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Best UK savings rates this week

Michael Brown

Content Writer
Published: 01/07/2022

Last updated: 1st July 2022 12:00pm

All best fixed rate offers increase over the past week.

Short-term fixed rate bonds appear to be popular right now. In particular, there has been an increased interest in six to nine month bonds on our consumer website, which could be the result of savers expecting further base rate hikes in the short-term.

While this may be where consumers are most interested, there continues to be movement across the overall fixed rate market. Compared to last week, the top providers on the fixed rate bond market have all changed this week, with better rates. In the easy access market, Al Rayan Bank and Gatehouse Bank both changed their offers this week, as they attempt to offer the best expected profit rate on the market. Meanwhile, Secure Trust Bank also appears on our notice roundup.

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Should I consider a six or nine month bond this July?

With some experts expecting the Bank of England to raise interest rates further, should you consider a short, fixed term home for your savings?

The Bank of England currently expects inflation to rise further, slightly exceeding 11% in October due to an increase in the Ofgem price cap.

It means that there could be further base rate hikes in the future as the Monetary Policy Committee attempts to bring inflation down to its 2% target.

Savers will, no doubt, welcome a potential base rate increase and hope it can be passed on to their own investment. So, if the base rate is to increase, some investors might feel less inclined to commit to a long-term fixed rate bond right now.

With increased interest for six- and nine-month bonds on our consumer website, we have identified the top rates for this corner of the market.

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The best UK ISA rates this week

Last updated: 30th June 2022 at 12:00pm 

While competition intensifies for five year fixed options, Leeds BS’s Limited Issue 30 Month Fixed Cash ISA (Issue 1) still offers a better rate.

While the top rates on the easy access chart saw minimal movement this week, the fixed ISA market has become much more competitive. For five year fixed options there are now four different providers which match the top rate of 2.60% on offer. It is important to note that this rate can still be bettered by Leeds BS, which requires your cash to be locked in for less time.

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Moneyfacts pick of the week

Last updated: 30th June 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:

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Gatehouse Bank increases rate on easy access account

While not market-leading, the increase means it pays the best expected profit rate for easy access accounts.

Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer in this section of the market.

“With savings rates increasing across the board, we want to ensure we have one of the best products on the market and provide our customers with competitive rates,” said Ravi Kumar, Senior Product Manager at Gatehouse Bank.

Overall, its new rate is 0.16% shy of the best interest payout, held by Virgin Money, on the market.  It is also bettered by previous market-leaders Chase, but shares third spot on our charts with several different providers.

These providers include Aldermore, Principality BS, Sainsbury’s Bank and Zopa. Each of these respective accounts come with their own characteristics, which can be viewed on our charts.  

Before Gatehouse Bank’s increase today, Al Rayan Bank offered the best expected profit rate for an easy access account at 1.31%. This rate is currently maintained, and is the second best expected profit rate on the easy access market.

Inflation and the cost of living is rising rapidly and it’s important that we support our customers with great returns while also giving them the flexibility to access their money,” said Kumar.

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Recent News

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Top savings deals flourish, but inflation persists

22nd June 2022

Top savings deals are on the rise across various sectors, as providers compete for a place in the spotlight. Still, the Consumer Price Index (CPI) rose to 9.1% during May, from 9.0% in April meaning there is still not a single deal which is able to outpace inflation.

Top savings deals are on the rise across various sectors, as providers compete for a place in the spotlight.

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Record-breaking rate hikes to one-year fixed bonds

21st June 2022

The average one-year fixed bond rate experienced the highest month-on-month rise since our electronic records begun in February 2007. Increasing by 0.29% to 1.53%, the average one year bond now stands at the highest rate since October 2013 according to the latest Moneyfacts UK Savings Trends Treasury Report.  On the ISA market, the average one-year fixed ISA now stands at 1.21%, its highest point since November 2019 (1.21%) and had the biggest month-on-month rise seen since August 2011.  

The average one-year fixed bond rate experienced the highest month-on-month rise since our electronic records begun in February 2007.

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Savers’ delight as providers react to base rate hike

17th June 2022

After the Bank of England’s (BoE) base rate rise yesterday, several providers have already raised the interest rate on their variable savings accounts. Below we have highlighted some of these providers, with some planning to hold their Standard Variable Rates (SVR) for mortgage borrowers too.

After the Bank of England’s (BoE) base rate rise yesterday, several providers have already raised the interest rate on their variable savings accounts.

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BREAKING: Bank of England raise base rate to 13 year high

16th June 2022

The Bank of England’s (BoE) monetary committee voted in favour of raising the base rate from 1.00% to 1.25% today. It means the base rate is now at its highest in over 13 years. The last the base rate was higher it sat at 1.5% in January 2009. The following month it was lowered to 1.00%.

The Bank of England’s (BoE) monetary committee voted in favour of raising the base rate from 1.00% to 1.25% today.

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Most Popular Savings News

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Best UK savings rates this week

1st July 2022

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

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The best UK ISA rates this week

30th June 2022

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

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Should I consider a six or nine month bond this July?

1st July 2022

With increased interest for six- and nine-month bonds on our consumer website, we have identified the top rates for this corner of the market. But are these rates worth it, and would you be better off with an easy access account instead?

With increased interest for six- and nine-month bonds on our consumer website, we have identified the top rates for this corner of the market.

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Gatehouse Bank increases rate on easy access account

28th June 2022

Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer in this section of the market. Overall, its new rate is 0.16% shy of the best interest payout, held by Virgin Money, on the market. It is also bettered by previous market-leaders Chase, but shares third spot on our charts with several different providers.

Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer

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