ISA round up - 11th December
10/12/2023
One year fixed rates finally succumbed to reality with both Metro and Virgin cutting - despite this, both providers are 0.20% clear of the pack. The best five year rate has gone too and only three year saw an increase - UBL moving a single basis point clear at the top. Easy access rates are seeing falls too with Virgin cutting, following Cynergy's move last week. The Bank of England meet on Thursday to decide Base Rate but we are not expecting anything other than a hold and this is likely to mean further cuts to fixed rates ahead of Christmas. 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, ahead of Principality Building Society who pay 5.06% - but a whopping 0.96% of this is a bonus for 12 months. Cynergy pay 5% ahead of Virgin Money, who are next at 4.96% 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 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.
Mansfield Building Society lead the way with its 180 Day Notice paying 5.30%. Teacher's Building Society are next paying 5.25% for 180 Days' Notice for this and 120 Days for 5%. Chorley Building Society are third 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 at 5% and above, no other notice accounts warrant consideration in our view.
Metro Bank and Virgin Money lead the way - paying 5.50% - despite both cutting their rates during the week. Savers must have, or open, a Virgin Money current account to get that rate and Metro's rate is only available in their branches. There's a drop then to Aldermore Bank who pay 5.30%. Zopa Bank are next but their 5.27% is only available to new subscriptions. Charter Savings pay 5.26%, following their rate cut, with Kent Reliance and Secure Trust tied at 5.21%. There's several providers tied at 5.20% including Barclays, Newcastle Building Society, OakNorth and Sainsburys.
Saffron Building Society lead the way at 5.15% but we expect this to be cut or pulled this week. Zopa Bank are next at 5.07% but this is only open to new subscriptions. Metro Bank pay 5.06% but only in their branches and Secure Trust Bank offer 5.01%. Aldermore Bank pay 5% as do nine other providers.
UBL have moved top of three year improving their rate to 4.87% to move a whisker above Secure Trust at 4.86%. Ford Money, Leeds Building Society and Shawbrook all pay 4.85% as barely anything separates the top five. Zopa Bank pay 4.81% ahead of Close Brothers and Cynergy Bank at 4.80%. Principality Building Society pay 4.72% with Aldermore Bank at 4.70%, completing the top ten.
UBL Bank are the new best buy paying 4.81%, following Hinckley & Rugby's withdrawal, with Principality Building Society paying 4.73% and Gatehouse Bank at 4.70%. Zopa Bank pay 4.62% to pip Secure Trust Bank at 4.61% and Shawbrook at 4.60%.
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 - although this is fee free for the first 12 months currently. 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%.