ISA round up - 22nd May
ISA providers are usually slow to pass on Base Rate increases but we've already seen the first movements with two new providers topping easy access best buys and rates improving in the top 15. Fixed Rate ISAs, as we predicted last week, have also increased on shorter terms with 4.40% now paid on 1 Year, 0.08% up on last week, as all the top three rates increase. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Last week's leaders, Paragon Bank drop to third as their Triple Access account paying 3.51% is overhauled by both Leeds and Chorley Building Societies at 3.55%. Leeds rate is unrestricted but Chorley's is limited to three withdrawals per calendar year. Marcus and Saga were also on the move - up to 3.50% - although both include a 0.35% bonus whereas Cynergy Bank's 3.50% comes without any withdrawal restrictions. Shawbrook pay 3.45%, as do Principality Building Society although this includes a 0.40% bonus for the year. Ford Money pay 3.40% and remain popular for their best price guarantee which means existing savers don't get disadvantaged by new ones. Gatehouse Bank complete the top 10, also paying 3.40%.
There's no change to notice ISAs as Furness Building Society lead the way at 3.55% on their 45 Day Notice. Skipton Building Society's 60 Day Notice is next paying 3.40%, which moves it alongside Newcastle Building Society, whose 3.40% requires 100 Days' Notice. Mansfield Building Society's 3.25% is on a huge 180 Days' Notice, although they do pay 2.85% on 95 Days. Aldermore Bank pay 3.20% for 30 Day Notice.
Paragon Bank are the new leaders, paying a top rate of 4.40%. UBL are up to second, increasing their rate to 4.35% this morning. Virgin Money are down to third, despite increasing to 4.33% last week as all the top three increase rates. Shawbrok and Close Brothers are tied fourth at 4.32% just ahead of Charter Savings Bank at 4.31%. There's a drop then to 4.25% with Castle Trust Bank, Secure Trust, Leeds Building Society and Kent Reliance all paying 4.25%.
There's now a five way tie at the top of 2 Year where Shawbrook and Newcastle Building Society have been joined by Virgin Money, Paragon and Close Brothers this week at 4.40%. Just behind are Charter Savings at 4.39% with Kent Reliance at 4.36%. a Coventry Building Society, pay 4.35% alongside Secure Trust Bank and Leeds Building Society are tenth at 4.32%.
Virgin Money lead the way paying 4.41%. Shawbrook Bank are next at 4.37% with Secure Trust Bank just behind at 4.35%. Hampshire Trust Bank, who pay 4.25%, are next alongside Leeds Building Society. They are ahead of a four way tie at 4.20% - West Brom Building Society, Ford Money, Cynergy and Gatehouse Bank all paying that rate. Aldermore Bank are close behind paying 4.15%.
Gatehouse Bank continue to lead the way at 4.20% with a gap back to Principality Building Society in second, who are joined by West Brom Building Society at 4.05%. Hinckley Building Society and Secure Trust Bank both pay 4% with Shawbrook just behind at 3.95% alongside Castle Trust Bank, the only significant mover this week. Hodge are next at 3.84% and United Trust Bank complete the top nine at 3.80%.
Moneybox remain outright top at 3.50%. The Moneybox rate does include a 0.75% bonus for 12 months. Nude Finance are next but their 3.30% rate comes with a £2 monthly fee. Beehive Money are third with a straight 3% with Paragon Bank and Newcastle Building Society both paying 2.50%. Skipton are the laggards at 2.30%.