Best 1 year fixed rate savings accounts available? Including “loyalty” rates for existing customers?

I’m looking to open a 1 year fixed rate savings account before the rates drop any further. Currently looking at Cynergy’s 4.56% 1 year bond. But is there anything better out there? I’m an existing customer at lots of banks and building societies so maybe there are some loyalty rates that I’m not aware of?

Basically, can I do better than 4,56%?
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  • What_time_is_it
    What_time_is_it Posts: 834 Forumite
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    Thanks @InvesterJones

    What I’m really looking for, and what is seemingly harder to find, is whether banks or building societies are offering better rates for existing customers.

    e.g. Cynergy offer 4,56 instead of 4.55%.

    Anyone know of any loyalty rates currently on offer?
  • clairec666
    clairec666 Posts: 21 Forumite
    10 Posts
    Easiest for you to look at each individual bank yourself, as you are the one who knows which ones you already have an account with!
    I don't think there's much out there that beats Cynergy's rate, and if so it will only be a fraction of a percent, so work out if the tiny bit of extra interest is worth the hassle of changing banks...
  • refluxer
    refluxer Posts: 3,129 Forumite
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    edited 2 May at 11:58AM
    I've not come across many banks who offer loyalty rates for this type of account, but Oxbury often do (they recently had an existing customer one year bond that was higher than anything else available at the time). They also occasionally offer shorter fixes (eg. 3 or 6 months) with table-topping rates that are only available to existing customers. You may have to be logged in to online banking to see these accounts.

    While this doesn't help with your current search, it's worth mentioning that there are also some banks who offer better rates to customers with existing, maturing fixed rate accounts. I've renewed a fixed rate account with Oaknorth in the past due to the renewal rates on offer being substantially higher than those available to all (and elsewhere), but the difference can also be negligible too - it presumably depends on their strategy for retaining existing customers at the time.
  • What_time_is_it
    What_time_is_it Posts: 834 Forumite
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    Thanks. That’s great info and advice. 🙂
  • ColdIron
    ColdIron Posts: 9,703 Forumite
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    Investec always (IME) offer bonus rates. This year I got an extra 0.01%
  • janusdesign
    janusdesign Posts: 896 Forumite
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    edited 2 May at 1:47PM
    Thanks @InvesterJones

    What I’m really looking for, and what is seemingly harder to find, is whether banks or building societies are offering better rates for existing customers.

    e.g. Cynergy offer 4,56 instead of 4.55%.

    Anyone know of any loyalty rates currently on offer?
    there was talk a while back about someone starting a thread on this topic with the latest loyalty fixed rate offers - I don't think it ever happened.
    DF Capital have an 18-Month fixed rate @ 4.65% for existing customers, but all their personal accounts are now NLA, so there is no way in (bar opening a business account with at least £20k!)
    re: Oxbury - I just checked their latest 'loyalty' rates for existing customers and they look better than Cynergy and match the best rates available on Moneyfacts
    • 1-Year @ 4.65%
    • 6-Months @ 4.62% (for new customers, it's 4.51%)
    • 3-Months @ 4.61%

    I think from previous posts on this, and assuming you aren't an Oxbury customer currently, if you opened an Easy Access account with Oxbury (might need to put £1 in), you would then have access to these existing customer accounts and allow you to open the fixed rate account.
    if you didn't fund the EA account upto the £1k initial deposit, then they would likely close it after its funding period closed - but there's nothing to stop you funding the EA to the £1k min and then withdrawing £999 elsewhere (e.g the fixed rate account) - it would just mean that you wouldn't receive any interest on the EA account until the balance was £1k+.
    I only have £1 in my Oxbury EA account - but it allows me to access their existing customers rates.
  • What_time_is_it
    What_time_is_it Posts: 834 Forumite
    500 Posts Third Anniversary Name Dropper
    That’s brilliant. Thanks. Exactly the kind of info I am looking for.
  • subjecttocontract
    subjecttocontract Posts: 2,576 Forumite
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    I'd move fast......MPC meeting on 8th May, next Thursday, interest likely to reduce. I'm not sure you even have time to open the loyalty account before rate reductions.
  • Dan29
    Dan29 Posts: 4,765 Forumite
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    When I checked a week or so ago, the only 1 year fixes beating 4.56% were DF Capital and Oxbury - both 4.65%


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