Savers encouraged to compare rates as deals improve

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

Savers encouraged to compare rates as deals improve

Savings providers have made positive changes to the top rate deals, so savers are urged to compare the latest offers. Moneyfactscompare.co.uk reveals the top rate deals available to savers searching for a competitive return.

Savers encouraged to compare rates as deals improve

The Consumer Price Index (CPI) fell to 10.1% during March, from 10.4% in February.
The number of deals able to outpace inflation has not changed since last month. There is not one standard savings account that can outpace 10.1%*.
The predicted rate for inflation during Q1 2024 is 3.0%.
In April 2022, there were no deals that could beat 7.0% (March 2022 CPI) but in April 2021, 90 deals (two easy access accounts, 12 fixed rate ISAs and 76 fixed rate bonds) could beat 0.7% (March 2021 CPI)*.

The Consumer Price Index (CPI) fell to 10.1% during March, from 10.4% in February.
The number of deals able to outpace inflation has not changed since last month. There is not one standard savings account that can outpace 10.1%*.
The predicted rate for inflation during Q1 2024 is 3.0%.
In April 2022, there were no deals that could beat 7.0% (March 2022 CPI) but in April 2021, 90 deals (two easy access accounts, 12 fixed rate ISAs and 76 fixed rate bonds) could beat 0.7% (March 2021 CPI)*.

Savings market analysis
Top savings deals at £10,000 gross	21-Apr-21	13-Apr-22	22-Mar-23	Today
Easy access account	Virgin Money – 0.50%	Chase – 1.49%	Chip – 3.35%	Chip – 3.49%
Notice account	Moneycorp Bank – 0.65% (90-day)	OakNorth Bank – 1.25% (120-day)	The Melton BS – 3.50% (180-day)	Marsden BS – 4.00% (180-day)
One-year fixed rate bond	Atom Bank – 0.62%	Al Rayan Bank – 1.85%**	Al Rayan Bank – 4.43%**	Allica Bank – 4.56%
Two-year fixed rate bond	BLME – 0.80%**	Al Rayan Bank – 2.20%**	Al Rayan Bank – 4.55%**	SmartSave – 4.61%
Three-year fixed rate bond	Hodge Bank – 0.95%	Cynergy Bank – 2.28%	Al Rayan Bank – 4.60%**	Al Rayan Bank – 4.60%**
Four-year fixed rate bond	Zopa – 0.94%	Gatehouse Bank – 2.25%**	UBL UK – 4.53% (payable on maturity)	United Trust Bank – 4.56%
Five-year fixed rate bond	Gatehouse Bank – 1.40%**	Gatehouse Bank – 2.50%**	UBL UK – 4.63% (payable on maturity)	UBL UK – 4.63% (payable on maturity)
**Islamic bank, pays an expected profit rate. Inflation announcement dates. Source: Moneyfactscompare.co.uk

ISA market analysis
Top savings deals at £10,000 gross	21-Apr-21	13-Apr-22	22-Mar-23	Today
Easy access ISA	Yorkshire Building Society – 0.45%	Marcus by Goldman Sachs® – 1.00%	Cynergy Bank – 3.20%	Yorkshire Building Society – 3.35%
Notice ISA	The Melton BS – 0.50% (60-day)	The Melton BS – 1.00% (100-day)	Furness BS – 3.30% (45-day)	Marsden BS – 4.00% (180-day)
One-year fixed rate ISA	Monmouthshire BS – 0.49%	Gatehouse Bank – 1.40%**	Santander – 4.15%	Gatehouse Bank – 4.20%**
Two-year fixed rate ISA	State Bank of India – 0.65%	Gatehouse Bank – 1.75%**	Santander – 4.20%	Paragon Bank – 4.28%
Three-year fixed rate ISA	Close Brothers – 0.70%	Gatehouse Bank – 1.85%**	UBL UK – 4.28% (payable on maturity)	Virgin Money – 4.26%
Four-year fixed rate ISA	Hodge Bank – 0.65%	Gatehouse Bank – 1.90%**	UBL UK – 4.37% (payable on maturity)	UBL UK – 4.37% (payable on maturity)
Five-year fixed rate ISA	Shawbrook Bank – 1.10%	Gatehouse Bank – 2.10%**	UBL UK – 4.33% (payable on maturity)	UBL UK – 4.33% (payable on maturity)
**Islamic bank, pays an expected profit rate. Inflation announcement dates. Source: Moneyfactscompare.co.uk

