RECOGNISING THE BEST PERFORMERS IN THE SAVINGS MARKET
Now in their 11th year, the Savings Champion Awards have grown over that time to become one of the most sought-after awards in the savings industry.
As we announce the winners of our latest awards we can reflect on another great year for savers. The base rate was 3.50% as we started 2023, and after five further increases it is currently at a 16 year high of 5.25%. This has led to multiple savings account rate rises and the best rates on the market are back to levels last seen before our first awards were announced!
This time last year the best easy access account available was paying 2.85%, whereas today you can earn over 5.20%. So, even though 2022 was a stellar year, so too was 2023. Top rates have almost doubled in some cases.
And that’s a key point – in some cases! Not all savings providers are getting into the spirit of this good news for savers – some are being a bit more Scrooge like – begrudgingly passing on as little as possible.
Which is why our awards are so useful. We celebrate those providers that are driving competition and consistently offering best buy rates to cash savers.
Savings Champion is one of the few places savers can go for truly independent, whole-of-market savings advice. So, our wealth of knowledge, experience and unrivalled research and data – combined with our impartiality – is what makes our awards different and our opinion trusted.
For providers, winning an award is a powerful accolade, while for savers our awards are a clear way to identify the best accounts and providers in the savings market.
Our awards show recognition in a range of savings categories from easy access, fixed rate bonds and cash ISAs to the best ethical savings accounts to choose from. They are the only awards that focus solely on savings, giving this key area of the market the focus that savers deserve.
The big winners this year include Shawbrook Bank, who have won a total of four awards, including one of the big ones – the prestigious Best Savings Provider (which they have won for the third year running!). The reason they are such prolific winners is that they frequently offer top rates on a big range of accounts from easy access, notice accounts, and fixed rates bonds and ISAs.
Newcomer Chip has also been a pretty big winner this year, even though the app-only provider has only been around for a short time. Not only has Chip won the New Savings Provider of the Year Award, but also the Best Easy Access Account Provider and the Award for Simple Savings. Although an app-only provider, this new technology seems to have been well received by savers, old and new!
Another key award, the Best Building Society award, was won by Coventry Building Society, the joint winner from last year.
Coventry BS has also won the Best Junior ISA Provider award for the second year in a row – providing youngsters with a great start in life.
Also doing it for the children is the Saffron Building Society, winning the Best Children’s Account Provider – also for two years on the trot.
It’s great to see repeat winners, proving that they are not just one hit wonders!
There are plenty of other categories to look through, so congratulations to all of our award winners!
Our judging process is independent, comprehensive and detailed and involves weekly reviews of the savings market for each category throughout the year.
The judging of all of our awards is undertaken with the same level of rigour that we apply to all aspects of our business, which means that these awards are given solely on merit.
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Best Savings Provider
Winner: Shawbrook Bank
Highly Commended: Tandem
Finalists: Virgin Money, SmartSave, Cynergy Bank
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Best Building Society
Winner: Coventry Building Society
Highly Commended: Skipton Building Society
Finalists: Loughborough BS, Teachers BS, Furness BS
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Best Online Savings Provider
Winner: Shawbrook Bank
Highly Commended: Virgin Money
Finalists: SmartSave, OakNorth Bank, Cynergy Bank
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Award for Customer Service
Winner: Paragon
Highly Commended: Ford Money
Finalists: Leeds BS, Yorkshire BS, Shawbrook Bank
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Best Multi-Channel Savings Provider
Winner: UBL UK
Highly Commended: Coventry BS
Finalists: Skipton BS, Furness BS, Teachers BS
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Best Ethical Provider
Winner: Charity Bank
Highly Commended: Triodos Bank
Finalists: Ecology BS, Coventry BS, Yorkshire BS
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Best Savings Provider for Existing Customers
Winner: Oxbury Bank
Highly Commended: Close Brothers, Aldermore
Finalists: BLME, OakNorth Bank
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Best New Savings Provider
Winner: Chip
Highly Commended: Monument Bank
Finalists: GB Bank
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Award for Simple Savings
Winner: Chip
Highly Commended: Zopa
Finalists: Oxbury Bank, Atom Bank, Gatehouse Bank
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Best Monthly Income Provider
Winner: Shawbrook Bank
Highly Commended: Virgin Money
Finalists: UBL UK, Atom Bank, Paragon
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Best Easy Access Account Provider
Winner: Chip
Highly Commended: Shawbrook Bank
Finalists: Al Rayan, Tandem, Paragon
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Best Regular Savings Account Provider
Winner: First Direct
Highly Commended: NatWest
Finalists: Lloyds, Royal Bank of Scotland, Halifax
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Best Notice Account Provider
Winner: Oxbury Bank
Highly Commended: Cynergy Bank
Finalists: OakNorth Bank, BLME, Allica Bank
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Best Fixed Rate Bond Provider
Winner: SmartSave
Highly Commended: Tandem
Finalists: Atom Bank, Close Brothers Savings, OakNorth Bank
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Best Short Term Fixed Rate Bond Provider
Winner: SmartSave
Highly Commended: OakNorth Bank
Finalists: Atom Bank, Charter Savings Bank, Union Bank of India
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Best Long Term Fixed Rate Bond Provider
Winner: Tandem
Highly Commended: United Trust Bank
Finalists: Close Brothers Savings, Cynery Bank, Hampshire Trust Bank
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Best Cash ISA Provider
Winner: Virgin Money
Highly Commended: Shawbrook Bank
Finalists: Paragon, Zopa, Leeds BS
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Best Easy Access Cash ISA Provider
Winner: Cynergy Bank
Highly Commended: Shawbrook Bank
Finalists: Virgin Money, Coventry BS, Paragon
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Best Notice Access Cash ISA Provider
Winner: Loughborough Building Society
Highly Commended: Teachers Building Society
Finalists: Furness BS, Mansfield BS, Aldermore
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Best Fixed Rate Cash ISA Provider
Winner: Virgin Money
Highly Commended: UBL UK
Finalists: Secure Trust Bank, Shawbrook Bank, Close Brothers Savings
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Best Short Term Fixed Rate Cash ISA Provider
Winner: Virgin Money
Highly Commended: Shawbrook Bank
Finalists: Charter Savings Bank, UBL UK, Secure Trust Bank
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Best Long Term Fixed Rate Cash ISA Provider
Winner: UBL UK
Highly Commended: Secure Trust Bank
Finalists: Zopa, United Trust Bank, Close Brothers Savings
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Best Children's Account Provider
Winner: Saffron Building Society
Highly Commended: Halifax
Finalists: HSBC, Leeds BS, Principality BS
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Best Junior Cash ISA Provider
Winner: Coventry Building Society
Highly Commended: Skipton Building Society
Finalists: Stafford Railway BS, Beverley BS, Leek United BS
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Best App-Based Savings Provider
Winner: Tandem
Highly Commended: OakNorth Bank
Finalists: Atom Bank, Chip, Zopa
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Best Cash Lifetime ISA Provider
Winner: MoneyBox
Highly Commended: Nottingham Building Society
Finalists: Paragon, Skipton BS, Bath BS
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Best Business Easy Access Account Provider
Winner: Shawbrook Bank
Highly Commended: Aldermore
Finalists: Newcastle BS, Kent Reliance Recognise Bank
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Best Business Notice Account Provider
Winner: United Trust Bank
Highly Commended: Recognise Bank
Finalists: Allica Bank, Cambridge & Counties, Virgin Money
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Best Business Fixed Rate Bond Provider
Winner: Union Bank of India
Highly Commended: Close Brothers
Finalists: United Trust Bank, Shawbrook Bank, Cambridge & Counties Bank
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