ISA round up - 11th April
10/04/2023
Easy access ISA rates improved sharply as the market came to life with the start of the new tax year, as providers seek to entice savers with a new £20,000 tax free allowance. However, fixed rates also improved UBL leading the way with market leading rates on 1, 2 and 3 Year Fixed, including their 4.30% 2 Year rate which is unbeaten on any term. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Shawbrook are the new leaders with a best buy rate of 3.27% as easy access ISA rates suddenly came to life last week. Yorkshire Building Society pay 3.35% but limit access to one withdrawal - which we consider too prohibitive to include in our tables. Coventry Building Society are next at 3.25%, after they increased their rate by 0.25%. There's a great offer for savers who haven't signed up to Hargreaves Lansdown's Active Savings - they are offering £100 cashback on Coventry Building Society's Limited Access ISA, for those saving at least £10,000. This equates to a 4.25% annual return on £10,000 or 3.75% for those saving the full £20,000 ISA allowance.
There's six providers at 3.20% with Cynergy Bank back in to the market for the new tax year to join Santander and Paragon Bank. Gatehouse increased their rate to 3.20% for the new tax year as did Marcus and Saga - although both these pay 0.25% of their rate as a bonus for 12 months. Halifax, Newcastle, Sainsburys and Principality all upped their rates to 3.10% and Ford Money are at 3%.
Furness Building Society are leading the way at 3.55% on their 45 Day Notice. Mansfield Building Society pay 3.25% - but on a huge 180 Days' Notice, although they do pay 2.85% on 95 Days. Newcastle Building Society's 100 Day Notice increased to 3.25% to move alongside them and Loughborough Building Society remain at 3.05% on their 120 Day Notice. Like Mansfield, this account is only available by post or in branch. Aldermore Bank pay 2.80% for 30 Day Notice.
UBL are the new leaders paying 4.20%, alongside Gatehouse Bank who came back in to the market for the new tax year. Shawbrook Bank were also on the move - up to 4.17% - as were Charter Savings Bank who increased to 4.16%. Santander, last weeks' leader, drop to fifth at 4.15% with Coventry Building Society completing the top six at 4.12%.
UBL pay the best rate in the market - 4.30% for 2 Year Fixed - as they lead the way. Paragon and Shawbrook tie for second with both increasing their rates to 4.28% to move ahead of last weeks leader, Virgin Money who pay 4.26%. Charter Savings and Nationwide Building Society both pay 4.25% ahead of Leeds Building Society at 4.20%, who are in a five way tie with Santander, Gatehouse Bank, Kent Reliance and Coventry Building Society.
UBL complete a hat-trick of top spots with their 4.25% rate for 3 Years, which is matched by Paragon Bank. Gatehouse Bank and Leeds Building Soceity pay 4.20% but Aldermore Bank are close behind paying 4.15%, alongside Secure Trust Bank with Skipton a touch behind at 4.11%.
There's no change on 5 Year as Gatehouse Bank continue to lead the way at 4.20% with United Trust Bank at 4.05% ahead of a three way tie for third - UBL pay 4% as do Secure Trust Bank and West Brom Building Society.
Moneybox remain outright top at 3.50%. The Moneybox rate does include a 0.75% bonus for 12 months. Bath Building Society are next paying 3.19% on their Lifetime ISA but savers must be existing customers or live in the Bath area. Beehive Money are third at 3% alongside Nude Finance but their 3% rate comes with a £2 monthly fee. Paragon Bank and Newcastle Building Society both pay 2.50% and Skipton are the laggards at 2.30%.