ISA round up - 7th November
06/11/2022
Virgin Money stole the show this week with a whopping 3% on easy access ISA which put Marcus' increase to 2.50% in the shade. State Bank of India have taken a clean sweep of longer term fixed rate ISAs with 4.65% on 2, 3 and 5 Year fixed rates. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
It's all change at the top of easy access ISAs. Although Coventry Building Society have pulled what was the best buy easy access ISA (2.25%), it's been overhauled by four providers. The best rate is 3% which is from Virgin Money. Although this account is only available to Virgin Money current account holders, it is possible to switch or open a new current account with them to get this rate. Given that it beats all easy access rates, even on taxable accounts, that may be worth doing for many savers - particularly those with larger balances.
Elsewhere, Marcus and Saga both increased their rates to 2.50%, albeit that this includes a 0.25% bonus for 12 months. Paragon Bank reintroduced their Triple Access ISA at a rate of 2.30% to take fourth spot. Cynergy Bank are next at 2.15% alongside Principality Building Society, although their rate includes a 0.40% bonus for 12 months. Skipton and Teachers Building Society's were are both at 2.10% - although the latter pay a higher rate of 2.15% for Teachers and education professionals. Although we can't see the Virgin rate being beaten, expect to see more movement this week as providers respond to the Virgin and Marcus moves.
Mansfield Building Society remain leaders with a best buy rate of 2.50%, although savers need to give a huge 180 Days' Notice to access their cash. Teachers Building Society have moved up to second with an improved rate of 2.15% on their 90 Day Notice and Aldermore are third at 2.05% although this only needs 30 Days' Notice to access. However, every provider below this is well beaten by the best easy access rates.
Secure Trust Bank are the new leaders paying 3.90% with Virgin Money sharing second spot with Leeds Building Society at 3.85%, with the latter increasing their rates during the week. Paragon Bank are fourth at 3.80% as they reintroduced their 1 Year ISA. Then come Tesco at 3.75%, Gatehouse at 3.70% and Aldermore Bank at 3.65% - all three unchanged on the week. It is looking unlikely that 1 Year Fixed will break the 4% mark this year.
State Bank of India are the new leaders paying a huge 4.65%. They do require savers to open a non-ISA savings account or current account with them to qualify for this rate though. Virgin Money are second, having upped their rate to 4.36% to nip above Saffron Building Society at 4.35%. Leeds Building Society's increase sees them move up to fourth paying 4.31%. Secure Trust Bank complete the top five at 4.30%.
It's a similar tale at the top of 3 Year with State Bank of India paying 4.65% to top the charts and Virgin Money in second at 4.41%. Secure Trust Bank's 4.35% is enough to take third spot with Leeds Building Society next at 4.30%. Paragon Bank just sneak fifth at 4.26% ahead of UBL Bank at 4.25%.
State Bank of India also top 5 Year at 4.65% with a big drop then to Leeds Building Society, whose 4.31% was enough to give them the top spot for most of the week. United Trust Bank's improved rate of 4.30% secures them third spot with Paragon a touch behind at 4.27%.
Moneybox have been joined on 3% by Nude Finance, who increased their rate in response to the Base Rate rise. The Moneybox rate does include a 0.25% bonus for 12 months and Nude Finance's rate comes with a £2 monthly fee but both are miles clear of the rest. Beehive Money are third with a straight 1.70% and Paragon fourth at 1.60%. Newcastle Building Society (1.20%) and Skipton Building Society (1%) complete the line up. We'd hope to see third to sixth respond to the Base Rate with increases of their own this week.