ISA round up - 6th March
05/03/2023
The top five easy access ISA best buys remain unchanged but the pack is closing in with just 0.16% separating the top 11. Notice ISAs got a sharp uplift with a 0.25% increase on the best buy rate last week. Fixed rate ISA best buys continue to hold up well but we don't expect rates to move up from their current levels and a change in demand from Barclays, Virgin, UBL and Gatehouse Bank's, who are leading the way, could trigger falls. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
There's an unchanged top five with Shawbrook Bank leading the way at 3.01%. There's a four way tie for second - Coventry Building Society, Cynergy Bank, Harpdenden Building Society and Virgin Money all paying 3%. The Cynergy rate is unrestricted but Coventry's rate is limited to six withdrawals, Harpenden to three and Virgin Money is for current account holders only (but savers can open one to access this rate). Newcastle Building Society move in to sixth spot with their Triple Access ISA paying 2.95% but the rate drops to 2% if more than three withdrawals are made per year. Gatehouse Bank are next at 2.90% but they have been joined by Scottish Building Society, who move up after their rate increase. With just 0.16% separating the top 11 providers, we expect to see more changes this month and a breakout above 3% too.
Notice ISA best buys have seen big increases this week. Furness Building Society have moved top at 3.30% on their 45 Day Notice. Mansfield Building Society also increased their rates - up to 3.25% - but on a huge 180 Days' Notice, although they do pay 2.85% on 95 Days. Loughborough pay 3.05% on 120 Day Notice and, like Mansfield, this account is only available by post or in branch. Hinckley & Rugby are fourth at 2.95% on their 90 Day Notice but have been joined by Buckinghamshire Building Society who pay the same rate but on 95 Day Notice. Next best is Aldermore Bank who pay 2.80% on just 30 Days' Notice. Below this, all providers are well beaten by the best easy access rates.
Barclays still lead the way paying 4% but Virgin have moved up to second paying 3.95%, although they offer 4.25% to existing current account holders, ahead of UBL Bank at 3.91% in third. Castle Trust Bank, Coventry Building Society and Tesco Bank are all just behind at 3.90%. OakNorth complete the top seven at 3.85%.
Virgin are back on top at 4.11%, to knock last week's leader, Gatehouse Bank (4.10%), down to second. Close Brothers are third at 4.05% ahead of a four way tie at 4% - Coventry Building Society, Leeds Building Society, Secure Trust and Skipton Building Society are locked together.
Gatehouse Bank lead the way on their own at 4.20%. UBL Bank are next at 4.11% ahead of Close Brothers and State Bank of India who both pay 4.10%. Leeds Building Society are next at 4.05%, ahead of the week's only notable mover - Aldermore Bank who increased their rate to 4%.
It's the same top two and same rates as 3 Year with Gatehouse Bank leading the way at 4.20%, ahead of UBL who are paying 4.11%. Secure Trust Bank are third at 4% wtih United Trust Bank (3.95%) and West Brom Building Society (3.90%) completing the top five.
Moneybox remain outright top at 3.50%. The Moneybox rate does include a 0.75% bonus for 12 months. Nude Finance are second at 3% but their rate comes with a £2 monthly fee. Beehive Money are third with a straight 2.75% with Paragon Bank and Newcastle Building Society close behind at 2.50%, the latter adding 0.50% to their rate this week. Skipton are the laggards at 2.25%.