Savings round up - 11th April
Easy access rates got the boost we expected last week with the top four all increasing rates and almost half the providers in our best buys improving rates. There's still room for further rises but Chip look determind to stay top so we don't antipate a new leader in the short term. Fixed Rates are also improving with 6 Months Fixed paying 4.15% and 9 Months 4.25%. The best 1 Year rate rose slightly to 4.53% too and fixed rate best buys are holding up. While we feel that fixed rates have maxed out, there's still room for some jostling for position so we may well see further minor movements in the short term. If market expectations continue to price in Base Rate falling later this year and in to 2024 then fixed rates will inevitably fall back in pricing. For now, there's some great risk free rates on offer. Here's our round up of the best buys and key changes from the savings market:
Chip have increased their rate to 3.55% to retain their best buy status, following Tandem's move to briefly occupy the summit. Tandem increased their rate to 3.15% with a 0.35% bonus on top for 12 months that savers can apply for within their app. Shawbrook and Al Rayan also increased their rates last week - both to 3.36% to knock Zopa down to fifth at 3.34%. Next is Kroo Bank at 3.33% with a three way tie at 3.30% with Coventry Building Society's Limited Access (six withdrawals before an interest penalty for further ones), Secure Trust Bank and Charter Savings Bank. The other notable move is Ford Money's unrestricted account increasing to 3.22% this morning.
The best notice rates remain unchanged on the previous week with Market Harborough Building Society and Allica Bank leading the way paying 4% for 180 Days' Notice. However, behind them, BLME move up to third paying 3.65% on thier 90 Day Account. 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 improved again with the best 9 Month Fixed rates on Hargreaves Lansdown's Active Savings - United Trust Bank offering 4.25% and Kent Reliance paying 4.20 with Secure Trust Bank paying 4.15%. United Trust Bank also pay 4.15% for 6 Months, ahead of Allica Bank at 4.10% and Monument Bank at 4.03%.
Al Rayan Bank have returned to top spot with an improved rate of 4.53%, with SmartSave at 4.52% and Kent Reliance at 4.51%. UBL Bank pay 4.50% as do Charter Savings Bank on Hargreaves Lansdown and Atom Bank. Hodge Bank pay 4.48% before nine providers offering 4.45% or 4.46% including United Trust Bank and Monument Bank.
Al Rayan still lead the way on 18 Months at 4.57% but the gap is closing with Charter Savings Bank paying 4.54% via Hargreaves Lansdown and direct, and Kent Reliance a whisker behind at 4.52%, also on Hargreaves Lansdown. United Trust Bank's 15 Month Fixed paying 4.50% is also strong option completing the top five.
Al Rayan remain top paying 4.62% but Charter Savings Bank have moved up to second with an improved rate of 4.57%, to move ahead of SmartSave who are now paying 4.56%. UBL Bank are paying 4.55% as they return to the market, as are Secure Trust Bank. Hampshire Trust Bank are at 4.53% but have been joined by Kent Reliance, who move ahead of United Trust Bank at 4.51%.
Al Rayan lead the way at 4.68% but UBL are up to second paying 4.56%, alongside DF Capital, who are back in the market. United Trust Bank are just behind at 4.55% with Secure Trust, Close Brothers and Cynergy all paying the same rate. Vanquis Bank pay 4.52%, OakNorth 4.51% with Tandem Bank completing the top 10 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 lead the way paying 4.65% ahead of Monument Bank at 4.60% and 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%.