Savers have five new best buy deals to choose from after three providers launched table topping deals.
Shawbrook Bank, Vanquis Bank and DF Capital are the three banks behind the changes.
Shawbrook has launched a market leading one-year cash Isa deal paying 5.53 per cent and a two-year deal paying 5.58 per cent.
This overtakes Leeds Building Society and Zopa Bank at the top of This is Money best cash Isa savings tables.
Rich pickings: Savers have five new best buy savings deals to choose from this morning after three providers launched table topping deals
Someone putting £10,000 in Shawbrook’s one-year fix will earn £553 of tax-free interest over the course of a year.
Essex-based Shawbrook launched in 2011 and looks after £7.84billion of savings.
It accepts transfers in from other Isa providers. Any early withdrawals will be charged 180 days of interest.
Meanwhile, DF Capital launched its first ever easy-access deal paying 4.55 per cent superseding Coventry Building Society’s 4.5 per cent deal at the top of This is Money’s best buy easy-access tables.
However, unlike Coventry’s deal, which restricts savers to only four fee free withdrawals per year, DF Capital allows unlimited withdrawals.
Someone putting £10,000 in DF Capital’s easy-access account will earn £455 of interest over the course of the year, albeit if the variable rate of interest remains the same.
Savers will need a minimum of £1,000 to open an account online and interest will be paid monthly.
Withdrawals can be made as and when required with funds being received the next working day if the withdrawal request is received before 4:30pm.
If a withdrawal request is received after 4:30pm or on a non working day, the withdrawals will be processed on the next working day and their funds may not be received until the second working day.
It’s worth noting that there is also a minimum withdrawal limit of £1,000 each time.
DF Capital is a specialist commercial bank lending to small and medium sized businesses in the UK. It was authorised as a bank in September 2020.
There is also some further good news for those on the hunt for a new fixed-rate savings account.
Vanquis Bank has launched two new best buy fixed rate savings deals. Its one-year fix pays 6.15 per cent and its two-year fix pays 6.2 per cent.
This beats the next best deal on This is Money best buy fixed rate accounts.
FirstSave pays 6.1 per cent for a one-year fix while Investec pays 6.06 per cent for a two-year fix. The average one-year fix now pays 5.1 per cent, according to Moneyfacts.
Savers must open the Vanquis account online and will need to deposit a minimum of £1,000 to get started.
Someone stashing £10,000 in Vanquis Bank’s one-year deal will earn £615 of interest over a 12 month period. Withdrawals are now allowed during the fixed term.
Vanquis Bank is part of the Provident Financial Group, which was founded in 2002 and looks after £1.68billion of deposits.
Shawbrook, DF Capital and Vanquis Bank are all part of the Financial Services Compensation Scheme.
This protects savers with each provider up to £85,000 per individual, or £170,000 with joint accounts.
