ISA round up - 14th November 2022
13/11/2022
With the exception of 1 Year Fixed, where best buy fell, rates have held up or improved on the week. However, we believe this is a temporary respite and that we will see falls in the coming week. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Virgin Money still lead the way at 3%. 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. Virgin Money cut their fixed rate ISAs on Friday though so move quickly if this appeals, as there's a good chance this rate goes the same way this week.
Elsewhere, tiny ethical building society, Ecology, are second paying 2.70% with no restrictions. However, they've clearly not resourced to cope with the demand that comes with such a position and are already warning (on their website) of two week delays in opening accounts. Principality Building Society are next at 2.50% although their rate includes a 0.40% bonus for 12 months. Paragon Bank and their Triple Access ISA are fourth at 2.30% ahead of Marcus and Saga who have pulled back to a straight 2.25%, by dropping their 0.25% 12 month bonus. Coventry Building Society have also relaunched their six access ISA at 2.25%.
Aldermore are the new leaders paying 2.80% on 30 Days' Notice. Mansfield Building Society are second although savers need to give a huge 180 Days' Notice in return for the 2.50% payable. Teachers Building Society are next at 2.15% on 90 Days (2.20% for education professionals) but every provider below this is well beaten by the best easy access rates.
There was a late Friday cull of rates which has left OakNorth Bank top of 1 Year paying 3.83%, a position we don't expect them to hold for long. There's a three way tie for second with Castle Trust Bank, Family Building Society and Paragon Bank all paying 3.80%. Leeds Building Society were also cutting rates and fall back to 3.75% alongside Tesco Bank. Gatehouse are at 3.70% and Aldermore Bank at 3.65%. It's worth noting that Cumberland Building Society pay 4.25% but savers have to live in their region and open in branch to secure it.
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. Charter Savings Bank are next, having increased their rate to 4.38%, ahead of Castle Trust Bank and Saffron Building Society at 4.35%. Leeds Building Society and TSB complete the top six at 4.20%
It's a similar tale at the top of 3 Year with State Bank of India paying 4.65% to top the charts abut Yorkshire Building Society take second spot in this category at 4.40%. Leeds Building Society and Secure Trust Bank's 4.35% see's them share third spot while 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, who increased their rate to 4.45% to take second. Secure Trust Bank are third at 4.35%, just ahead of Furness Building Society at 4.31%.
There's no change at all in Lifetime ISAs with Moneybox and Nude Finance both top at 3%. 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 the gap on the leaders close this week as there's been enough time for the rest to respond to the 0.75% base rate increase.