ISA round up - 25th March
24/03/2024
The end of the tax year is approaching and we are already seeing some providers pausing applications until the new tax year. With Easter falling just before it, there's only eight working days left before the new tax year and we expect other providers to do the same this week so move quickly if you want to use this years allowance or initiate a transfer before the tax year end. Although the decision to hold Base Rate is unlikely to have much impact on ISAs, we do think it will see small changes with Easy Access rates and 1 Year ISA rates likely to ease back. However, the ISA market is typically slower to respond so expect little change until the new tax year. Then, we expect to see Easy Access ISA rates fall back below 5% and 1 Year ISA rates to ease back to around 5%. Here's our round up of the best buys and key changes in Individual Savings Accounts:
Chip remain best buy paying 5.10%. The popular money app, whose deposits are protected via Clear Bank, lead the way ahead of 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% via Hargreaves Lansdown's Active Savings platform and direct, just ahead of Kent Reliance 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. Paragon Bank increased the rate on its Double Access ISA to 4.95% and Harpenden Building Society cut from 5.01% to 4.80% in the only moves impacting the top 15.
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%, just ahead of Teacher's Building Society ion 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. Castle Trust Bank are next, following their increase to 5.09% last week. They move ahead of Kent Reliance and Oaknorth who both pay 5.07%. Aldermore Bank pay 5.05% as do Close Brothers, Charter Savings and Paragon. United Trust Bank offer 5.02% and Zopa complete the top 10 at 5%.
UBL Bank remain leaders paying 4.70% alongside Close Brothers and OakNorth. They are ahead of Zopa Bank who pay 4.67% and Aldermore Bank, who pay 4.65% alongside United Trust Bank and Secure Trust Bank. Furness Building Society offer 4.60% as do Principality Building Society following their hike last week.
Aldermore Bank remain at the summit with a best buy rate of 4.50%. Close Brothers are second at 4.40%, ahead of UBL Bank, who pay 4.39%. Shawbrook Bank offer 4.38%, marginally ahead of United Trust Bank who offer 4.35%. Hampshire Trust Bank pay 4.30% alongside Castle Trust Bank and Principality Building Society.
UBL Bank are still best buy at 4.16%, with Close Brothers just behind at 4.15%. United Trust Bank pay 4.05% and Principality Building Society offer 4.02% with Zopa Bank at 4.01%. Castle Trust Bank, Furness Building Society, Halifax and Paragon all pay 4%.
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%.