Rates Rundown: New month, new tax year, new best buys!

07th April 2018

This shorter week was bookended by two key changes in our fixed rate bond best buy tables.

At the start of the week, Secure Trust Bank launched a new market-leading five year bond, alongside improved six and seven year bonds.

Then at the end of the week, RCI Bank launched a new version of its three year fixed rate bond*, taking top spot in our table.

With the start of the 2018/19 tax year, a number of providers came back into the fixed rate cash ISA market – with Aldermore* the most noteworthy of the new best buy entrants. Meanwhile, there has been little change amongst variable rate cash ISAs, with Nationwide still ruling the roost.

Amongst easy access accounts, the key change of the week came from Tesco Bank, lowering the rate on offer, though still remaining in our easy access account best buy table - with the other leading accounts still holding firm.

If you enjoy reading our Rates Rundown each week, make sure you also sign up to our Rate Alert emails, for a regular update on the latest best buy accounts, as they hit the market.


Fixed Rate Bonds

There were two key changes this week in this area of the savings market – with Secure Trust Bank kicking off the week with market-leading longer term accounts.

The provider’s five year fixed rate bond pays 2.65% gross/AER and sits proudly at the top of our table. Also launched was its six year fixed rate bond (2.70% gross/AER) and seven year bond (2.75% gross/AER) - which both lead the way for those looking for an even longer term.

Then at the very end of the week, RCI Bank improved the rate on offer on its three year fixed rate bond to 2.31% gross/AER* and now sits at the top of our table, albeit by the smallest of margins.

For further information or to view other options that are currently available, including shorter term bonds, please refer to our fixed rate bond best buy tables.


Fixed Rate Cash ISAs

Now that the dust has settled on the previous tax year and providers have set up their stalls for the brand new tax year, it is worth rounding up the top-paying options for those looking to make full use of their 2018/19 ISA allowance.

Back into the market and straight in at the top of the one, two and three year tables is Aldermore.

The provider is paying 1.50% tax free/AER for one year*, 1.70% tax free/AER for two years* and 2.00% for three years* and now dominates the shorter-term fixed rate cash ISA market.

For those looking for a longer term, Halifax and United Trust Bank both offer the top rate of 2.25% tax free/AER for five years.

Halifax accepts transfers of previous ISAs into this account and it can be opened in branch, online or by telephone, with a minimum of £500.

United Trust Bank requires a minimum opening balance of £15,000 and only accepts transfers in of previous ISAs, so new ISA money cannot be deposited into the account.

To view the full range and review other top rates currently available, please visit our fixed rate cash ISA best buy tables.


Variable Rate Cash ISAs

There is little change to report as we moved into the 2018/19 tax year, with Nationwide still pick of the crop.

Nationwide’s Single Access ISA pays 1.30% tax free/AER (or 1.40% for existing members) – although, as the name suggests, you are limited to just one withdrawal a year and so may not suit every saver.

The next best easy access option comes from Shawbrook Bank – it pays 1.25% tax free/AER and can be opened with a minimum of £1,000.

For further information, please refer to our variable rate cash ISA best buy table.


Easy Access Accounts

The only significant change amongst easy access accounts came from Tesco Bank, lowering the rate on offer from 1.30% to 1.25% gross/AER – still competitive but moving down from joint second to joint third position in our table.

Ahead of Tesco Bank is the consistent Freedom Savings Account* from RCI Bank, still paying 1.30% gross/AER.

But still leading the way is ICICI Bank (1.34% gross/1.35% AER), though unlike the account from RCI Bank it includes an introductory bonus, so it may not suit everyone.

For more information on the accounts above, take a look at our easy access best buy table.


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.

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