Savings rates have been at rock bottom for what must seem like an eternity to people looking for a safe yet worthwhile return on their nest egg.
With lenders needing money to keep pace with the surging demand for mortgages, savings interest rates are continuing their upward movement, nothing dramatic, but gradual small steps which is a good start.
If you look at fixed rate bonds rates for example, you can now get an extra 0.25% on your rate compared with just two months ago.
However, don’t expect to see the big high street banks increasing rates anytime soon, the latest mini rate war is driven by agile, hungry competitive providers, including the likes of Charter Savings Bank, Shawbrook Bank, Zopa, Kent Reliance, Cynergy Bank and Gatehouse Bank – all are covered by the Financial Services Compensation Scheme (FSCS).
As we come out of lockdown and things slowly return to a new normal, hopefully we’ll see this turn in fortunes for savers continue well into the latter part of 2021 – we can but hope!
Here’s a run down of the latest best buy easy access and fixed rate bond deals as of this morning 13th July 2021
- Easy Access – Cynergy Bank – Online Easy Access (Issue 40) – 0.50%
- Easy Access – Charter Savings Bank – Easy Access (Issue 21) – 0.50%
- 1 Year Fixed Rate – Gatehouse Bank – Fixed Term Green Saver – 1.10%
- 1 Year Fixed Rate – Kent Reliance – 1.01%
- 2 Year Fixed Rate – Gatehouse Bank – Fixed Term Green Saver – 1.20%
- 2 Year Fixed Rate – Zopa – 1.15%
- 3 Year Fixed Rate – Zopa – 1.30%
- 3 Year Fixed Rate – Hodge Bank – 1.30%
- 5 Year Fixed Rate – J N Bank – 1.61%
- 5 Year Fixed Rate – Shawbrook Bank – 1.55%