Fixed rate cash ISAs were in the news last week, as a number of new best buys were unleashed on the market.
This time last week, Shawbrook Bank (1.66% tax free/AER) led the way in our one year fixed rate cash ISA best buy table – but since then, not one but three providers topped the rate on offer, in the form of Cynergy Bank, Charter Savings Bank and Aldermore.
Shawbrook Bank has since fallen by the wayside, replacing its previous leading account with a much lower paying version – leaving others to scrap it out for first place.
While in another week, both Cynergy Bank (1.68% tax free/AER*) and Charter Savings Bank (1.67% tax free/AER) would have ruled the roost, both were overtaken by Aldermore – swooping in to take the lead in one of the last plays of the week.
Aldermore launched its table-topping account at 1.70% tax free/AER - the highest one year fixed rate cash ISA rate on the market since June 2016.
Once again, an example of competition between providers pushing rates up overall for savers.
While many of the headlines took place in the one year table, Aldermore was also busy in the longer three year ISA market – establishing a significant lead over the next best option.
The new account pays a market-leading 2.05% tax free/AER – with the next best option on the market paying just 1.95% tax free/AER (Marsden Building Society).
When you also consider that another new market-leader was launched last week from Charter Savings Bank (1.87% tax free/AER, for two years), it would appear that things are looking up for those looking to utilise their cash ISA allowance.
>> Find out more about the top fixed rate cash ISAs
With the one, two and three year top rates at their highest level for a significant period of time, it is a case of watch this space, as we await the latest moves from the active providers. Each time one provider outdoes another, the rates improve and savers are in a better position than before.
If you need any help with finding the accounts that are most suitable for your needs, please call us on 0800 011 9705 to speak to one of our expert savings specialists.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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