ISA round up - 9th January
08/01/2023
As we warned last week,State Bank of India have cut their 3 and 5 Year rates last week. Nottingham Building Society's Beehive Money lifted their Lifetime ISA rate, in response to last month's Base Rate increase. However, aside from these moves, there was very little change in the best buy tables as we expected. That should change in the coming week, and we predict there will be movements in response to last month's Base Rate increase, particularly with the market expecting a further increase in February. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Easy access rates remain unchanged on the week and 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. There's a big drop to second where Harpdenden Building Society pay 2.60% on their triple access ISA. There's a four way tie for third place with Scottish Building Society and Cynergy Bank pay 2.50% with no restrictions. Principality Building Society pay the same rate although their rate includes a 0.40% bonus for 12 months. Nationwide also pay 2.50% on their Triple Access ISA. Kent Reliance pay 2.43% as does Family Building Society with their market tracker ISA - where the rate is reviewed quarterly in line with the market. Sainsburys and Chorley Building Society complete the top 10, both paying 2.40%.
It's a similar story with Notice ISAs with no change at the top of the tables. Mansfield Building Society still lead the way paying 3% on 180 Day Notice and 2.50% on 90 Day. Aldermore Bank are next paying 2.80% on just 30 Days' Notice. Hinckley & Rugby pay 2.70% on their 90 Day Notice and Melton Building Society increase their 100 Day Notice rate to 2.65%. Below this, all providers are beaten by the best easy access rates.
Barclays pay a market leading 4% on their 1 Year Flexible ISA - the first time they have topped our charts. Long term leader, UBL, are second paying 3.81%. Virgin Money are third at 3.79% just ahead of Shawbrook Bank at 3.78%. Gatehouse Bank complete the top five at 3.70%, ahead of OakNorth at 3.68%.
Virgin Money lead the way paying 4.11%, which is just enough to beat Barclays 4.10% to second spot. Secure Trust Bank are third at 4.05% with State Bank of India and Scottish Building Society completing the top five - both paying 4.01%. There's six providers at 4% including Paragon Bank, West Brom Building Society, Hodge and Charter Savings Bank.
UBL Bank lead the way paying 4.25% after long time leaders State Bank of India finally cut their rate. Gatehouse pay 4.20% to sit second with Ford Money third at 4.15%. Castle Trust Bank, State Bank of India and Secure Trust Bank all pay 4.10% to complet the top six.
West Brom Building Society lead the way at 4.25%, after State Bank of India cut their best buy rate to 4.15 to drop to third. Gatehouse Bank sit between them at 4.20%. Secure Trust Bank pay 4.10% and Paragon Bank at 4.05%. Family Building Society and Principality Building Society pay 4% with all other providers below this level.
Moneybox remain outright top at 3.50%. The Moneybox rate does include a 0.75% bonus for 12 months. Nude Finance are second at 3% but their rate comes with a £2 monthly fee. Beehive Money are third with a straight 2.75%, following a 0.45% uplift this morning. Skipton Building Society are fourth at 1.75%, ahead of Paragon at 1.60%, with Newcastle Building Society bringing up the rear at 1.50%. We expect to see movement this month in response to December's Base Rate change with only Moneybox reacting so far.