Savings Rate Rundown - rates are on the rise

14th August 2015

 

This week has seen more competition in the market and inturn pushing rates up further. Competitive fixed rate bonds and ISAs seem to be where most of the competition and best rates are at the moment however, there are some interesting easy access accounts that mean average best buy rates are now at the highest level since Janaury 2014. There's a brighter outlook for savers but don't hang around. Competitive rates are available now so why not take advantage. And if you'd like a little assitance, why not speak to one our specialist savings advisers on 0800 321 3581 for help and advice on the best home for your savings.

And for those looking for a premium cash management service, find out if our concierge service can help you.

Rates News (click the links below for full details)

Kent Reliance has increased the interest rates on its fixed rate bonds for new accounts. Although neither of these accounts are market leading, it is clear that Kent Reliance wants to reinstate its hold on the market. 

The 1 Year Fixed Rate Bond Issue 33 is paying 2.02% gross/AER (the previous issue paid 1.95% gross/AER), this account is paying a fairly decent interest rate. It sits in the second position in our 1 Year Fixed Rate Bond Best Buy Tables, next to Charter Saving Bank and RCI Bank UK paying 2.06% gross/AER.

Kent Reliance has launched the new High Balance Easy Access Issue 2 paying 1.55% gross/AER from £20,000, if the balance falls below this the interest rate will drop to 0.10% gross/AER.

This account is now only 0.05% behind BM Savings and 0.10% behind RCI Bank UK who is currently top of the Easy Access Bets Buy Table paying 1.65% gross/AER, yet more proof that Kent Reliance want to reintroduce themselves at the top of the market.

ICICI Bank has withdrawn the HiSave SuperSaver Savings Account paying 1.40%/1.39% AER/gross and has replaced it with a new HiSave SuperSaver Savings Account – Issue One paying 1.55%/1.54% AER/gross.

This account now appears in our Easy Access Best Buy Tables, right behind the new Kent Reliance Account.

Leeds Building Society has launched a new 3 Year Fixed Rate Bond paying 2.30% gross/AER, and new 3 Year Fixed Rate ISA paying 2.30% tax free/AER. The ISA account is paying a highly competitive interest rate and is now the market leading 3 Year Fixed Rate ISA. The Fixed Rate Bond however, is less appealing and does not qualify to enter the best buy table.

Julian Hodge Bank has launched new Fixed Rate ISAs. The 1 Year Fixed Rate ISA was paying 1.60% and is now paying 1.75%, the 2 Year Fixed Rate ISA was paying 1.80% and is now paying 2.00% and the 5 Year Fixed Rate ISA was paying 2.40% and is now paying 2.55%. The 5 year and 1 year are market leading whilst the 2 year ISA just makes it into the top five.

Leeds Building Society has launched a range of fixed rate ISAs, replacing the previous versions. Of particular note is the 5 Year Fixed Rate ISA (Issue 48) paying 2.50% tax free/AER, which now appears in the top five ISAs for the term. Withdrawals of up to 25% of the capital are allowed without notice or penalty, further withdrawals, closure of the account or transfers out are allowed, subject to a penalty of 365 days interest on the amount taken out.

Virgin Money has launched a new 3 year fixed rate ISA paying 2.25% tax free/AER. There are two versions to choose from, one opened and operated online and one in branch or by post. Withdrawals are allowed from the ISA, subject to a charge equivalent to 120 days’ loss of interest on the amount withdrawn. Transfers in from previous ISAs are accepted. T

Holmesdale Building Society has launched a new 160th Anniversary Cash ISA paying 1.75% tax free/AER. In addition, a Loyalty version of the account has been launched paying 1.80% tax free/AER, which is only available to investors who have been members of the society since at least 14th February 2015. The rate is fixed for a 1 year term and accounts can be opened with a minimum of £500 in branch or by post. Previous ISAs can be transferred into the accounts. Great rates, matching the top paying 1 year fixed rate ISAs on the market from Shawbrook Bank and Julian Hodge Bank.

 

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