ISA round up - 27th November
26/11/2023
Fixed rate ISAs suffered a big week of cuts with only the 5 Year ISA best buy remaining in tact. 2 and 3 Year ISAs saw several rate cuts or withdrawals and Virgin Money's long standing 1 Year best buy also got a haircut. Easy access and notice ISA rates held up though. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Zopa Bank remain best buy at 5.08% but their account is for new subscriptions only initially. Cynergy Bank are next at 5.07%, ahead of Principality Building Society who pay 5.06% - but a whopping 0.96% of this is a bonus for 12 months. Virgin Money are next at 5.01% but this account pays a lower rate of 2% if more than three withdrawals are made in a calendar year. Leeds Building Society are next at 4.95% with Sainsburys Bank and and Charter Savings just behind - both tied at 4.91%. Metro Bank do pay 5.11% but this has a massive 3.46% 12 month bonus, which is why we exclude it from our tables - and it is only available in their branches.
Notice ISAs remain unchanged with Mansfield Building Society leading the way with its 180 Day Notice paying 5.30%. There's tie for second with West Brom Building Society paying 5.25% for 60 Days' Notice and Teacher's Building Society also paying 5.25%, but it wants 180 Days' Notice for this and 120 Days in return for 5%. Chorley Building Society are fourth with their 150 Day Notice paying 5.05%. Furness Building Society are next with their 90 Day Notice paying 5.01%. Loughborough Building Society pay 5% for 180 Days Notice and 4.75% for 120 Day Notice. With several easy access ISA rates now above 5%, no other notice accounts warrant consideration in our view.
Metro Bank are the new best buy at 5.71%. They are promoted after Virgin Money dropped their rate to 5.65% - savers must have or open a Virgin Money current account to get this rate though. There's a huge drop then to Charter Savings Bank and Zopa Bank paying 5.41%, although the latter is for new subscriptions only. Kent Reliance pay 5.40% and Secure Trust Bank offer 5.31%, narrowly ahead of Aldermore Bank pay 5.30% alongside UBL and United Trust Bank with serveral providers at 5.25%.
Last weeks top four have all cut or withdraw promoting UBL Bank, Hodge and Monmouthshire Building Society to best buys - all tied at 5.25%. We don't expect any of them to last the week. United Trust Bank are next at 5.20% with Zopa Bank completing the top five at 5.16%. Cynergy and last week's leader, Saffron Building Society, are at 5.15% with OakNorth at 5.13%.
The top three from last week are all gone or at reduced rates promoting Hodge to best buy at 5%. Zopa Bank are second at 4.87%, despite their cut, with Secure Trust next at 4.86%. Aldermore Bank pay 4.85% alongside Ford Money, Close Brothers, Cynergy, Shawbrook and Leeds Building Society.
Hinckley & Rugby pay a best buy 4.90% but this is only available in branch or by post. UBl Bank are second at 4.81% following their increase last week, with Principality Building Society paying 4.73% and Zopa Bank at 4.71% following their rate cut, just ahead of Gatehouse Bank at 4.70%.
Moneybox pay a best buy 4.25% - but their rate does include a 0.75% bonus for 12 months. Nude Finance pay 3.80% but their rate comes with a £2 monthly fee. Bath Building Society are at 3.79% ahead of Paragon Bank at 3.51%. Beehive Money are just behind at 3.50%. Skipton Building Society pay 3.25% and Newcastle Building Society are lagging at 3%.