As we head into the Autumn months, we have seen no signs of new savings rates falling like the Autumn leaves. If anything, we have seen the continuation of the recent trend of rates creeping up amongst new accounts.
In the last couple of weeks this has been helped predominantly by challenger banks, including another newcomer to the UK savings market, Wyelands Bank.
We have inevitably seen further improvements in the fixed rate bond sector, including the offerings from Wyelands Bank, which are competing towards the top end of our best buy tables.
There has also been a lot of movement in the variable rate cash ISA market, with changes to our best buy table plentiful, with both challenger banks and building societies at the forefront.
Fixed Rate Bonds
Wyelands Bank has taken the fight to the long-running top spot contenders in the fixed rate bond arena, with its 12 month fixed term account paying 1.83% gross/AER, sitting in second position in our best buy table. This new account is only bettered by the app-based Atom Bank (paying 1.95% gross/AER).
Our attention stays with the fixed rate bond category and extends to our 2 year table, where we again see Wyelands Bank competing with the more established challenger banks. This time the provider holds joint honours in third position with Axis Bank, both paying 2.00% gross/AER.
Wyelands Bank has also made an appearance in our notice account best buy table, with its 95 day notice account paying 1.40% gross/AER.
Each of the accounts from Wyelands Bank are available to open online, with a minimum of £5,000.
Variable Rate ISAs
Across to the variable rate cash ISA sector, we have seen the leading 5 positions change as quickly as the weather! Skipton Building Society and Sainsbury’s Bank each launched new versions with increased rates (both paying 1.02% tax free/AER) which saw them enter our best buy table.
With not enough time to settle in and unpack, both providers were turfed out by West Brom Building Society. The launch of its new WeBSave Bonus ISA sees the provider secure joint third position in our best buy table.
It’s interesting to see that all three accounts are available to open and manage online only, so those looking for more traditional methods, such as branch or postal, will need to look elsewhere.
For more information on this, give us a call, we would love to hear from you. Our Bath-based savings experts can be reached on 0800 011 9705.