🔔 Rates Rundown - best rates soar to as high as 3.25% AER

Author: Anna Bowes
17th June 2022

With another base rate rise under our belt, we continue to see rates on the rise and you can now earn in excess of 3% if you are happy to tie up your money for at least two years. It's been 10 years since we could have last said that!


RATES ARE CORRECT AS AT THE TIME OF PUBLICATION (17/06/2022). All up-to-date rates can be found on our Best Buy tables.

Easy Access

At last, there's been a successful challenge for the top spot in the Easy Access best by table. Virgin Money ousted the long standing Chase Saver Account by upping the rate on its M Plus Saver to 1.56%. It now sits firmly in the leading position although it is important to be aware that you are required to hold a M Plus Current Account with the provider in order to receive the advertised market-leading 1.56% rate. And the maximum balance if £25,000.

The fall from the top didn't stop there for Chase, following the launch of a new offering on Raisin UK's platform, Chase fell back to third spot.

The new offering via Raisin UK is provided by United Bank UK and pays 1.52% claiming second place. Furthermore, Savings Champion subscribers who are new customers to the Raisin UK platform could claim a £25 bonus, if you apply using our link, boosting the effective return. 

There are some Terms and Conditions though. If you are eligible for a bonus, you must claim it by emailing [email protected] with the subject 'Raisin UK Bonus' - using the same email address you used to register. In the email, please add your full name. You can make the claim as soon as you have been notified that your savings account has become active, but with the easy access account, the bonus will be added to your Raisin hub account after the account balance has remained at £10,000 or more, for six months.

Notice Accounts

Oxbury stole the show in our notice account table over the last couple of weeks. The provider, started with a new version of its 180 day notice product which rose to the top spot in our table paying 1.80%. 

Seemingly not content with that, Oxbury launched new versions of its 95 and 120 day notice accounts both of which stormed to the top spots in the best buys.

The provider locked up positions 1, 2 and 3 in our table, with its 120, 95 and 180 day notice products respectively, paying 1.90% on the 120 day offering and 1.80% on both its 95 day and 180 day notice products.

Fixed Rate Bonds

We have seen several providers battling it out for bragging rights across our fixed rate bond best buy tables over the last two weeks; Raisin UK, Atom Bank, Cynergy Bank and SmartSave to name just a few.

Starting in our one year table, we saw Raisin UK hit the top spot with a new offering from Ahli United Bank paying 2.55%. However, this seems to have broken the stalemate that was keeping rates under 2.50% and the rate was soon surpassed by the new version of Cynergy Bank's one year offering which pays 2.57%.

Atom Bank then launched a new version of its one year fixed saver, paying 2.60% sliding into the lead position. We also saw Oxbury make an entry into the top five, with Issue 13 of its 1 year bond paying 2.51% claiming fourth spot. As we end the week, all of the top five 1-year bonds are now paying 2.50% or more!

Looking at our two year table, we again saw a new offering from Raisin UK provided by Ahli United Bank climbing to the top spot, this time paying 2.87%. Alongside this move we saw a new version of SmartSave's two year bond paying 2.79% AER, enter our table.

Following this Cynergy Bank made a move which landed the provider in first place, with the latest offering paying 2.88%. This triggered a little battle though between SmartSave and Atom Bank as Atom Bank next launched the top paying 2.90% on a new version of its two year fixed saver. However, SmartSave retaliated by increasing its offering again to a market leading 2.91% claiming the top spot by the smallest of margins.

It was almost an identical picture in the three year bond table, with a little extra action tagged on. Ahli United Bank via the Raisin UK platform took the leading position with a 3-year bond paying 2.90% but this rate was soon matched by Cynergy Bank and later by Atom and United Trust Bank. Once again SmartSave edged ahead of the quartet paying 2.91% on its latest product. But PCF Bank joined the party and landed top of the pile with issue 38 of its three year bond, paying 2.95%.

Finally in the fixed rate bond market, we look at our five year table. It will come as no surprise that we have once again seen Ahli United Bank hitting the lead with a product offered via the Raisin UK platform. This time around its five year product is paying 3.00% - the first time we've seen a rate this high for years. But it didn't stay solo for long. As we end the week, PCF Bank and United Trust Bank also paying 3%. Meanwhile both Atom Bank and Secure Trust Bank are offering 2.90% on their respective products takig up the last two places in the table.

All in all, another busy period for best buy fixed rate rate bonds and some significant barriers broken!

