ISA round up - 17th October
17/10/2022
Easy access and notice account best buys remain the same but there's changes at the top of every fixed rate ISA category and half the Lifetime ISA providers increased rates during the week. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Coventry Building Society still lead the way with a huge 2.25% on their online saver. There is a limit to the number of withdrawals per year of six, before a charge of 50 days interest is levied on the 7th and subsequent withdrawal. This is only matched by Virgin Money, but their account is restricted to existing customers only. Cynergy Bank are second, as they increased their rate to 2.15% during the week, to move ahead of Santander and Nationwide's Triple Access Saver at 2%. the latter only permits three withdrawals per annum, after which the rate drops to a derisory 0.01%. Paragon Bank Triple Access ISA was withdrawn on Thursday leaving a big drop to Scottish Building Society, Principality and Coventry's unrestricted ISA all at 1.85%.
There's no change to notice accounts with Mansfield Building Society still the best buy Notice ISA with a rate of 1.75% for its 90 Day Notice account. However, with nine providers paying more than this on easy access, there's little incentive to look at Notice ISAs at the present time.
Kent Reliance took top spot on Friday by raising its rate to 3.85%. Virgin Money and Santander both upped their rates to 3.70% to make it a four way tie for second spot with Gatehouse Bank and Shawbrook also paying the same rate. Aldermore Bank are next at 3.65% with Cynergy Bank next at 3.60% following an increase in rates to their entire range.
Gatehouse were the first to break 4% on 2 Year but we now have five providers at or above that mark. Leading the way is Kent Reliance at 4.30% with Virgin Money (4.25%) and Santander (4.20%) also increasing rates during the week. Next is Aldermore Bank at 4% who match Gatehouse Bank. There's big drop back then to Cynergy at 3.80%.
Virgin Money are the new leaders with 4.35% the best buy on 3 Year. Gatehouse Bank are second at 4.20% with Aldermore Bank third at 4.10%. Leeds Building Society (4.05%), Yorkshire Building Society and Cynergy (both 4%) complete the top six all paying 4% or more.
Furness Building Society increased their rate to 4.20% to share top spot with Gatehouse Bank. United Trust Bank increased its rate to 4.05% during the week to move up to third. Newcastle and Principality Building Societies both pay 4% to complete the top five.
Nude Finance and Moneybox share top spot on Lifetime ISAs with both paying 2% on their cash LISAs. Nude's comes with a £2 monthly fee and Moneybox include a 0.50% bonus. Beehive Money are next with a straight 1.70% with Paragon fourth, following a 0.60% increase to their rate to 1.60%. Newcastle Building Society (1.20%) and Skipton Building Society (1%) complete the line up.