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Savers should act swiftly as providers consider options

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Moneyfacts Press Team, Press Office 01603 476200 Email Press Office
18/10/2023

Savers should act swiftly as providers consider options after base rate pause

Variable rates continue to climb across ISAs and non-ISAs, but rates in the fixed market have dipped. Moneyfactscompare.co.uk reveals the top rate deals available to savers searching for a competitive return.

Savers should act swiftly as providers consider options after base rate pause

Variable rates continue to climb across ISAs and non-ISAs, but rates in the fixed market have dipped. Moneyfactscompare.co.uk reveals the top rate deals available to savers searching for a competitive return.

  • The Consumer Price Index (CPI) remained at 6.7%% during September.
  • The number of deals able to outpace inflation has not changed since last month. There is not one standard savings account that can outpace 6.7%.
  • The modal projection rate for inflation during Q3 2024 is 2.8%.
  • In October 2022, there were no deals that could beat 10.1% (September 2022 CPI) and in October 2021, there were no deals that could beat 3.1% (September 2021 CPI).

 

  • The Consumer Price Index (CPI) remained at 6.7%% during September.
  • The number of deals able to outpace inflation has not changed since last month. There is not one standard savings account that can outpace 6.7%.
  • The modal projection rate for inflation during Q3 2024 is 2.8%.
  • In October 2022, there were no deals that could beat 10.1% (September 2022 CPI) and in October 2021, there were no deals that could beat 3.1% (September 2021 CPI).

 

Savings market analysis

Top savings deals at £10,000 gross

20-Oct-21

19-Oct-22

20-Sep-23

Today

Easy access account

Coventry BS – 0.65%

Skipton BS – 2.55%

Paragon Bank – 5.05%

Chorley Building Society – 5.30%

Notice account

OakNorth Bank – 1.06% (120-day)

BLME – 2.75% (90-day)**

RCI Bank UK – 5.60% (95-day)

RCI Bank UK – 5.60% (95-day)

One-year fixed rate bond

Gatehouse Bank – 1.51%**

JN Bank – 4.75%

National Savings & Investments – 6.20%

Union Bank of India (UK) Ltd – 6.11%

Two-year fixed rate bond

Al Rayan Bank – 1.76%**

JN Bank – 5.00%

Ford Money – 6.05%

Union Bank of India (UK) Ltd – 6.05%

Three-year fixed rate bond

JN Bank – 1.81%

Gatehouse Bank – 5.00%**

BLME – 6.00%**

JN Bank – 5.97%

Four-year fixed rate bond

Gatehouse Bank – 1.92%**

Gatehouse Bank – 5.05%**

Hampshire Trust Bank – 5.85%

 JN Bank –  5.80%

Five-year fixed rate bond

Gatehouse Bank – 2.05%**

Gatehouse Bank – 5.10%**

Tandem Bank – 5.85%

JN Bank – 5.80%

**Islamic bank, pays an expected profit rate. Inflation announcement dates.

Source: Moneyfactscompare.co.uk

 

ISA market analysis

Top savings deals at £10,000 gross

20-Oct-21

19 -Oct-22

20-Sep-23

Today

Easy access ISA

Cynergy Bank – 0.65%

Coventry BS – 2.25%

Moneybox – 4.75%

Chorley Building Society - 5.15%

Notice ISA

Aldermore – 0.55% (30-day)

 Aldermore –  2.05% (30-day)

Teachers BS – 5.00% (180-day)

 Stafford Railway BS – 5.25% ( 60-day)

One-year fixed rate ISA

Castle Trust Bank – 0.90%

 Shawbrook Bank 3.90%– 3.85%

Virgin Money – 5.85%

Virgin Money – 5.85%

Two-year fixed rate ISA

West Brom BS – 1.15%

Kent Reliance – 4.30%

Kent Reliance – 5.79%

NatWest – 5.65%

Three-year fixed rate ISA

West Brom BS – 1.25%

Virgin Money – 4.35%

Secure Trust Bank – 5.60%

Zopa –  5.37%

Four-year fixed rate ISA

UBL UK – 1.38% (payable on maturity)

Gatehouse Bank – 4.20%**

UBL UK – 5.39% (payable on maturity)

 UBL UK – 5.39% (payable on maturity)

Five-year fixed rate ISA

UBL UK – 1.56% (payable on maturity)

Furness BS – 4.20%

UBL UK – 5.54% (payable on maturity)

 UBL UK – 5.54% (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

20-Oct-21

19-Oct-22

20-Sep-23

Today

Easy access account

Coventry BS – 0.65%

Skipton BS – 2.55%

Paragon Bank – 5.05%

Chorley Building Society – 5.30%

Notice account

OakNorth Bank – 1.06% (120-day)

BLME – 2.75% (90-day)**

RCI Bank UK – 5.60% (95-day)

RCI Bank UK – 5.60% (95-day)