Fixed Rate ISAs

Over the last two weeks we have seen jostling across our fixed rate ISA tables for the leading spot. Virgin Money, Hodge Bank, United Bank UK and OakNorth have all been busy with new products entering our tables across multiple term lengths.

First up, Hodge Bank launched a new version of its one year product which claimed joint honours at the top of our table, joining UBL. Later in the week Secure Trust Bank made it a three way tie for the lead with its latest offering also paying 1.76%.

We then saw a big play from Virgin Money, with Issue 496 of its one year product paying 1.90% storm to the top of the table, while Oaknorth crept into second spot paying 1.77%.

The move from Virgin Money was trumped by UBL with the launch of its latest one year fixed rate cash ISA paying 2.01%. But late in the week Secure Trust Bank climbed to second spot just ahead of Virgin Money when it increased the rate offered on its one year ISA to 1.91%.

Across in our two year table, we saw Hodge Bank make an early move seeing the provider head to the top paying 2.21%. Although this offering has since slipped from our top five, it could be seen to have spurred on the upward spike we have seen over the last week or two.

Secure Trust Bank and Oaknorth each stretched the lead by the smallest of margins, with Secure Trust Bank hitting the top paying 2.22%, only to be edged out by OakNorth paying 2.23%. 

Next to the party was Virgin Money, which is paying 2.25% on Issue 497 of its two year product taking the lead.

We then saw a bold move from UBL, offering 2.31% on its latest offering storming to the top of the table where we thought it would remain. But it was not to be. Shawbrook Bank made a last minute dash for the top launching Issue 60 of its 2 Year Fixed Rate Cash ISA Bond paying 2.33%.

On to our three year fixed rate cash ISA best buy table and we saw the same names popping up making the moves in our top five. First again was Hodge Bank, slipping into the leading spot paying 2.26%, a rate still available but now holding fifth place.

Secure Trust Bank was the next to make a move, and at the time of launching claimed the leading position paying 2.28%. 

We then saw OakNorth take the lead paying 2.31% pushing both Hodge Bank and Secure Trust Bank down to second and third places respectively.

But not to be beaten UBL made another move launching a new three year product paying 2.36% to take a commanding lead over the chasing pack. In a late move Secure Trust Bank increased the rate on its three year product to 2.35% sliding into second spot just shy of UBL. But both were knocked down a peg, again by Shawbrook Bank when it launched the latest issue of its 3 Year Fixed Rate Cash ISA Bond Issue 40, paying 2.38%.

Finally in our five year best buy, once again we saw Hodge Bank climb to the leading position, this time paying 2.36%. 

But Secure Trust Bank launched a new version of its five year product, which matures in July 2027, and pays 2.40% AER. Once again a late move from UBL UK in the fixed rate cash ISA arena saw the provider claim the lead position paying 2.60% again taking a commanding lead over the next best. Shawbrook Bank was at it again by launching its latest 5 Year ISA paying 2.42% AER - so this time not toppling UBL.

Variable Rate ISAs

Cynergy Bank was leading our variable rate cash ISA best buy table for most of the last couple of weeks, with Issue 23 of its Online ISA paying 1.31% storming to the top.

Marcus was in hot pursuit of Cynergy Bank increased the rate on its Cash ISA to 1.30%, though very similar in rates offered, a key difference to note is that transfers of previous years' ISA funds are not allowed for the Marcus product.

We also saw Issue 17 of Virgin Money's Defined Access Cash E-ISA, which gave the provider a share of second spot in our tables for a while (paying 1.30%).

But final moves by Aldermore and Paragon changed the leaderboard. Aldermore increased the rate on its 30 Day Notice Cash ISA Issue 12 to 1.40% AER - taking the top place. But Paragon also increased the rate on its Triple Access ISA Issue 8 to 1.35% so this is now the leading easy access ISA (albeit as the name suggests only three penalty free withdrawals can be made each year) and takes the 2nd place in the Variable Rate Cash ISA best buy table. 

Sharia Fixed Term Bonds

BLME has stolen the show, not just across the Sharia account arena, but across the market. The provider is offering the very best rate currently on the market - 3.25%. 

This rate is available on its five year fixed term product with the next best on the market at 3.00% (excluding other BLME products).

Looking at the other rates offered by BLME we again see the provider offering the top rates available. BLME's three year product is offering 3.05%, with the next best three year product at 2.95%.

The story is the same for BLME's two year product, offering 3.00%, the highest rate seen for this tern for a decade! The next best two year product comes from SmartSave paying 2.91% - so not too far behind.

It's great 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.