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ISA round up - 13th May

The Bank of England's decision to hold Base Rate was no surprise. The split 7-2 vote in favour of hold versus cut shows there's another three members who need to be convinced to cut before Base reduces. However, the Governor, Andrew Bailey, certainly signalled that things were getting closer on that front.  There's two lots of inflation data before the Bank's next meeting - they will be crucial to determine whether there will cut in June.  If we see both sets showing inflation down to 2% or less, the Bank's target, then expect to see a Base Rate cut at June's meeting.  Otherwise, it is likely to run on until August. The clear tone was a cut is coming though which is likely to mean we see rates ease back this month.

The good news for savers is that most of this looks priced in to current ISA rates so we don't expect any wholesale changes to pricing in the coming weeks. Last week was quiet with Aldemore increasing rates and United Trust Bank moving behind Virgin on 1 Year ISAs.  We don't expect significant changes this week either. If you are undecided whether to use your ISA allowance in cash or stocks and shares ISAs this tax year, there's a handy guide on Hargreaves Lansdown's website to inform your thinking. Here's our round up of the best buys and key changes in Individual Savings Accounts:

Easy Access ISA

Chip remain best buy paying 5.10%. The popular money app, whose deposits are protected via Clear Bank, lead the way ahead of Zopa Bank who pay 5.08% - although this includes a bonus of 0.50% for 12 months. Paragon Bank are third - their Double Access ISA paying 4.95% - ahead of Charter Savings Bank who have increased to 4.87%.  Next is Family Building Society's Market Tracker ISA, which pays 4.86%, who has been matched by Kent Reliance who upped their rate to 4.86% too. Cynergy Bank pay 4.82% and Virgin Money offer 4.76% ahead of a cluster of providers at 4.75%.

Notice ISAs

West Brom Building Society are still the best buy with their 60 Day Notice ISA paying 5.10%. Furness Building Society are next with their 90 Day Notice paying 5.01%, just ahead of Teacher's Building Society in third paying 5% for 120 Days with the next best then at 4.50% - well below easy access best buys.

1 Year ISA

Virgin Money remain best buy at 5.05% - but savers need to have or open a Virgin current account to get this rate. United Trust Bank pay 4.73% to take second spot, following their increase on Friday. Shawbrook and OakNorth both pay 4.72%, to share third. Charter Savings Bank improved their rate to 4.71% to move alongside Paragon - they are ahead of four providers paying 4.70% - Cynergy, Close Brothers, Kent Reliance and Secure Trust Bank all pay the same rate. Aldermore Bank increased to 4.65% to lead a plethora of providers at the same rate.

2 Year ISA

OakNorth lead the way paying 4.63% as they replace Shawbrook, who cut their rate last week. Secure Trust Bank are next paying 4.60% with Aldermore Bank move up to third at 4.55% following their rate increase on Friday alongside United Trust Bank and Paragon. Zopa, Close Brothers and Ford Money all pay 4.50% with Hodge at 4.45% and Castle Trust Bank completing the top ten at 4.40%.

3 Year ISA

Shawbrook Bank lead the way paying 4.41% ahead of OakNorth at 4.40%. Secure Trust Bank are third paying 4.35% with Paragon next at 4.30%. Aldermore Bank pay 4.25% as they increased their rate to knock Zopa Bank down to sixth at 4.21%. Castle Trust, UBL Bank and Close Brothers are narrowly behind them at 4.20%. United Trust Bank, Leeds Building Society and Hodge all pay 4.15%.

5 Year ISA

Shawbrook lead the way paying a best buy rate of 4.07% with UBL Bank just behind at 4.06%. Close Brothers and Secure Trust Bank both pay 4.05% with Zopa Bank's 4.01% the only other provider above 4%. Paragon Bank have been joined by West Brom - both paying 4% following the latter's increase last week. Castle Trust and Hodge pay 3.95% with Gatehouse Bank completing the top 10 at 3.90%.

Lifetime ISA

Moneybox pay a best buy 4.40% - but their rate does include a 0.90% bonus for 12 months. Tembo, who have bought Nude Finance, pay 4.30% and had briefly topped the charts before being usurped by Moneybox again. 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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