One-year fixed rate bond

Gatehouse Bank – 1.51%**

JN Bank – 4.75%

National Savings & Investments – 6.20%

Union Bank of India (UK) Ltd – 6.11%

Two-year fixed rate bond

Al Rayan Bank – 1.76%**

JN Bank – 5.00%

Ford Money – 6.05%

Union Bank of India (UK) Ltd – 6.05%

Three-year fixed rate bond

JN Bank – 1.81%

Gatehouse Bank – 5.00%**

BLME – 6.00%**

JN Bank – 5.97%

Four-year fixed rate bond

Gatehouse Bank – 1.92%**

Gatehouse Bank – 5.05%**

Hampshire Trust Bank – 5.85%

 JN Bank –  5.80%

Five-year fixed rate bond

Gatehouse Bank – 2.05%**

Gatehouse Bank – 5.10%**

Tandem Bank – 5.85%

JN Bank – 5.80%

**Islamic bank, pays an expected profit rate. Inflation announcement dates.

Source: Moneyfactscompare.co.uk

 

ISA market analysis

Top savings deals at £10,000 gross

20-Oct-21

19 -Oct-22

20-Sep-23

Today

Easy access ISA

Cynergy Bank – 0.65%

Coventry BS – 2.25%

Moneybox – 4.75%

Chorley Building Society - 5.15%

Notice ISA

Aldermore – 0.55% (30-day)

 Aldermore –  2.05% (30-day)

Teachers BS – 5.00% (180-day)

 Stafford Railway BS – 5.25% ( 60-day)

One-year fixed rate ISA

Castle Trust Bank – 0.90%

 Shawbrook Bank 3.90%– 3.85%

Virgin Money – 5.85%

Virgin Money – 5.85%

Two-year fixed rate ISA

West Brom BS – 1.15%

Kent Reliance – 4.30%

Kent Reliance – 5.79%

NatWest – 5.65%

Three-year fixed rate ISA

West Brom BS – 1.25%

Virgin Money – 4.35%

Secure Trust Bank – 5.60%

Zopa –  5.37%

Four-year fixed rate ISA

UBL UK – 1.38% (payable on maturity)

Gatehouse Bank – 4.20%**

UBL UK – 5.39% (payable on maturity)

 UBL UK – 5.39% (payable on maturity)

Five-year fixed rate ISA

UBL UK – 1.56% (payable on maturity)

Furness BS – 4.20%

UBL UK – 5.54% (payable on maturity)

 UBL UK – 5.54% (payable on maturity)

**Islamic bank, pays an expected profit rate. Inflation announcement dates.

Source: Moneyfactscompare.co.uk

 

James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Inflation remains well above the Government’s target of 2%, and as such is still eating into savers’ money in real terms. It is vital that people consider their options to ensure their investments are delivering competitive returns.

“Some of the latest top fixed rate deals for savers have fallen slightly since the last inflation announcement, although top rating easy access accounts have continued to rise. There is still a good deal of competition and movement at the top end of the market, so savers should have flexibility to spread their cash to allow them to take advantage of higher returns but also retain resilience for any unexpected circumstances. However, people should be aware that popular accounts may be pulled or their rates could decrease, so swiftness to secure the best option is key.

“Following 14 consecutive base rates, the Bank of England’s decision to pause at 5.25% has precipitated a cooling in the rise of top savings rates, but there continues to be substantial activity between providers, and competitive deals are available. It remains essential that savers are prepared to vote with their feet if they are not being incentivised to show loyalty. Savers should consider which type of account suits them best, and how much access they require to their savings, to secure the best return.

“Providers have again been especially willing to raise the bar on ISAs this month, with several notable improvements made across the market. With the choice of ISA products among the highest level on our records, and variable rates still rising, now may be a good time to consider options in this area. Regardless of which options savers choose to pursue, they should consider all options fully alongside their personal circumstances, and be aware of less established brands which may be offering more enticing deals.”

*Data note: Please note that these savings product numbers include deals that are available to UK residents (easy access accounts, notice accounts, fixed rate bonds, variable Cash ISAs, and fixed Cash ISAs) and exclude regular savers, children’s savers, JISAs and LISAs, based on a £10,000 deposit, gross rates. Higher rates may be available for other levels of deposit.

James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Inflation remains well above the Government’s target of 2%, and as such is still eating into savers’ money in real terms. It is vital that people consider their options to ensure their investments are delivering competitive returns.

“Some of the latest top fixed rate deals for savers have fallen slightly since the last inflation announcement, although top rating easy access accounts have continued to rise. There is still a good deal of competition and movement at the top end of the market, so savers should have flexibility to spread their cash to allow them to take advantage of higher returns but also retain resilience for any unexpected circumstances. However, people should be aware that popular accounts may be pulled or their rates could decrease, so swiftness to secure the best option is key.

“Following 14 consecutive base rates, the Bank of England’s decision to pause at 5.25% has precipitated a cooling in the rise of top savings rates, but there continues to be substantial activity between providers, and competitive deals are available. It remains essential that savers are prepared to vote with their feet if they are not being incentivised to show loyalty. Savers should consider which type of account suits them best, and how much access they require to their savings, to secure the best return.

“Providers have again been especially willing to raise the bar on ISAs this month, with several notable improvements made across the market. With the choice of ISA products among the highest level on our records, and variable rates still rising, now may be a good time to consider options in this area. Regardless of which options savers choose to pursue, they should consider all options fully alongside their personal circumstances, and be aware of less established brands which may be offering more enticing deals.”

*Data note: Please note that these savings product numbers include deals that are available to UK residents (easy access accounts, notice accounts, fixed rate bonds, variable Cash ISAs, and fixed Cash ISAs) and exclude regular savers, children’s savers, JISAs and LISAs, based on a £10,000 deposit, gross rates. Higher rates may be available for other levels of deposit.

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.

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.

 

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.

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.

 

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