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Swift movement is wise to grab top rate savings deals

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert 01603 476210 Email Rachel
19/10/2022

Swift movement is wise to grab top rate savings deals

Consumers will find the latest top savings rates have improved since the last inflation announcement, so it would be wise for savers to act swiftly to take advantage. Moneyfacts.co.uk reveals the top rate deals available to savers searching for a competitive return.

Swift movement is wise to grab top rate savings deals

Consumers will find the latest top savings rates have improved since the last inflation announcement, so it would be wise for savers to act swiftly to take advantage. Moneyfacts.co.uk reveals the top rate deals available to savers searching for a competitive return.

  • The Consumer Price Index (CPI) rose to 10.1% during September, from 9.9% in August.
  • 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 Q3 2023 is 8.4%.
  • In October 2021, there were no deals that could beat 3.1% (September 2021 CPI) and in October 2020, 444 deals (29 easy access, 44 notice accounts, 24 variable rate ISAs, 106 fixed rate ISAs and 241 fixed rate bonds) could beat 0.5% (September 2020 CPI)*.
  • The Consumer Price Index (CPI) rose to 10.1% during September, from 9.9% in August.
  • 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 Q3 2023 is 8.4%.
  • In October 2021, there were no deals that could beat 3.1% (September 2021 CPI) and in October 2020, 444 deals (29 easy access, 44 notice accounts, 24 variable rate ISAs, 106 fixed rate ISAs and 241 fixed rate bonds) could beat 0.5% (September 2020 CPI)*.

Savings market analysis

Top savings deals at £10,000 gross

21-Oct-20

20-Oct-21

14-Sep-22

Today

Easy access account

Coventry BS – 0.96%***

Coventry BS – 0.65%

Al Rayan Bank – 2.10%**

Skipton BS – 2.55%

Notice account

DF Capital – 1.11% (90-day)

OakNorth Bank – 1.06% (120-day)

BLME – 2.50% (90-day)**

BLME – 2.75% (90-day)**

One-year fixed rate bond

Al Rayan Bank – 1.26%**

Gatehouse Bank – 1.51%**

BLME – 3.40%**

JN Bank – 4.75%

Two-year fixed rate bond

Al Rayan Bank – 1.36%**

Al Rayan Bank – 1.76%**

Close Brothers Savings – 3.55%

JN Bank – 5.00%

Three-year fixed rate bond

BLME – 1.45%**

JN Bank – 1.81%

SmartSave – 3.61%

Gatehouse Bank – 5.00%**

Four-year fixed rate bond

BLME – 1.50%**

Gatehouse Bank – 1.92%**

BLME – 3.60%**

Gatehouse Bank – 5.05%**

Five-year fixed rate bond

BLME – 1.60%**

Gatehouse Bank – 2.05%**

BLME – 3.75%**

Gatehouse Bank – 5.10%**

**Islamic bank, pays an expected profit rate. ***NS&I excluded from top rate position as rates were due to be cut. Source: Moneyfacts.co.uk

Savings market analysis

Top savings deals at £10,000 gross

21-Oct-20

20-Oct-21

14-Sep-22

Today

Easy access account

Coventry BS – 0.96%***

Coventry BS – 0.65%

Al Rayan Bank – 2.10%**

Skipton BS – 2.55%

Notice account

DF Capital – 1.11% (90-day)

OakNorth Bank – 1.06% (120-day)

BLME – 2.50% (90-day)**

BLME – 2.75% (90-day)**

One-year fixed rate bond

Al Rayan Bank – 1.26%**

Gatehouse Bank – 1.51%**

BLME – 3.40%**

JN Bank – 4.75%

Two-year fixed rate bond

Al Rayan Bank – 1.36%**

Al Rayan Bank – 1.76%**

Close Brothers Savings – 3.55%

JN Bank – 5.00%

Three-year fixed rate bond

BLME – 1.45%**

JN Bank – 1.81%

SmartSave – 3.61%

Gatehouse Bank – 5.00%**

Four-year fixed rate bond

BLME – 1.50%**

Gatehouse Bank – 1.92%**

BLME – 3.60%**

Gatehouse Bank – 5.05%**

Five-year fixed rate bond

BLME – 1.60%**

Gatehouse Bank – 2.05%**

BLME – 3.75%**

Gatehouse Bank – 5.10%**

**Islamic bank, pays an expected profit rate. ***NS&I excluded from top rate position as rates were due to be cut. Source: Moneyfacts.co.uk

ISA market analysis

Top savings deals at £10,000 gross

21-Oct-20

20-Oct-21

14-Sep-22

Today

Easy access ISA

Coventry BS – 0.96%

Cynergy Bank – 0.65%

Santander – 1.85%

Coventry BS – 2.25%

Notice ISA

Teachers BS – 0.70% (90-day)

Aldermore – 0.55% (30-day)

Mansfield BS – 1.75% (90-day)

Aldermore – 2.05% (30-day)

One-year fixed rate ISA

Newcastle BS – 0.85%

Castle Trust Bank – 0.90%

Santander – 3.00%

Shawbrook Bank – 3.90%

Two-year fixed rate ISA

Marsden BS – 1.00%

West Brom BS – 1.15%

Santander – 3.25%

Kent Reliance – 4.30%

Three-year fixed rate ISA

Gatehouse Bank – 1.12%**

West Brom BS – 1.25%

UBL UK – 3.15% (payable on maturity)

