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ISA round up - 13th November

Fixed rate ISAs continue to fall sharply, particularly on 2, 3 and 5 Year ISAs.  1 Year rates continue to be propped up by Virgin but the chasing pack is getting ever distant and, although Metro Bank filled the gap this week, this looks like the exception to the rule rather than an upwards trend. We expect to see further cut backs on 2 Year ISAs particularly this week and there's little justification for 1 Year rates to hold at current levels so it is only a matter of time before these ease back too.  Easy access rates look fully priced currently, unless there's a surprise uplift to Base Rate at the next MPC meeting on 14th December. Here's our round up of the best buys and key changes in the Individual Savings Account markets:

Easy Access ISA

We have a new best buy with Mansfield Building Society taking top spot with a rate of 5.50%.  There is a catch though, as the account only permits two withdrawals per year, before a 90 days interest penalty is applied.  The account can also only be opened by post or in branch. Gatehouse are next paying 5.15% and Teacher's Building Society move up to third with their increase to 5.10% - although they match Gatehouse's 5.15% for teachers and education professionals. Harpdenden Building Society pay 5.10% then its Zopa Bank, who continue to pay an unrestricted 5.08%, but this is for new subscriptions only initially. Cynergy Bank are next at 5.07%, ahead of Virgin Money who cut their rate to 5.01%. The Virgin account pays a lower rate of 2% if more than three withdrawals are made in a calendar year. Metro Bank do pay 5.11% but this has a massive 3.46% 12 month bonus, which is why we exclude it from our tables, and it is only available in their branches.

Notice ISAs

It's an unchanged line up as Mansfield Building Society lead the way with its 180 Day Notice paying 5.30%. There's tie for second with West Brom Building Society paying 5.25% for 60 Days' Notice and Teacher's Building Society also paying 5.25%, but it wants 180 Days' Notice for this and 120 Days in return for 5%. Chorley Building Society are fourth with their 150 Day Notice paying 5.05%.  Loughborough Building Society pay 5% for 180 Days Notice and 4.75% for 120 Day Notice. Melton Building Society pay 5.05% but isn't included in our tables as it is only accessible via their branches. With several easy access ISA rates now above 5%, no other notice accounts warrant consideration in our view.

1 Year ISA

Virgin Money still lead the way at 5.85% - savers must have or open a Virgin Money current account to get this rate - with a gap then to Metro Bank, who enter the tables paying 5.71%. Charter Savings Bank and Zopa Bank are tied for third with both paying 5.61%, although Zopa for new subscriptions only. Kent Reliance pay 5.59% with Castle Trust offering 5.57% before drop to United Trust Bank at 5.50%.

2 Year ISA

Zopa Bank are the best buy at a reduced rate of 5.49% with United Trust Bank second at 5.45% and Secure Trust Bank third at 5.41%. UBL Bank and Saffron Building Society both pay 5.40% with Coventry Building Society at 5.35%.

3 Year ISA

Zopa pay a best buy 5.16% ahead of a four way tie at 5.15% with Close Brothers, Cynergy, Castle Trust and United Trust Bank all inseparable. Secure Trust pay 5.11% and Aldermore Bank pay 5% alongside Hodge with all other providers under 5%.

5 Year ISA

Secure Trust Bank pay a best buy 4.95% ahead of Zopa Bank at 4.91%. United Trust and Hinckley & Rugby both offer 4.90% with Close Brothers completing the top five at 4.80%.  UBL are a distant sixth at 4.60%.

Lifetime ISA

Moneybox pay a best buy 4.25% - 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 3.79% ahead of Paragon Bank at 3.51%. Beehive Money are just behind at 3.50%. Skipton Building Society pay 3.25% and Newcastle Building Society are lagging at 3%.

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