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For this week’s guide, Anna Bowes, savings expert from The Private Office, rounds up the best rates on the market, and why a slowdown in increases isn’t as bad as you might think…
While the Bank of England chose to hold its base rate at 3.75% last week, concerns that conflict in the Middle East could push inflation upwards mean a hike could be coming soon.
Saving rates have continued to rise, but at a slower pace, as a result.
The majority of increases have been seen among fixed-rate bonds and ISAs.
Fixed-rate bonds
In the one-year fixed-rate bond table, while the improvements have slowed, there have still been higher rates launched, providing more options for savers.
UBL UK decided it wanted the top spot, so it launched a new bond paying 4.68%.
In the two-year table, Kent Reliance offers the best rate at 4.69% AER, just edging ahead of RCI Bank’s 4.68%.
For those who can’t choose between a one or two-year bond, Chetwood Bank has launched a market-leading 18-month bond paying 4.7% AER.
Kent Reliance is also ruling the roost in the three-year table, knocking RCI’s bond paying 4.65% off the top spot by just 0.01%
“This means that all of the top five three-year bonds are paying 4.60% or more, whereas just three weeks ago none was paying as much as that,” Bowes said.
And finally, in the five-year table, the top rate available is more than it was a couple of weeks ago at 4.7%.
“In summary, rate hikes have slowed, but there’s plenty to choose from that are separated by just the smallest of margins,” Bowes added.
Fixed-rate cash ISAs
Across all terms, the top rates are higher than they were a week ago.
In the one-year ISA table, Secure Trust Bank is the top payer at 4.54%.
It’s also offering the best rate in the two-year range, alongside Tandem Bank.
“These new rates mean that Santander and HSBC that were previously showing in the tables, have been knocked out,” said Bowes.
But high street giant Nationwide is still firmly in the tables, which is great news for those who would prefer to stick with a brand they know.
Easy access accounts
There has been just one change to the top five over the past couple of weeks and that comes from Hanley Building Society.
It launched a new restricted-access account, the Dual Access Saver, paying 4.27%, putting it into third place in our table.
Easy access cash ISAs
Again, there has been just one change to note and that is the launch of a new unrestricted easy access cash ISA from the Chorley Building Society.
Its Easy Access Cash ISA Annual Allowance is paying 4.25% AER.
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