ISA round up - 13th February
12/02/2023
The Base Rate increase has helped easy access ISA rates with five of the top 10 providers increasing in the past week. Fixed rate ISAs continue to hold up well and we think that rates are unlikely to dip further from these levels, with some seasoned providers competing currently and the tax year end looming. However, we don't see fixed rate ISAs increasing significantly either. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Newcastle Building Society continue to lead the way paying 3.05% on their Triple Access ISA (the rate does drop to 1.75% if four or more withdrawals are made) ahead of Virgin Money at 3% (although this account is only available to Virgin Money current account holders). However, there's a new third place provider with Shawbrook increasing its rate to 2.91%. Gatehouse Bank and Coventry Building Society both pay 2.90% as the top five has a new look line up. Cynergy Bank and Paragon Bank's Triple Access ISA share are still at 2.85% but they've been joined by Sainsburys Bank who increased their rate last week. Scottish Building Society were also on the move - up to 2.75% - to join Yorkshire Building Society and Leeds Building Society. We expect to see further moves this week in response to these changes and as more providers react to the Base Rate increase.
Somewhat surprisingly, Notice ISA best buys remain unchanged. Loughborough are still leaders paying 3.05% on 120 Day Notice. The account can only be opened and managed by branch and post though. Furness Building Society are next at 3% on their 45 Day Notice ISA. Mansfield Building Society also pay 3% but on a huge 180 Days' Notice. Hinckley & Rugby are fourth at 2.95% on their 90 Day Notice, ahead of Aldermore Bank who pay 2.80% on just 30 Days' Notice. Below this, all providers are well beaten by the best easy access rates.
Barclays and Virgin lead the way paying 4% on their 1 Year ISAs but Virgin will pay 4.25% to current account holders - both new and existing so it may be worth signing up for one to secure the higher rate if this appeals. Shawbrook Bank are third at 3.92%, having increased their rate last week, and UBL Bank move up to fourth, raising their rate to 3.81% this morning. Coventry Building Society, Gatehouse Bank and Secure Trust Bank are all just behind - paying 3.80%
Castle Trust Bank and Gatehouse Bank lead the way at 4.10% after both Virgin and Barclays withdrew. Charter Savings Bank are next at 4.09% with Secure Trust Bank at 4.05% and State Bank of India at 4.01% completing the top five.
Gatehouse Bank still lead the way at 4.20%, ahead of Gatehouse Bank, who moved up to second by increasing their rate to 4.15%. UBL Bank at 4.11% take third spot ahead of Castle Trust Bank, State Bank of India and Secure Trust Bank who all pay 4.10%. Leeds Building Society, at 4.05%, are the only other provider paying above 4%.
Gatehouse Bank and Close Brothers share top spot - both paying 4.20% - ahead of UBL who are paying 4.11%. Metro Bank at 4.01% are the only other provider paying more than 4% with Hodge (3.96%) and United Trust Bank (3.95%) next best.
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% with Paragon Bank close behind at 2.50%. Newcastle are next at 2% with Skipton Building Society paying 1.75%.