This weeks latest savings rate rundown

16th July 2016

In the last few weeks, as providers came to terms with the fallout from the Brexit vote and the speculation about a cut in the Bank of England base rate, the first change in over seven years, many providers appear to have gone quiet, as they wait to see what happens next.

That said, we have seen some good news, with a selection of providers making positive moves into our Best Buy Tables and keeping at least some competition alive.

Vanquis Bank has increased the rates on offer on its fixed rate bonds, with the longer term bonds now top of the respective best buy tables.

Also, we have seen new entrants in the Fixed Rate Cash ISA Best Buys in the form of Newcastle Building Society and Virgin Money.
 
Vanquis Bank has made a number of positive changes to its range of Fixed Rate Bonds. Of particular interest is the 4 year and 5 year bonds which sit top of the respective best buy tables. Accounts can be only be opened online, with a minimum of £1,000 and you cannot access funds within the term. There is also a monthly interest option for those who prefer to receive a regular income from their savings.

4 Year Fixed Rate Bond – 2.16% gross/AER
5 Year Fixed Rate Bond – 2.31% gross/AER

For more information on the accounts, please click on the links above or visit our Fixed Rate Bond Best Buy Table.
 
Meanwhile, Newcastle Building Society made an unusual move by increasing the rates on its 2 Year Fixed Rate Bond and 2 Year Fixed Rate ISA, benefiting both new and existing account holders. It is rare to see an increase in rate that affects existing account holders, especially amongst fixed rates.

The 2 Year Fixed Rate ISA is of particular interest as the new rate of 1.35% tax free/AER means that the provider now appears in our Fixed Rate Cash ISA Best Buy Table. Accounts can be opened online, by post or in branch, with a minimum of £500 and transfers in of previous ISAs are accepted.
 
Also entering the Fixed Rate Cash ISA Best Buy Tables was Virgin Money, releasing a new 1 Year Fixed Rate ISA paying 1.30% tax free/AER and 3 Year Fixed Rate ISA paying 1.50% tax free/AER. Accounts can be opened online, in branch or by post, with a minimum of £1 and transfers in of previous ISAs are accepted. 

For more information on the accounts, take a look at our Fixed Rate Cash ISA Best Buy Table

Contact Us