The best savings accounts and ISAs this week
It’s been another bumper week in the savings market with a host of new accounts including a regular saver from Nationwide paying 8%.
On the fixed-rate tables, the best cash ISA pays 5.85% from Shawbrook bank and for standard savings accounts it’s 6.20% from National Savings & Investments (NS&I).
Providers have been pushing up rates in-line with the Bank of England (BoE) which until yesterday had been steadily raising rates to keep a lid on inflation.
The decision this week saw the bank hold rates, which could be an indicator that savings rates are now at their peak. However, it’s impossible to say what might happen in October and with inflation still way above the Government’s target, a further rate rise isn’t totally off the cards.
Here we look at all of this week’s best savings accounts and ISAs, with data from Moneyfacts.
The best savings accounts of the week
The highest-paying savings account this week comes from Nationwide with its Flex Regular Saver paying 8% AER gross interest for 12 months.
It’s the highest-paying account on the market yet you can only put away up to £200 a month into it, and you’ll need a Nationwide current account to access it. Three withdrawals are allowed in the first year.
For easy-access savings accounts, the best rate comes from the Leeds BS Limited Issue Online Access Account (Issue 50) which pays 5.10%. It can be opened with £1,000 and it’s an online account.
Paying 5.10%, the Paragon Bank Double Access Savings Account – Issue 2 is next up, which also has a minimum opening deposit of £1,000. Although as the name suggests you can only make two withdrawals from the account.
If you don’t need access to your cash in the first year, the National Savings & Investments (NS&I) Guaranteed Growth Bonds Issue 72 pays 6.20%. You can open it online with £500. There’s also the Union Bank of India (UK) Ltd Fixed Rate Deposit account which pays 6.11% on a minimum of £1,000.
Putting your money away for longer won’t result in a higher interest rate and the best three-year fixed-rate account pays 6.05%. It’s the Ford Money Fixed Saver 2 Year and you can open it with £500.
The best easy-access cash ISAs
The top spot this week is the Leeds BS Limited Issue Online Access ISA (Issue 65) which pays 4.80% on a minimum of £1,000. It’s an online account and can’t be opened or managed any other way.
The next-best are the following:
- Moneybox Cash ISA: paying 4.75%, this account can be opened with £500 and the rate includes a 0.85% bonus for the first 12 months.
- OakNorth Bank’s Easy Access Cash ISA: also paying 4.75%, you can open this account online or via the bank’s app with £1.
- Shawbrook Bank’s Easy Access Cash ISA – Issue 25: paying 4.72% this account can be opened with £1,000.
The best fixed-rate cash ISAs
Virgin Money remains in the top spot this week with its 1 Year Fixed Rate Cash ISA Exclusive Issue 6. It pays 5.85% and has no minimum deposit for opening the account.
But it’s only available to new and existing Virgin Money current account customers, who joined from December 4th 2019. It’s also open to existing customers that originally opened a Clydesdale Bank, Yorkshire Bank or B current account.
The next-best are the following:
- Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond Issue 81: paying 5.83% you can open this account with £1,000 online. Earlier access is allowed but will result in a 90-day loss of interest penalty.
- OakNorth Bank’s Fixed Rate Cash ISA: also paying 5.83% you can open this account with £1 and interest is paid monthly. Earlier access is allowed but will result in a 90-day loss of interest penalty.
- Charter Savings Bank’s 1 Year Fixed Rate Cash ISA: this account pays 5.80% on a minimum of £5,000. Earlier access is allowed but will result in a 90-day loss of interest penalty.
The best notice cash ISAs
The top spot here goes to the Melton BS 180 Day Notice Cash ISA which pays 5.05% on a minimum of £25. but it can only be opened at a branch of the building society.
There’s also the Aldermore 30 Day Notice Cash ISA Issue 12 which remains consistently at the top of these tables paying 4.50% on a minimum opening deposit of £1,000.