ISA round up - 4th March
03/03/2024
It was a good week for ISA holders as the market sprung to life ahead of the end of the tax year. There's a new best buy easy access ISA, there were several increases on 1 Year ISA and Aldermore have blown away the competition on 3 Year ISA, moving 11bps clear of the next best. We don't expect significant improvements on rates this week, as we don't foresee huge competition on ISAs ahead of the tax year end, but there's always potential for a surprise! Here's our round up of the best buys and key changes in Individual Savings Accounts:
Chip are the new best buy paying 5.10%. The popular money app, whose deposits are protected via Clear Bank, took over top spot from long time lead, Zopa Bank who pay 5.08% - although this includes a bonus of 0.50% until 6th April 2025. Next are 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. Charter Savings Bank pay 5.03%, just ahead of Kent Reliance and Harpenden Building Society, who are tied at 5.01%. There are three providers at 5% - Cynergy, Family Building Society and Principality all level. Cynergy 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. Shawbrook are next, as they increased their rate to 5.03% to move alongside OakNorth. Aldermore Bank pay 5% as do United Trust Bank, Zopa Bank and Charter Savings, following their increases last week, and Castle Trust Bank. Kent Reliance pay 4.99% and Close Brothers complete the top ten paying 4.97%.
UBL Bank remain leaders but at an improved rate of 4.70%, although they have been joined by OakNorth, who increased last week too. They move ahead of Shawbrook Bank, who briefly topped at 4.69%, and long time leader Zopa Bank, who pay 4.67%. Aldermore Bank increased to 4.65% to move alongside United Trust Bank, who also increase to 4.65%, and Close Brothers. Hodge Bank pay 4.62%, Furness Building Society offer 4.60% and Castle Trust Bank complete the top ten at 4.55%.
Aldermore Bank soared to the summit with a best buy rate of 4.50%. They move above last week's leader, UBL Bank, who pay an improved rate of 4.39%. Shawbrook Bank are third at 4.38%, moving marginally ahead of Hodge Bank, who pay 4.36%. Hampshire Trust Bank pay 4.30% alongside United Trust Bank, who increased to 4.30%, and Castle Trust Bank. Zopa Bank pay 4.21% and Principality Building Society complete the top 10 at 4.20%.
UBL Bank are still best buy at 4.16%, with Close Brothers just behind at 4.15%. United Trust Bank are up to third paying an improved rate of 4.05%. Principality Building Society are next at 4.02% with Zopa Bank tied at 4.01% with Hodge Bank.
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%.