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Savings News

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The best savings rates this week 23.07.21
Derin Clark

Derin Clark

Online Reporter
Published: 23/07/2021

Banks and building societies have continued to launch new savings accounts and increase rates this week, most notably Coventry Building Society which now tops the easy access savings chart with its recently launched Limited Access Saver (Online) (5). Meanwhile, JN Bank increased the rate on its five year fixed bond today, resulting in it topping the fixed rate bond chart.

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The best ISA rates this week 22.07.21

Changes within the ISA charts have slowed down this week, but providers have continued to raise rates which has resulted in new higher rates being available in both the two and one year fixed ISA charts. As well as this, competition at the top of the easy access ISA chart has increased with five ISAs now offering the top rate in this chart.

Savers should note that the rates below are the best rates available at 12pm on Thursday 22 July 2021 and, although correct at the time of publishing, providers may reduce or withdraw rates at any time. As well as this, the rates highlighted are only those available to new customers.

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Moneyfacts Weekly Product News – 22.07.21

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. 

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Glimmer of saving recovery as rates see slight rise

Average saving rates across all charts except notice ISAs have increased month-on-month, with challenger banks boosting competition within the savings market.

Figures due to be released in the Moneyfacts UK Savings Trends Treasury Report show that that the average rate on easy access savings accounts has increased by 0.01% month-on-month, up from 0.16% in June to 0.17% in July. Meanwhile, the average rate on one year fixed rate bonds has risen by 0.04% and the average rate on longer-term bonds has risen by 0.05%, up from 0.48% to 0.52% and 0.72% to 0.77% respectively.

Although some high street banks and building societies are offering highly competitive rates, for example Leeds Building Society offering a market-leading easy access savings account rate of 0.50% on its Limited Issue Online Access Account (Issue 20), savers will likely have to look to challenger bank for the top savings rates.

“The rise of challenger banks in recent years has breathed life into the savings market and there are now more savings providers than ever before on our records,” explained Rachel Springall, finance expert at Moneyfacts.co.uk. “The injection of much-desired competition has been noticed even more recently, as challenger banks make their presence known in the top rate tables. In the past few weeks alone, there have been several rate increases to fixed bonds, many by challenger banks. However, the shelf life on a fixed rate bond fell to 53 days, showing signs that a good deal may not last too long as brands continue to react to market movements.”

 

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The best savings rates this week 16.07.21

Competition at the top of the easy access savings account chart increased this week with Leeds Building Society relaunching its Double Access Saver, resulting in 10 accounts now paying the top easy access saving rate. Meanwhile, Wesleyan Bank launched a range of fixed rate bonds during the week which has resulted in the three year option topping the three year fixed rate bond chart.

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The best ISA rates this week 15.07.21

15th July 2021

Savers looking for an easy access cash ISA will be disappointed to see that last week’s top rate is no longer available, however more ISAs are now offering 0.50% AER

Savers looking for an easy access cash ISA will be disappointed to see that last week’s top rate is no longer available

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Moneyfacts Weekly Product News – 15.07.21

15th July 2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

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Lifetime ISA warning as savers hit by withdrawal penalty

14th July 2021

Savers looking to open a Lifetime ISA (LISA) are being warned to consider the withdrawal penalty if there is the possibility that they will use the money for any reason other than to buy a first home or for their retirement

Savers looking to open a Lifetime ISA (LISA) are being warned to consider the withdrawal penalty if there is the possibility that they will use the money for any reason other than to buy a first home or for their retirement

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Savers face difficult choices as inflation rises to 2.5%

14th July 2021

With the Consumer Price Index (CPI) rising to 2.5% in June, savers coming to the end of a fixed rate deal are facing a difficult decision as to where to deposit their funds as no accounts can currently match the rate of inflation

With the Consumer Price Index (CPI) rising to 2.5% in June, savers coming to the end of a fixed rate deal are facing a difficult decision

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Most Popular Savings News

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The best savings rates this week 23.07.21

23rd July 2021

Banks and building societies have continued to launch new savings accounts and increase rates this week, most notably Coventry Building Society which now tops the easy access savings chart with its recently launched Limited Access Saver (Online) (5)

Banks and building societies have continued to launch new savings accounts and increase rates this week, most notably Coventry Building Society

Read More
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Glimmer of saving recovery as rates see slight rise

19th July 2021

Average saving rates across all charts except notice ISAs have increased month-on-month, with challenger banks boosting competition within the savings market

Average saving rates across all charts except notice ISAs have increased month-on-month, with challenger banks boosting competition within the savings market

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The best ISA rates this week 22.07.21

22nd July 2021

Changes within the ISA charts have slowed down this week, but providers have continued to raise rates which has resulted in new higher rates being available in both the two and one year fixed ISA charts

Changes within the ISA charts have slowed down this week.

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Moneyfacts Weekly Product News – 22.07.21

22nd July 2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

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