ISA round up - 26th September
26/09/2022
It's been a big week of movement in the ISA markets with building societies leading the charge. Leeds and Yorkshire Building Societies have both improved rates and lead the way on 2 and 3 Year Fixed. Virgin Money and Santander are both fighting it out at the top end of the fixed tables too. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Another week, another new leader as Paragon Bank take over top spot. The rate on their Triple Access ISA has increased to 1.90%. Coventry Building Society and Santander share joint second with both paying 1.85%. Coventry's ISA only allows six free withdrawals per year, after which it charges 50 days interest, but only needs £1 to open. Santander's account has no such restrictions but requires a much higher £500 to open. Marcus and Saga both upped their rates during the week to 1.80% to share joint fourth. The gap between the best easy access ISAs and ordinary counterparts is closing and we are surely only a matter of days away from a 2% easy access ISA.
Notice best buys are unchanged on the week. Mansfield Building Society are still the best buy Notice ISA with a rate of 1.75% for its 90 Day Notice account. Teacher's Building Society are second at 1.70% but with a higher 1.75% being paid to teachers and education professionals. Aldermore Bank sit third but their 1.65% rate only needs 30 Days' Notice. There's little incentive to look further down the notice ISA tables with 10 providers all paying 1.60% or more.
After last week's 0.50% increase in best buy rates, it was no surprise that things have calmed this week. Castle Trust Bank's 3.15% is no longer available but both Leeds Building Society and Charter Savings Bank lead the way at the top of the tables paying 3.05%. Virgin Money (3.02%), Yorkshire Building Society and Santander (both 3%) make it five providers at or above the magic 3% mark. Close Brothers are next at 2.90% before a big drop to UBL in seventh at 2.66%.
It's a similar story at the top of 2 Year with the same providers leading the way - Leeds Building Society are the best buy at 3.30%. Virgin Money sit second at 3.27% with a three way tie for third as Charter Savings Bank, Santander and Yorkshire Building Society all pay 3.25% Close Brothers are next at 3.20%.
Yorkshire Building Society have taken top spot with their 3 Year rate increased to 3.50%. There's a big drop then to Virgin Money in second place at 3.32% with Leeds Building Society third at 3.30%. Close Brothers are next at 3.25% with Hodge Bank behind them at 3.18%.
Shawbrook Bank continue to top the pile paying 3.45% but the chasing pack are closing with Close Brothers still second but with an improved rate of 3.40%. Leeds Building Society are third having increased their rate to 3.30% with United Trust Bank also increasing rates to move up to fourth at 3.25%.
No change in Lifetime ISAs with Moneybox leading the way at 1.50%, although this does include a 0.50% bonus for 12 months. Beehive, part of Nottingham Building Society, pay a straight 1.30%. Newcastle Building Society's 1.20% sits third with Paragon Bank and Skipton Building Society the other two providers in the market - both paying 1%. Expect to see changes here once the providers have digested last week's base rate increase.