Savings market analysis
Top savings deals at £10,000 gross	21-Apr-21	13-Apr-22	22-Mar-23	Today
Easy access account	Virgin Money – 0.50%	Chase – 1.49%	Chip – 3.35%	Chip – 3.49%
Notice account	Moneycorp Bank – 0.65% (90-day)	OakNorth Bank – 1.25% (120-day)	The Melton BS – 3.50% (180-day)	Marsden BS – 4.00% (180-day)
One-year fixed rate bond	Atom Bank – 0.62%	Al Rayan Bank – 1.85%**	Al Rayan Bank – 4.43%**	Allica Bank – 4.56%
Two-year fixed rate bond	BLME – 0.80%**	Al Rayan Bank – 2.20%**	Al Rayan Bank – 4.55%**	SmartSave – 4.61%
Three-year fixed rate bond	Hodge Bank – 0.95%	Cynergy Bank – 2.28%	Al Rayan Bank – 4.60%**	Al Rayan Bank – 4.60%**
Four-year fixed rate bond	Zopa – 0.94%	Gatehouse Bank – 2.25%**	UBL UK – 4.53% (payable on maturity)	United Trust Bank – 4.56%
Five-year fixed rate bond	Gatehouse Bank – 1.40%**	Gatehouse Bank – 2.50%**	UBL UK – 4.63% (payable on maturity)	UBL UK – 4.63% (payable on maturity)
**Islamic bank, pays an expected profit rate. Inflation announcement dates. Source: Moneyfactscompare.co.uk

ISA market analysis
Top savings deals at £10,000 gross	21-Apr-21	13-Apr-22	22-Mar-23	Today
Easy access ISA	Yorkshire Building Society – 0.45%	Marcus by Goldman Sachs® – 1.00%	Cynergy Bank – 3.20%	Yorkshire Building Society – 3.35%
Notice ISA	The Melton BS – 0.50% (60-day)	The Melton BS – 1.00% (100-day)	Furness BS – 3.30% (45-day)	Marsden BS – 4.00% (180-day)
One-year fixed rate ISA	Monmouthshire BS – 0.49%	Gatehouse Bank – 1.40%**	Santander – 4.15%	Gatehouse Bank – 4.20%**
Two-year fixed rate ISA	State Bank of India – 0.65%	Gatehouse Bank – 1.75%**	Santander – 4.20%	Paragon Bank – 4.28%
Three-year fixed rate ISA	Close Brothers – 0.70%	Gatehouse Bank – 1.85%**	UBL UK – 4.28% (payable on maturity)	Virgin Money – 4.26%
Four-year fixed rate ISA	Hodge Bank – 0.65%	Gatehouse Bank – 1.90%**	UBL UK – 4.37% (payable on maturity)	UBL UK – 4.37% (payable on maturity)
Five-year fixed rate ISA	Shawbrook Bank – 1.10%	Gatehouse Bank – 2.10%**	UBL UK – 4.33% (payable on maturity)	UBL UK – 4.33% (payable on maturity)
**Islamic bank, pays an expected profit rate. Inflation announcement dates. Source: Moneyfactscompare.co.uk

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Savers may find it encouraging to see positive sentiment surrounding the top cash savings rates this month. Whether consumers wish to keep their cash in a flexible easy access account or tie it up within a fixed account earning a higher guaranteed return, it is imperative they take some time to compare the latest deals. Inflation is still a sore point, as it erodes the true spending power of savers’ cash, but this should not deter investors from switching their deals.

“Starting a new tax year has also seen the introduction of more activity within the ISA market, and both those looking for a new deal to invest for the 2023/2024 tax year, or perhaps transfer older ISA subscriptions, can find some attractive rates across the variable and fixed sectors. As has been the case for a few years, consumers should compare both rates within and outside of an ISA-wrapper while considering both their Personal Savings Allowance (PSA) and ISA allowance. Signing up to newsletters and rate alerts is a great way to keep on top of the latest deals and compare the interest rates offered across all the different products.

“The Bank of England base rate rises and competition among savings providers has led to higher returns over the past year and, compared to a year ago, savers get a return of almost 3% more on the top one-year fixed bond. While there are other longer-term interest rates to consider, there may well be a dividing sentiment among consumers and providers as to whether interest rates are destined to reduce in the months to come. It will be interesting to see how the top rate deals fluctuate and how demand impacts the shelf life of the best deals over the next quarter.”

*Data note: Please note that these savings product numbers only include deals that are available to UK residents (easy access, notice, fixed rate bonds, variable or fixed ISAs) and exclude regular savers and children’s savers (this figure does not count each interest payment option for each account), based on a £10,000 deposit. Higher rates may be available for other levels of deposit.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

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Notes to editors

Pioneering financial comparison technology for over 35 years.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.

Rachel Springall Press Officer / Finance Expert

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

Savers encouraged to compare rates as deals improve

Savers encouraged to compare rates as deals improve

Savers encouraged to compare rates as deals improve

Savers encouraged to compare rates as deals improve

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