đŸ”” Rates Rundown - the charge continues

Author: Anna Bowes
05th August 2022

Rate increases have continued across the board for both new and existing customers with some key winners and losers. And the base rate increase of 0.50% that occurred this week will hopefully bring even more positive news. That said, fixed term bond rate increases do seem to have slowed a little, so is now the time to grab a top deal?

All up-to-date rates can be found on our Best Buy tables.

Easy Access

Once again, it’s Al Rayan Bank that has made the biggest move this week, by increasing the rate on it Everyday Saver Issue 3, from 1.60% to 1.80%, further cementing its position in the top spot. And better still, this increase is for existing as well as new customers.

But that’s not all that’s happened, or indeed the only provider that has increased rates for both new and existing customers.

Shawbrook Bank, literally today, has increased the rate on it's Easy Access Issue 29 account to 1.75% AER, moving it up into second place, and Virgin Money also increased the rate offered on its M Plus Saver to 1.71%, though this rate is only available if you hold (or open) a M Plus Current Account. Both changes impact existing as well as new customers.

Next up we saw moves from Tandem and Cynergy Bank, with the providers now occupying fourth and fifth positions.

Fourth spot is occupied by Tandem Bank's Instant Access Saver, offering 1.65% - although please note the account is only available via a mobile app.

In final place, Issue 53 of Cynergy Bank's Online Easy Access Account is paying 1.60%, but it is important to be aware that this includes a 0.15% bonus for the first 12 months.

It is great to see increasing rates coming thick and fast among our easy access table - let's hope there is more to come!

Notice Accounts

The first move of the period came from Investec, whose 90-day notice account, paying 2.10%, became the market leading rate at the time and therefore claimed the top spot.

Somewhat inevitably, OakNorth then came swooping in and stole the show, launching new issues of two of its products. The new issues of both its 120-day and 90-day notice accounts rose through the ranks and hold first and third spot in our tables, paying 2.15% and 2.12% respectively - with second place taken by Paragon's 120-Day Notice Issue 25, rivalling OakNorth's offering at 2.15% for the same notice period (but with a higher minimum balance).

Rounding the table off is Shawbrook Bank, whose own 120-Day Issue 53 account is paying 2.06%.

Fixed Rate Bonds

Charter Savings Bank and Kent Reliance were the big movers early on this period. The former claiming the top spot paying 2.83% on the latest version of its one year fixed rate product. Meanwhile, Kent Reliance is offering 2.79% on Issue 100 of its one year product - which is also available via post.

Within days of this, OakNorth made a big move which saw the provider shoot to the leading position, paying 2.85% - a position that it continues to occupy.

The final move in our one year table came from Monument, launching a version of its one year product paying 2.83%, matching Charter Savings Bank and taking a share of second position. It is worth noting that although the two providers are offering the same rate, Charter Savings Bank requires a minimum of £5,000 to open the account, whereas Monument is higher at £25,000.

Across in our two year fixed rate bond table we again saw Charter Savings Bank make a play for the leading spot. This time the provider did so by offering 3.12% on the latest version of its two year fixed rate product. 

Aldermore was hot on the heals of Charter, offering 3.10% on their new offering, which matched DF Capital and, at the time, Monument.

Later in the week Shawbrook Bank launched issue 78 of its two year product, paying 3.12% and matching the rate offered by Charter Savings Bank, seeing the two sit as joint leaders in our table.

Before the week was over however, Monument, seemingly not content with a share of second spot, launched a new two year product offering 3.15% - thus storming into the lead before being pipped to the post again by OakNorth, who today launched a 24-month account paying 3.17% - cementing it's position at the top of our two-year tables as well.

Looking to our three year table, there was four changes to note across the top five. First up, the return of Buckinghamshire Building Society with issue 161, paying 3.15 taking a share of the four way tie for second position.

The four were soon outdone by Charter Savings Bank with its latest offering paying 3.17%, claiming second spot for itself behind DF Capital, paying 3.20%.

