ISA round up - 12th December

Although State Bank of India continues to lead the way on longer term fixed rates, the gulf between them and the next best rates continues to widen with further cuts in the chasing pack this week.  There were no significant changes to easy access or notice rates as they continue to hold still.  This may change next week after the Bank of England announcement on Base Rate on Thursday, if we see an increase of 0.50% as the market expects. There's little to suggest there will be any improvements this week and we've said the end must be close for the State Bank of India rates for the past two weeks.  They are paying both significantly over the market and above swap rates for their terms so it's surely only a matter of time before they are cut. Here's our round up of the best buys and key changes in the Individual Savings Account markets:

Easy Access ISA

Virgin Money still lead the way at 3%. Although this account is only available to Virgin Money current account holders, it is possible to switch or open a new current account with them to get this rate.  Given that it beats all easy access rates, even on taxable accounts, that may be worth doing for many savers - particularly those with larger balances.  There's a big drop to second where there's a four way tie. Scottish Building Society and Cynergy Bank pay 2.50% with no restrictions.  Principality Building Society pay the same rate although their rate includes a 0.40% bonus for 12 months.  Nationwide also pay 2.50% on their Triple Access ISA.  Kent Reliance pay 2.43% and Sainsburys are at 2.40% in what is an unchanged top seven compared to the previous week.

Notice ISAs

Mansfield Building Society lead the way paying 3% on 180 Day Notice and 2.50% on 90 Day. Aldermore Bank are next paying 2.80% on just 30 Days' Notice.  Furness Building Society are next at 2.30% for 45 Day but this, and providers below it, are all beaten by the best easy access rates.

1 Year ISA

UBL lead the way paying a best buy 3.81%.  Shawbrook Bank are second at 3.78% and Virgin are up to third, increasing their rate to 3.71% to move ahead of Gatehouse Bank at 3.70%.  Secure Trust and Coventry Building Society both pay 3.65% ahead of a cluster of providers at 3.60%.

2 Year ISA

State Bank of India remain leaders paying a huge 4.65%.  They do require savers to open a non-ISA savings account or current account with them to qualify for this rate though.  There's a massive drop to second place with Virgin paying 4.11% to knock Yorkshire Building Society to third spot at 4.10%. Secure Trust Bank are at 4.05% ahead of six providers at 4% including Paragon Bank, West Brom Building Society, Hodge and Charter Savings Bank.

3 Year ISA

It's a similar tale at the top of 3 Year with State Bank of India paying 4.65% to top the charts before a big drop to UBL Bank in second paying 4.25%.  Secure Trust Bank, Gatehouse and Hodge Bank all pay 4.20% to share joint third.

5 Year ISA

State Bank of India also top 5 Year at 4.65% with a big drop then to Secure Trust Bank at 4.30%.  West Brom Building Society came back in to the market with a new rate of 4.25% to take third spot. Gatehouse Bank are next at 4.20% before a big drop to Paragon and United Trust Bank at 4.05%.  Family Building Society and Principality are the only other providers paying 4%.

Lifetime ISA

There's no change at the top of Lifetime ISAs with Moneybox and Nude Finance both top at 3%.  The Moneybox rate does include a 0.25% bonus for 12 months and Nude Finance's rate comes with a £2 monthly fee but both are miles clear of the rest.  Beehive Money are third with a straight 2.30%.  Skipton Building Society are fourth at 1.75%, ahead of Paragon at 1.60%, with Newcastle Building Society bringing up the rear at 1.50%, although they did increase their rate by 0.30% last week.

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