Virgin Money – 4.35%

Four-year fixed rate ISA

Coventry BS – 1.15%

UBL UK – 1.38% (payable on maturity)

UBL UK – 3.20% (payable on maturity)

Gatehouse Bank – 4.20%**

Five-year fixed rate ISA

UBL UK – 1.44% (on maturity)

UBL UK – 1.56% (payable on maturity)

Shawbrook Bank – 3.45%

Furness BS – 4.20%

**Islamic bank, pays an expected profit rate. Source: Moneyfacts.co.uk

 

ISA market analysis

Top savings deals at £10,000 gross

21-Oct-20

20-Oct-21

14-Sep-22

Today

Easy access ISA

Coventry BS – 0.96%

Cynergy Bank – 0.65%

Santander – 1.85%

Coventry BS – 2.25%

Notice ISA

Teachers BS – 0.70% (90-day)

Aldermore – 0.55% (30-day)

Mansfield BS – 1.75% (90-day)

Aldermore – 2.05% (30-day)

One-year fixed rate ISA

Newcastle BS – 0.85%

Castle Trust Bank – 0.90%

Santander – 3.00%

Shawbrook Bank – 3.90%

Two-year fixed rate ISA

Marsden BS – 1.00%

West Brom BS – 1.15%

Santander – 3.25%

Kent Reliance – 4.30%

Three-year fixed rate ISA

Gatehouse Bank – 1.12%**

West Brom BS – 1.25%

UBL UK – 3.15% (payable on maturity)

Virgin Money – 4.35%

Four-year fixed rate ISA

Coventry BS – 1.15%

UBL UK – 1.38% (payable on maturity)

UBL UK – 3.20% (payable on maturity)

Gatehouse Bank – 4.20%**

Five-year fixed rate ISA

UBL UK – 1.44% (on maturity)

UBL UK – 1.56% (payable on maturity)

Shawbrook Bank – 3.45%

Furness BS – 4.20%

**Islamic bank, pays an expected profit rate. Source: Moneyfacts.co.uk

 

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

“Savers may be pleased that cash savings rates continue to rise amid uncertainties surrounding the stock market. Cash savings accounts are a traditional haven for consumers, and fixed interest rate paying accounts provide a clear guaranteed return for investors during unprecedented times of uncertainty. However, inflation is still very much eroding the true spending power of savers’ cash, so it’s imperative savers do not become apathetic to switch at a time when competition in the top rate tables is rife. Top fixed bonds are reaching heights not seen for many years as challenger banks compete to entice savings deposits, but this has also seen deals change within a short time frame, so swift movement is wise to grab a top rate savings deal.

“Those savers who are about to see their one-year bond mature may wish to note the best deal today pays 4.75% (JN Bank), which is 3.24% more than last year’s top deal, of 1.51% (Gatehouse Bank) as an expected profit rate. One-year fixed ISAs are also on the up, but still pay less than fixed bonds, so as interest rates continue to rise, it’s imperative savers consider both their ISA allowance and their Personal Savings Allowance along with comparing interest rates. Amid the cost of living crisis, some savers may prefer to keep their cash close to hand, and thankfully, variable rates on both easy access accounts and ISAs have improved but savers will need to check the terms of each account to ensure it suits their needs.

“It is largely expected that the Bank of England will increase the base rate in the coming weeks, but savers would be wise to review their existing accounts now and switch to take advantage of the latest top rate deals. As we have seen time and time again, there is no guarantee that savers will see much benefit from a base rate rise, so it’s important they reconsider their loyalty if they are getting a raw deal.”

*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 Moneyfacts.co.uk, said:

“Savers may be pleased that cash savings rates continue to rise amid uncertainties surrounding the stock market. Cash savings accounts are a traditional haven for consumers, and fixed interest rate paying accounts provide a clear guaranteed return for investors during unprecedented times of uncertainty. However, inflation is still very much eroding the true spending power of savers’ cash, so it’s imperative savers do not become apathetic to switch at a time when competition in the top rate tables is rife. Top fixed bonds are reaching heights not seen for many years as challenger banks compete to entice savings deposits, but this has also seen deals change within a short time frame, so swift movement is wise to grab a top rate savings deal.

“Those savers who are about to see their one-year bond mature may wish to note the best deal today pays 4.75% (JN Bank), which is 3.24% more than last year’s top deal, of 1.51% (Gatehouse Bank) as an expected profit rate. One-year fixed ISAs are also on the up, but still pay less than fixed bonds, so as interest rates continue to rise, it’s imperative savers consider both their ISA allowance and their Personal Savings Allowance along with comparing interest rates. Amid the cost of living crisis, some savers may prefer to keep their cash close to hand, and thankfully, variable rates on both easy access accounts and ISAs have improved but savers will need to check the terms of each account to ensure it suits their needs.

“It is largely expected that the Bank of England will increase the base rate in the coming weeks, but savers would be wise to review their existing accounts now and switch to take advantage of the latest top rate deals. As we have seen time and time again, there is no guarantee that savers will see much benefit from a base rate rise, so it’s important they reconsider their loyalty if they are getting a raw deal.”

*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.

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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Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant