ISA round up - 21st November
20/11/2022
As we feared last week, rates have started to fall in fixed ISAs. Three of the top four 1 Year ISA rates were cut or pulled and although State Bank of India dominate longer term fixed ISAs, the gap between them and the next best rates continues to widen. There was limited good news on easy access ISAs. The top two rates remain the same but there is movement behind with three building societies increasing rates. 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.
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. Three providers share third spot with Scottish Building Society paying 2.50% with no restrictions. Principality Building Society pay the same rate although their rate includes a 0.40% bonus for 12 months. Nationwide upped their Triple Access rate by 0.40%, during the week, so also pay 2.50%. Also on the move was Teacher's Building Society who pay 2.35% or 2.40% for education professionals. Paragon Bank and their Triple Access ISA are next at 2.30% alongside Charter Savings Bank.
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 bizarrely at 2.15% on 90 Days (2.20% for education professionals), which is lower than their easy access rates.
Three of the four leading providers cut rates or withdrew which leaves Family Building Society top at 3.80%. Charter Savings Bank are next at 3.76%, following their re-entry, just ahead of Tesco Bank at 3.75%. Gatehouse and Secure Trust Bank share fourth at 3.70% with OakNorth at 3.68% 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 remain 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. Kent Reliance are next at 4.40% as they come back in to the market. Castle Trust Bank and Saffron Building Society share third with both paying 4.35%. Secure Trust Bank are at 4.30% before rates start to tail off with drops to Charter Savings (4.21%) and Yorkshire Building Society (4.10%).
It's a similar tale at the top of 3 Year with State Bank of India paying 4.65% to top the charts. Yorkshire Building Society take second spot in this category at 4.40%. Secure Trust Bank are next at 4.35% with UBL Bank next at 4.25%.
State Bank of India also top 5 Year at 4.65% with a big drop then to Secure Trust Bank in second at 4.35% with Gatehouse Bank completing the top three at 4.20%. It's worth noting that Cumberland Building Society pay 5.05% but savers have to live in their region and open in branch to secure it.
There's no change at the top of Lifetime ISAs with Moneybox and Nude Finance both top at 3% but there is movement below them. 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 increased their rate by 0.60% and are now third with a straight 2.30%. Skipton Building Society were also on the move and are now fourth at 1.75%, ahead of Paragon at 1.60%, with Newcastle Building Society bringing up the rear at 1.20%. Hopefully both will follow suit in the coming week with rises of their own.