ISA round up - 9th May
08/05/2023
Easy access ISA rates improved again as did fixed term rates, with the exception of 5 Year Fixed. All eyes are on the Bank of England Base Rate decision on Thursday which is expected to see Base move to 4.50%. However, previous increases have taken a while to filter through to ISAs so savers shouldn't expect any immediate improvements, even if we get the expected increase. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Cynergy Bank are the new leaders having upped their rate to 3.50% late on Friday to move above Shawbrook, who are second paying 3.45%. Leeds Building Society are third, with an improved rate of 3.40%, and Paragon's Triple Access ISA also got a lift, up to 3.35%. Yorkshire Building Society pay 3.35% but limit access to one withdrawal - which we consider too prohibitive to include in our tables. There's a cluster of providers at 3.30% - Marcus and Saga's rate includes a 0.35% bonus while Principality Building Society's includes a 0.40% bonus for 12 months. Newcastle Building Society's 3.30% is limited to three withdrawals, while Teacher's Building Society's is unrestricted, and they also pay 3.35% to Teachers and Education Professionals. Sainsburys and Harpenden Building Society are narrowly behind at 3.29%.
Hargreaves Lansdown's Active Savings are offering £100 cashback on Coventry Building Society's Limited Access ISA, which pays 3.25%, for those saving at least £10,000. This equates to a 4.25% annual return on £10,000 or 3.75% for those saving the full £20,000 ISA allowanc, which beats other returns on offer.
Furness Building Society lead the way at 3.55% on their 45 Day Notice. Newcastle Building Society are next - their 100 Day Notice now pays 3.40% - moving above Mansfield Building Society who pay 3.25% but on a huge 180 Days' Notice, although they do pay 2.85% on 95 Days. Aldermore Bank pay 3.20% for 30 Day Notice.
Secure Trust Bank top the charts with a market leading 4.30%. There's a three way tie for second - Charter Savings Bank, Leeds Building Society and Close Brothers all paying improved rates of 4.25%. Virgin Money lift their rate to 4.22% to move above Shawbrook Bank's 4.21%, which is matched by Kent Reliance, whose increase means six of the top seven rates improved last week.
Newcastle Building Society are the new leaders with the best rate in the market - 4.40% for 2 Year - to move ahead of fellow mutual, Coventry Building Society, who pay 4.35%, as do Secure Trust Bank and Charter Savings. Virgin Money are up to fifth with a slightly enhanced 4.32% rate. Last week's joint second, Shawbrook and Close Brothers, now share sixth at 4.31%, ahead of Castle Trust Bank at 4.30%. Leeds Building Society are at 4.26% with Kent Reliance, who improved their rate last week.
Virgin Money lead the way paying an improved rate of 4.37%, after they were briefly toppled by Secure Trust Bank's 4.35%. Hampshire Trust Bank, who pay 4.25%, are third ahead of a four way tie at 4.20% - Leeds Building Society, Ford Money, Cynergy and Gatehouse Bank all paying that rate. Aldermore Bank are close behind paying 4.15% with Skipton next at 4.11%. State Bank of India pay 4.10%, Yorkshire and Principality Building Society's pay 4.05% and Sainsbury's Bank 4.01% with all other providers paying 4% or less.
Gatehouse Bank continue to lead the way at 4.20% with a gap back to Principality Building Society in second, following their increase to 4.05%. There's a tie for third - Secure Trust Bank and West Brom Building Society both pay 4% - with Hodge next at 3.84%. United Trust Bank complete the top six at 3.80%.
Moneybox remain outright top at 3.50%. The Moneybox rate does include a 0.75% bonus for 12 months. Bath Building Society are next paying 3.19% on their Lifetime ISA but savers must be existing customers or live in the Bath area. Beehive Money are third at 3% 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 2.30%.