ISA round up - 31st October
30/10/2022
Coventry Building Society lead the way on fixed ISAs with three best buys launched late last week, including a huge 4.40% on 3 Year. Mansfield Building Society top notice ISAs and Moneybox move back to the top of Lifetime ISAs. There was little movement in easy access rates though as providers wait to see where Base Rate moves to on Thursday 3rd November when the Bank of England announces its decision, with the market pricing in a 0.75% increase. However, we don't anticipate anyone making a move in easy access ISAs ahead of that announcement. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
No change at the top with Coventry Building Society still leading the way at 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. Cynergy Bank are second at 2.15% but have been joined by Principality Building Society, although their rate includes a 0.40% bonus for 12 months. Skipton and Teachers Building Society's were also on the move - both up to 2.10% - although the latter pay a higher rate of 2.15% for Teachers and education professionals. The big guns are all at 2% with Santander, Nationwide, Marcus and Saga tied.
Mansfield Building Society are the new leaders with a best buy rate of 2.50%, although savers need to give a huge 180 Days' Notice to access their cash. Aldermore are next and their 2.05% only needs 30 Days' Notice to access.. Mansfield also pay 1.75% for its 90 Day Notice account but this, and every provider downwards, are well beaten by the best easy access rates.
Coventry Building Society top the charts with a new 1 Year ISA paying 3.95%, which has a fixed maturity of 30th November 2023. Shawbrook dropped their rate so Secure Trust Bank are the new second place at 3.90% with Virgin Money also on the move up to 3.85%. Tesco Bank are fourth at 3.75% with Santander, Gatehouse and Close all at 3.70%. Aldermore Bank are next at 3.65%.
Coventry also top 2 Year at 4.35% but they share the summit with Saffron Building Society too. Virgin's increase to 4.31% is enough to clinch third ahead of Secure Trust Bank at 4.30% with Paragon Bank next at 4.25%. Santander are still paying 4.20% with Close Brothers at 4.15% ahead of Aldermore Bank at 4%.
Coventry complete a hat trick of top spots with a huge 4.40% for 3 Year to see off both Virgin Money and Secure Trust Bank at 4.35%. Paragon Bank just sneak fourth at 4.26% ahead of UBL Bank at 4.25%.
Paragon continue to lead the way at 4.27% with Furness Building Society and Gatehouse Bank tied for second at 4.20%. United Trust Bank stay fourth at 4.10%.
Moneybox are the new leadres in Lifetime ISAs as they increase their rate to a huge 3%! This does include a 0.25% bonus for 12 months but is still way ahead of the rest, even without it. Nude Finance are second at 2% although their rate comes with a £2 monthly fee. Beehive Money are next with a straight 1.70% with Paragon fourth at 1.60%. Newcastle Building Society (1.20%) and Skipton Building Society (1%) complete the line up.