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ISA round up - 20th March

Easy access ISA rates improved again with 10 providers now paying 3% or more and a new best buy of 3.20%.  Short term fixed rates also improved, despite Barclays culling their 4% 1 Year rate, which has lead the way for so long.  1 and 2 Year best buys are both up but although 3 and 5 Year Fixed best buy rates remain in tact, the competition is falling back behind those and we are expecting to see those rates ease back further in the coming weeks.  The Spring Budget bought no changes to ISA allowances or changes to rules but there was a glimmer of hope for the future as the budget detail revealed the government is pricing in cost of living increases from 2024/25 for ISA allowances.  Here's our round up of the best buys and key changes in the Individual Savings Account markets:

Easy Access ISA

There are big changes at the top of easy access ISAs with the top three rates all improving on last week. Cynergy Bank are the new leaders paying 3.20%, moving ahead of Shawbrook Bank (3.17%) late on Friday afternoon.  Gatehouse Bank were also on the move, up to 3.15%, to move ahead of last week's leader, Paragon Bank with their Triple Access ISA to 3.10%. They've been joined by Principality Building Society who increased their rate to 3.10%, although this does include a 0.40% bonus for 12 months. Yorkshire Building Society also pay 3.10% but as it only allows one withdrawal per annum, we haven't included it in our tables.

There's a great offer for savers who haven't signed up to Hargreaves Lansdown's Active Savings - they are offering £100 cashback on Coventry Building Society's Limited Access ISA paying 3%, for those saving at least £10,000.  This equates to a 4% annual return on £10,000 or 3.50% for those saving the full £20,000 ISA allowance. 

Notice ISAs

Notice ISA best buys are unchanged with Furness Building Society leading the way at 3.30% on their 45 Day Notice. Mansfield Building Society pay 3.25% - but on a huge 180 Days' Notice, although they do pay 2.85% on 95 Days.  Newcastle Building Society's 100 Day Notice pays 3.10% ahead of Loughborough Building Society, who pay 3.05% on 120 Day Notice. Like Mansfield, this account is only available by post or in branch. Below this, all providers are well beaten by the best easy access rates.

1 Year ISA

Long time leader, Barclays, has cut its rate from 4% to 3.20% but no matter - Charter Savings Bank and Gatehouse Bank have gone joint top paying 4.10%. UBL Bank were also on the rise - up to 4.01%. They are ahead of Shawbrook who pay 3.98%, having briefly paid 4.06%.  Castle Trust Bank are next at 3.96% with Cynergy, Close and Virgin all a touch behind at 3.95%.

2 Year ISA

Gatehouse are also top of 2 Year, having upped their rate to 4.20%, which sees off Virgin Money, who also increased their rate during the week, to 4.17%.  Last week's leaders, Shawbrook drop to third at 4.16% ahead of a trio of providers at 4.15% - Paragon Bank, Charter Savings and Close Brothers.  Leeds Building Society are the only other provider paying more than 4%, with their improved rate of 4.05%.

3 Year ISA

Gatehouse Bank and Close Brothers tie for top spot at 4.20%.  They are ahead of Paragon Bank at 4.15% and UBL Bank at 4.11%. Leeds Building Society improved their rate to 4.10% to move alongside State Bank of India with Aldermore Bank, Ford Money, Cynergy Bank and Secure Trust all paying 4% to complete the top 10.

5 Year ISA

Gatehouse Bank continue to lead the way at 4.20% but there's a drop then to United Trust Bank at 4.05% ahead of a three way tie for third - UBL pay 4% as do Secure Trust Bank and West Brom Building Society.

Lifetime ISA

Moneybox remain outright top at 3.50%. The Moneybox rate does include a 0.75% bonus for 12 months.  There's a new entry in second place though with Bath Building Society paying 3.19% on their Lifetime ISA.  Beehive Money move up to third with an increase in their rate to 3% this morning.  They are alongside Nude Finance but their 3% rate comes with a £2 monthly fee. Paragon Bank and Newcastle Building Society both pay 2.50% and Skipton are the laggards at 2.25%.

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