed rate bond table.

And finally, Milestone Savings has changed its name to Gatehouse Bank and launched a sharia compliant one year fixed term account, which pays a market-leading rate.  It stands head and shoulders above standard fixed rate bonds, so it may be time to revisit sharia compliant accounts and consider them in more detail.

As always, watch this space as we continue to bring you the latest news - or sign up to our Rate Alert emails to find out about new accounts as they hit the market.

Easy Access Accounts

After having to share top spot with Paragon last week, Bank of Cyprus UK* upped the ante and pulled ahead at the summit of our best buy table.

The new version of the account pays 1.32% gross/AER, although it is worth noting that there is an introductory bonus of 0.47% included in the interest rate, so you may need to review the account after the first year.

Also active in this category was Shawbrook Bank, improving the rate on offer on its easy access account from 1.25% to 1.30% gross/AER and moving up the best buy table as a result.

For more information on the two accounts mentioned above and for the rest of the current top five, take a look at our easy access best buy table.

Variable Rate Cash ISAs

Shawbrook Bank also improved the rate on offer on its easy access cash ISA to 1.30% tax free/AER, matching its standard easy access offering and again moving up the rankings.

Also improving its easy access cash ISA was Sainsbury’s Bank – moving the rate up to 1.21% tax free/AER and just making it into the top five as a result.

To take a closer look and compare these accounts to the best of the rest, click here for our variable rate cash ISA best buy table.

Fixed Rate Cash ISAs 

The main headline here was Bank of Cyprus UK* taking the lead amongst one year fixed rate cash ISAs, claiming top spot from Paragon. The account is paying 1.51% tax free/AER and makes it to the top by the smallest of margins.

There were also improvements made by Sainsbury’s Bank to its fixed rate cash ISA range, with its two year offering (1.65% tax free/AER) now joint second in our table. Also making the top five is its three year fixed rate cash ISA, now paying 1.75% tax free/AER.

Leading the way for two years is Kent Reliance (1.68% tax free/AER) and United Bank UK is top for both three years (1.87% tax free/AER) and five years (2.65% tax free/AER).

For more on each of the above accounts and for further options, visit our fixed rate cash ISA best buy tables.

Sharia Accounts

This week Milestone Savings rebranded, changing its name to Gatehouse Bank. At the same time it launched a new version of its one year fixed term account, paying a market-leading expected profit rate of 2.00% gross/AER.

It is important to note that the account is sharia compliant – so it may be worth taking some time to look at this in more detail before proceeding, if this is a term you are not familiar with.

Our recent article on sharia compliant accounts may be a good starting point for you to begin your investigations or call us on 0800 011 9705 for assistance.

For more on each of the above accounts and for other sharia compliant fixed term options, visit our sharia compliant accounts best buy table

Fixed Rate Bonds

And finally, it was not the most action-packed week amongst fixed rate bonds, with OakNorth Bank making the only move of note – improving its 24 month fixed term account to 2.11% gross/AER and taking joint second place in our table. Secure Trust Bank still leads the way for two years, paying 2.16% gross/AER.

Elsewhere Paragon leads the way amongst one year fixed rate bonds, paying 1.86% gross/AER, while RCI Bank tops the three year table, paying 2.31% gross/AER*.

Amongst the longer-term fixed rate bonds, Vanquis Bank still dominates, paying 2.52% gross/AER for four years* and 2.70% gross/AER for five years*, both currently inflation busting.

For more detail on each of these accounts or to view other leading rates across the full range of terms, please refer to our fixed rate bond best buy tables.

If you need any help with your savings, why not give one of our Bath based savings experts a call on 0800 011 9705, we’d love to hear from you.

Meanwhile if you want to keep up to date with the best rates as they hit the savings market, follow us on Twitter or sign up to our Rate Alert emails for the latest new accounts hot off the press.

*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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