ISA round up - 14th August
Easy access ISA rates continued to nudge upwards following the Bank of England Base Rate increase. Although NatWest's 5.90% 2 Year has gone, UBL have a best in market rate of 5.77% on their 1 Year and fixed rates are generally holding up. We see no reason why current levels can't be maintained although we expect any increases from here to be minimal. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Shawbrook Bank are the new leaders paying a best buy 4.43% to move ahead of Cynergy Bank and Newcastle Building Society at 4.40%. Newcastle moved their rate up in the week and Coventry Building Society have done likewise this morning, up to 4.35% on their Six Access account which, as the names suggests, permits six withdrawals before an interest charge for further access. Paragon's Double Access ISA also pays 4.35% but the account is restricted to just two withdrawals or a cut in rate to 1.50%. Charter Savings, Leeds Building Society and Chorley Building Society all pay 4.30% but Chorley only permit two withdrawals per annum, or the rate is cut to 1.95%.
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 and 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 pays 4.25% but everything below this is beaten by several easy access ISA rates so is not worthy of consideration.
UBL Bank lead the way with a best buy 5.77% ahead of Virgin Money paying 5.76% and Secure Trust and Paragon in third - both offering 5.75% for 1 Year. Charter Savings pay 5.72% and Aldermore Bank pay 5.71%, following their uplift, alongside Shawbrook Bank.
Following NatWest closing their 2 Year, Secure Trust Bank are the new best buy paying 5.75%. Charter Savings are second offering 5.73% with Kent Reliance just behind at 5.71%. West Brom Building Society pay 5.65% with Aldermore Bank paying 5.61% just behind alongside Zopa Bank and Hodge.
3 Year is unchanged with Secure Trust Bank best buy at 5.60% ahead of long time leader, Zopa Bank, who are second at 5.56%. Close Brothers pay 5.55% ahead of Aldermore Bank at 5.51% alongside Shawbrook with Hodge's increase to 5.51% the only notable move up in the past week.
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%. UBL Bank at 5.01% are the only other provider paying more than 5%.
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% ahead of Beehive Money at 3.30%. Skipton Building Society and Newcastle Building Society both pay 3% with Paragon the laggards at 2.50%.