The third move of the period saw a new market-leading rate come to the fore in the form of Shawbrook Bank. The providers latest issue, 61, is paying 3.22%. Once again all was for nought however, as OakNorth stormed in today with the final move of the period, not only taking the top spot with it's 36 month account paying 3.23%, but also offering a 30 months paying 3.19% - placing it 4th in our table (as a shorter term bond paying a higher rate than other full 3-year accounts).

As usual, we finish off the fixed rate bond round up with our five year table. Over this period we have just three changes worthy of a mention.

First, Close Brothers Savings returned to the top five paying 3.25%, joining Aldermore in joint third position - although they have since been pushed out of the table today by a last-minute move from OakNorth, whose 60 Month account is paying 3.27%. United Trust Bank did hit the top spot, paying 3.35% on its most recent five year offer. In a final move, we saw Shawbrook Bank claim the lead with a new market-leading rate of 3.40% on issue 42 of its five year bond.

A much quieter period for the fixed rate bond market, we will wait and see what happens in the coming weeks given the latest base rate increase.

Fixed Rate ISAs

Once again we saw Virgin Money extended its lead over the pack, paying 2.17% on the issue 504 of its one year fixed rate cash ISA, though this was quickly trumped by issue 57 of Kent Reliance's one year fixed rate cash ISA. Issue 57 from Kent Reliance is paying 2.20% and can be opened online, by post or in branch, an opening channel to suit most savers.

Later in the week we saw Close Brothers Savings make a play for the top spot, paying 2.25% on the new version of its one year ISA. Meanwhile, Shawbrook Bank's new issue 61 joined Kent Reliance and Secure Trust Bank in joint second position (both paying 2.20%), before they were all pushed down a peg by a last minute release by Virgin Money, whose latest version of their fixed rate cash ISA - Issue 506 - is now paying 2.27% and is sitting pretty in top spot.

Our two year fixed rate cash ISA table also saw similar action this period. Virgin Money moved to the top, paying 2.62%, only to be outdone by both Shawbrook Bank and Close Brothers Savings, each offering 2.65% on their respective products. Both of these were then ousted however by Secure Trust Bank, whose 2-Year Fixed Rate Cash ISA (16.Sep.2024) is paying a market leading 2.70%

Aldermore rounds out the top five, paying 2.60%, a rate that only a week ago would see them at the top of the table.

It was a far quieter period in our three year table, with one of the only changes of note coming again from Shawbrook Bank - Issue 42 of Shawbrook Bank's three year fixed rate cash ISA is paying 2.77%, which had claimed the leading spot from Aldermore (2.75%). As with the two year fixed rate ISAs however, Shawbrook was pushed into 2nd place themselves by a resurgent Secure Trust Bank, whose 3 Year Fixed Rate Cash ISA (15.Sep.2025) is paying 2.80%.

Finally, our five year fixed rate cash ISA table saw two familiar faces over this period battling to claim the lead. Shawbrook Bank launched issue 35 of its five year ISA, paying 2.80% and claiming top spot alongside Close Brothers Savings, whose five year ISA is also paying 2.80%. Once again however, this was trumped by Secure Trust Bank, whose 5 Year Fixed Rate Cash ISA (15.Sep.2027) is paying 2.85%.

Variable Rate ISAs

We saw the return of two big names to our variable rate cash ISA table over the last week or so. First was the return of Newcastle Building Society, and an emphatic one at that as the provider propelled itself to the top spot in our best buy table.

Newcastle Building Society is paying 1.50% on its Triple Access ISA (issue 2), which as the names implies, allows three withdrawals per year (without penalty). If a fourth withdrawal is made the interest rate paid will reduce by half to 0.75%.

The other big name that returned also did so in style, heading to take a share of the leading spot. Marcus' Cash ISA is also paying 1.50%, though unlike the product from Newcastle Building Society, there are no penalties for withdrawals. It is important to be aware however that the product from Marcus is not a flexible cash ISA, nor does it accept ISA transfers in - whereas the product from Newcastle BS is a flexible ISA and does accept transfers. For more information on ISAs, download our ISA factsheet click here.

It's has been good to see best buy rates continuing to improve - albeit at a slower pace than we have been accustomed to of late. Keep a close eye on our Best Buy tables for up to the minute information.