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ISA round up - 7th August

The financial markets had priced in a Base Rate of 5.25% and the Bank of England duly obligied on Thursday by increasing its rate by 0.25%. There was plenty of upwards rate movement with easy access and 1 and 3 Year Fixed rates increasing. Easy access rates hit 4.40%.  Easy access ISA rates look like they have a little further to go but fixed rates look fully priced with Base Rate expected to peak at 5.75% with an outside chance of 6%.  We don't expect to see much upwards movements from these rates and NatWest's planned withdrawal of its 2 Year rate on Wednesday 9th August is likely to see 2 Year rates drop back to around 5.60% to 5.65%. Here's our round up of the best buys and key changes in the Individual Savings Account markets:

Easy Access ISA

Easy access rates jumped as three providers toppled last week's best buys. Cynergy Bank lead the way paying 4.40%. Paragon's Double Access ISA is second following its rate uplift. The account is restricted to just two withdrawals or a cut in rate to 1.50%. Shawbrook are third paying 4.33%, having been first to move above Charter Savings, increasing their rate the day before the Base Rate decision. Chorley Building Society still pay 4.30% but only permit two withdrawals per annum, or the rate is cut to 1.95%. Marcus and Saga have also increased to 4.30% but their rates both include 0.35% bonuses for 12 months. Virgin Money pay 4.25% and, although their account is restricted to current account customers only, savers can open a new current account to get the rate. Kent Reliance pay 4.21% and Leeds Building Society complete the top ten at 4.20%. 

Notice ISAs

Loughborough Building Society still lead the way paying 5% for 180 Days Notice and 4.75% for 120 Day Notice.  Teacher's Building Society offer 4.64% on 120 Day Notice after they improved their rate.  Chorley Building Society are third paying 4.30% for the same period - but their easy access pays the same rate so this looks the better option.  Aldermore's 30 Day Notice rose to 4.25% on Friday but everything below this is beaten by several easy access ISA rates so is not worthy of consideration.

1 Year ISA

NatWest have finally been overhauled as Paragon lead the way with a best buy 5.75% on 1 Year Fixed. Shawbrook and Virgin Money share second - both at 5.71% with NatWest down to fourth at 5.70% - a rate which is due to be withdrawn on 9th August. Tesco Bank are next at 5.60% with a three way tie for sixth - Aldermore Bank pay 5.54%, following their uplift, and move alongside Zopa Bank and Kent Reliance. Charter Savings, Nationwide, Secure Trust Bank and Leeds Building Society all pay 5.50%.  

2 Year ISA

NatWest top the tables with a huge 5.90%, way clear of second place West Brom Building Society paying 5.65%. Third is shared - Aldermore Bank pay 5.61%, following their uplift on Friday, which sees them move alongside Zopa Bank and Kent Reliance. Secure Trust Bank pay 5.60% ahead of Shawbrook Bank and Charter Savings at 5.58%.

3 Year ISA

Secure Trust Bank are the new best buy as their 5.60% rate moves ahead of long time leader, Zopa Bank who drop to second at 5.56%, narrowly ahead of Close Brothers at 5.55%. Aldermore Bank pay 5.51% to move alongside Shawbrook with both providers narrowly ahead of United Trust Bank at 5.50%, a rate matched by Leeds and Principality Building Societies.

5 Year ISA

Zopa Bank pay a best buy 5.26% ahead of Close Brothers at 5.25% and Shawbrook at 5.22%.  Hodge and Paragon are tied at 5.20% ahead of Secure Trust Bank at 5.15% and United Trust Bank at 5.10%, following their rate cut. UBL Bank at 5.01% are the only other provider paying more than 5%.

Lifetime ISA

Moneybox are the best buy paying 4% but their rate does include a 0.75% bonus for 12 months.  Nude Finance pay 3.80% but their rate comes with a £2 monthly fee.  Bath Building Society are at 3.74%, following their increase, ahead of Beehive Money at 3.30%. Skipton Building Society and Newcastle Building Society both pay 3% with Paragon the laggards at 2.50%.

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