ISA round up - 10th October
09/10/2022
After pausing for breath last week,we've seen some huge increases again on fixed rate ISAs. Virgin Money and UBL Bank continue to go toe to toe in most categories as 2 and 3 Year Fixed ISAs break the 4% mark. Santander have also increased rates this morning and it is great to see a big high street name finally paying some competitive rates. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
We said last week that, 'in a week of unprecedented change in savings rates, it's extraordinary that there were no changes in the easy access ISA best buys'. That certainly got corrected with Coventry Building Society leading the way with a huge 2.25% on their online saver. There is a limit to the number of withdrawals per year of six, before a charge of 50 days interest is levied on the 7th and subsequent withdrawal. This is only matched by Virgin Money, but their account is restricted to existing customers only. Nationwide's Triple Access Saver is next at 2%, following a rate rise, but this only permits three withdrawals per annum, after which the rate drops to a derisory 0.01%. Paragon Bank Triple Access ISA pays 1.90% followed by Coventry Building Society's unrestricted ISA at 1.85% alongside Santander's.
Notice best buys are also 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 so many providers paying more on easy access ISAs.
Gatehouse Bank and Shawbrook share top spot with both paying a best buy 3.70%. Close Brothers are third at 3.55% with Paragon Bank (3.51%) and Virgin Money (3.50%) just behind. There's a drop then to Santander at 3.35% and Leeds Building Society at 3.25% alongside UBL.
Gatehouse have outright lead on 2 Year with their best buy rate of 4%. Shawbrook share second with Virgin Money - both paying 3.75% - with Principality upping their rate to 3.70% to move to fourth. UBL, at 3.65%, are next alongside Paragon Bank.
Gatehouse Bank also top 3 Year at 4.20% with a big drop to Virgin Money in second at 4% and UBL Bank at 3.70% in third. Paragon Bank are next at 3.66% with Santander fifth at 3.60%.
5 Year best buy pricing has jumped 0.50% on the week with Gatehouse Bank the new leaders at 4.20%. Newcastle Building Society are second at 4% with fellow mutual, West Brom, third at 3.85%. Last week's leaders, UBL, drop to fourth at 3.70% with Paragon next at 3.67% and then United Trust Bank second at 3.55%.
Beehive Money have returned to the summit with an increase in their rate to 1.70%. They move above Moneybox, who are paying 1.50%, although this does include a 0.50% bonus for 12 months. 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%.