ISA round up - 26th February
25/02/2024
There were small movements in the ISA best buys last week with increases to 2 and 3 Year ISAs and the chasing pack increasing rates on 1 Year ISAs. There were some cuts to Notice ISAs as providers look to be pricing in the likelihood of Base Rate cuts in the summer with only three providers paying rates that compare favourably with easy access ISA rates. 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% although this includes a bonus of 0.50% until 6th April 2025. They are a touch ahead of Virgin Money, who pay 5.06%, although this account pays a lower rate of 2% if more than three withdrawals are made in a calendar year. Next are Coventry Building Society, who offer 5.05% with their Four Access ISA, and Charter Savings Bank who pay 5.03%. Kent Reliance and Harpenden Building Society are tied at 5.01%. There are four providers at 5% - Leeds Building Society, Cynergy, Family Building Society and Principality all level. Cynergy and Leeds pay a straight 5% but Family's account is a market tracker which is reviewed quarterly - with rates potentially falling back, this could be a good option. Principality Building Society's rate includes a whopping 0.96% bonus for 12 months though.
West Brom Building Society are still the best buy with their 60 Day Notice ISA paying 5.10%. Furness Building Society are next with their 90 Day Notice paying 5.01%, following the withdrawal of Chorley's 150 Day Notice ISA. Teacher's Building Society are third paying 5% for 120 Days and Loughborogh Building Society pay 4.75% for 120 Day's Notice.
Virgin Money lead the way paying 5.25% - but savers must have, or open, a Virgin Money current account to get that rate. OakNorth are next, following their increase last week to 5.02%, with Shawbrook just behind at 5.01% after their move. Aldermore Bank pay 5% as do Castle Trust Bank. Close Brothers are next at 4.97% with Charter Savings and Hodge at 4.96%. United Trust Bank pay 4.91%, narrowly ahead of Zopa Bank at 4.90% who complete the top 10.
UBL Bank are the new leaders at 4.68%. They move ahead of Zopa Bank, who pay 4.67%, and Close Brothers at 4.65%. Hodge Bank pay 4.62% and Furness Building Society complete the top five at 4.60%. Castle Trust Bank offer 4.55% with United Trust Bank at 4.50% alongside Aldermore Bank, who are paying 4.50%.
UBL Bank are the best buy at an improved rate of 4.37%, moving marginally ahead of Hodge Bank, who briefly led at 4.36%. Hampshire Trust Bank pay 4.30% in joint third with Castle Trust Bank. Close Brothers pay 4.25% with Zopa Bank at 4.21% and United Trust Bank at 4.20%. Principality Building Society pay 4.20% and Aldermore Bank are offering 4.15%.
UBL Bank are still best buy but at 4.16%, with Close Brothers just behind at 4.15%. Principality Building Society nipped in to third with a minor increase to their rate - up to 4.02% from 4%. Zopa Bank are tied at 4.01% with Hodge Bank, and there is a three way tie at 4% with United Trust Bank, Furness Building Society and Castle Trust Bank all at the same rate.
Moneybox pay a best buy 4.40% - but their rate does include a 0.90% bonus for 12 months. Tembo, who have bought Nude Finance, pay 4.30% and had briefly topped the charts before being usurped by Moneybox again. 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%.