Savings round up - 3rd April
Although we haven't seen the best easy access rates go higher than Chip, the chasing pack are closing in and we now have 15 providers paying 3.20% or more. Fixed Rates are also improving with 9 Months Fixed paying 4.20%, the 1 Year rate up to 4.51%, and a new best buy 5 Year offering 4.65%. While it is impossible to predict where rates are going, it does feel that fixed rates have peaked with the next Base Rate decision not until May, and the likelihood that Base will peak at most at 4.50%. There's some excellent risk free fixed returns on cash savings currently. Here's our round up of the best buys and key changes from the savings market:
Chip remain best buy at 3.40% but there's been plenty of movement just behind them. Zopa have moved up to second paying 3.34%, to move above Kroo Bank at 3.33%. There's a three way tie at 3.30% with Al Rayan, Coventry Building Society's Limited Access (six withdrawals before an interest penalty for further ones) and Secure Trust Bank all increasing to this mark during the week. There's also a three way tie behind them with Shawbrook Bank, Investec and Family Building Society all upping rates too - all paying 3.26%. Aldermore Bank's Double Access saver now pays 3.25% with their unrestricted easy access also up to 3.15%. Ford Money's unrestricted 3.10% paying online saver remains popular.
Market Harborough Building Society lead the way with a massive 4%, although this does require 180 Days Notice, but have been matched by Allica Bank at the same rate and notice period. Cynergy Bank are next paying 3.65% for 120 Day or 3.60% for 95 Day. Agricultural focused Oxbury Bank are paying 3.65% too but want 180 Days Notice - however they also pay 3.60% for 120 Day and 3.55% for 95 Day. There's a three way tie at 3.55% with Investec's 90 Day, Close Brothers 95 Day and United Trust Bank's 200 Days Notice. QIB's 95 Day Notice pays 3.50%.
Short term fixed rates also surged this week with the best 9 Month Fixed rates on Hargreaves Lansdown's Active Savings - Kent Reliance paying 4.20% and United Trust Bank offering 4.13%. isbank are paying 4.10% via Raisin which matches Charter Savings Bank. On 6 Months Fixed, Monument Bank lead the way at 4.03% just ahead of Allica Bank on HL Active Savings at 4%, the same rate as isbank on Raisin.
SmartSave are the new leaders paying 4.51% to move ahead of UBL Bank at 4.50% and last week's leader, Al Rayan Bank, at the same rate. Charter Savings Bank are next paying 4.46% via Hargreaves Lansdown Active Savings and direct, as do OakNorth Bank. United Trust Bank increased its rate to 4.45% as did Monument Bank, which moves them alongside Allica and Cynergy.
Al Rayan still lead the way on 18 Months at 4.57% but United Trust Bank's 15 Month Fixed paying 4.50% might appeal more. Charter Savings Bank pay 4.48% via Hargreaves Lansdown and direct before a drop to OakNorth's 18 Month Fixed at 4.40% and Kent Reliance a whisker behind at 4.39% on Hargreaves Lansdown.
Al Rayan remain top paying 4.62% but the gap has closed with SmartSave now paying 4.54% and Hampshire Trust Bank 4.53%. United Trust Bank was on the move - increasing to 4.51% - to go ahead of a five way tie at 4.50% including Charter Savings Bank, Close Brothers, OakNorth, Vanquis and Cynergy.
Al Rayan lead the way at 4.68% ahead of United Trust Bank, who upped their rate to 4.55% to move joint second with Close Brothers and Cynergy. Vanquis Bank pay 4.52% and OakNorth 4.51% with Tandem Bank completing the top seven paying 4.50%
United Trust Bank lead the way paying 4.56%, ahead of OakNorth at 4.52% before a big drop to Gatehouse Bank in third at 4.40%. Rates drop to 4.25% beyond this - there's much better value on 3 and 5 Year Fixed to consider going to that level.
United Trust Bank are the new leaders paying 4.65%. Monument Bank move second increasing their rate to 4.60%, which moves them alongside Tandem Bank who pay the same rate via Raisin. Close Brothers are next at 4.55%, ahead of OakNorth at 4.53% and isbank (via Raisin) at 4.50%.