ISA round up - 5th December
Although State Bank of India continues to lead the way on longer term fixed rates, the gulf between them and the next best rates continues to widen with further cuts this week. There were increases on notice rates and easy access continue to hold up. There's little to suggest there will be any improvements this week and we fear the end may be nearing for the State Bank of India rates. Here's our round up of the best buys and key changes in the Individual Savings Account markets:
Virgin Money still lead the way at 3%. Although this account is only available to Virgin Money current account holders, it is possible to switch or open a new current account with them to get this rate. Given that it beats all easy access rates, even on taxable accounts, that may be worth doing for many savers - particularly those with larger balances. There's a big drop to second where there's a four way tie. Scottish Building Society and Cynergy Bank pay 2.50% with no restrictions. Principality Building Society pay the same rate although their rate includes a 0.40% bonus for 12 months. Nationwide also pay 2.50% on their Triple Access ISA. Kent Reliance pay 2.43% and Sainsburys are up to 2.40%.
Mansfield Building Society increased their rates to take back top spot. They pay 3% on 180 Day Notice and 2.50% on 90 Day. Aldermore Bank are next paying 2.80% on just 30 Days' Notice. Furness Building Society are next at 2.30% for 45 Day but this, and providers below it, are all beaten by the best easy access rates.
UBL lead the way paying a best buy 3.81%. Shawbrook Bank move up to second, increasing its rate to 3.78%, to move ahead of Charter Savings Bank who dropped their rate to 3.70% to fall to joint third alongside Gatehouse Bank. Next comes OakNorth Bank at 3.68%, just ahead of Secure Trust and Coventry Building Society paying 3.65%.
State Bank of India remain leaders paying a huge 4.65%. They do require savers to open a non-ISA savings account or current account with them to qualify for this rate though. There's a massive drop to second place with Virgin paying 4.11% to pip Charter Savings Bank and Yorkshire Building Society (both 4.10%) in to joint third. Secure Trust Bank are at 4.05% with six providers all paying 4%.
It's a similar tale at the top of 3 Year with State Bank of India paying 4.65% to top the charts before a big drop to UBL Bank in second paying 4.25%. Secure Trust Bank, Gatehouse and Hodge Bank all pay 4.20% to share joint third.
State Bank of India also top 5 Year at 4.65% with a big drop then to Secure Trust Bank at 4.30% with Gatehouse Bank third at 4.20% before a big drop to Paragon and United Trust Bank at 4.05%. Family Building Society and Principality are the only other providers paying 4%.
There's no change at the top of Lifetime ISAs with Moneybox and Nude Finance both top at 3%. The Moneybox rate does include a 0.25% bonus for 12 months and Nude Finance's rate comes with a £2 monthly fee but both are miles clear of the rest. Beehive Money are third with a straight 2.30%. Skipton Building Society are fourth at 1.75%, ahead of Paragon at 1.60%, with Newcastle Building Society bringing up the rear at 1.20%.