Although the week started off slowly with few accounts hitting the best buy tables, the end of the week saw a burst of activity.
Multiple providers broke through into our best buy tables, the majority of which were fixed rate bonds.
This includes a first for Savings Champion - a new SIX year fixed rate bond.
Elsewhere, we have seen an improved offering in our Sharia accounts best buy table, with a new one year fixed term product taking a leading position.
The only change of note in the easy access market, is the break-up of the trio previously ruling the roost.
Finally, with the end of the 2017/2018 tax year fast approaching, we round up the best accounts on the market this week for those looking to utilise this year’s cash ISA allowance before it is lost forever.
With this in mind, now is a perfect time to sign up for our Rate Alert emails to hear about the latest cash ISA best buy accounts as they hit the market.
Fixed Rate Bonds
The week began with Investec Bank snatching second position in our one year table, paying 1.85% gross/AER.
Paragon Bank then launched its one year product paying 1.85% gross/AER, joining Investec.
However, by the end of the week we saw a yet another provider securing second place behind Atom Bank in our one year table – pipping Investec and Paragon by the smallest of margins with a rate of 1.86% gross/AER.
Secure Trust Bank launched a range of new fixed rate bonds, including the one year account mentioned above, but also a market-leading five year bond and a six year bond.
The new six year fixed rate bond pays 2.50% gross/AER and secures the provider the title of market-leaders for the term (albeit by default as no other providers offer accounts for this term!!).
Secure Trust Bank’s new five year product just edges out Vanquis Bank for the top spot, paying 2.46% gross/AER, a mere 0.01% higher.
Not surprising in the current market, each of these leading rates are available to open online only, with a minimum of £1,000 or £25,000 for accounts with Investec Bank.
For more details and the full range of options across each term, take a look at our fixed rate bond best buy tables
We have also seen an improvement among fixed term accounts in our Sharia account best buy table.
BLME has increased the return offered on its One Year Premier Deposit AccountThe new offering of 1.90% gross/AER is highly competitive when compared to standard one year fixed rate bonds.
However, before proceeding it is important to understand the key differences between Sharia compliant banking and standard accounts. For more information on this, please refer to our sharia account best buy overview
Easy Access Accounts
Although we haven’t seen any new accounts enter the table, we have seen the long-standing trio in our easy access table change to a duo.
Post Office has bowed out, leaving RCI Bank and Tesco Bank holding strong at the top. Both providers continue to hold the joint-leading position paying 1.30% gross/AER on their respective accounts.
Again, unsurprisingly in the current market, these accounts are available to open online only and both give savers the option of monthly interest payments.
For more information on the these accounts, please take a look at our easy access best buy table.
With the end of the current tax year fast approaching, many savers will be looking to make the most of their ISA allowance. So, we round up the best cash ISA deals currently available.
Virgin Money continues to lead the way in our variable rate cash ISA table, paying 1.21% tax free/AER, potentially providing a suitable home while you decide where you want to keep your ISA funds longer term.
We also see the red of Virgin Money atop our two year fixed rate cash ISA table, paying 1.66% tax free/AER.
Leeds Building Society continues to offer best rates on one and three year fixed rate cash ISAs, paying 1.45% and 1.85% tax free/AER respectively.
Finally looking to our five year table, United Trust Bank stands firm in its leading position, paying 2.20% tax free/AER. Although it is important to note that this account only allows transfers in, no new non-ISA funds can be added and it also has a minimum deposit requirement of £15,000.
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.