Having already noted increased activity amongst best buy cash ISAs this week, OakNorth and Kingdom Bank are the latest providers to make improvements.
With Shawbrook making a number of high-profile moves in the last two weeks, in both the fixed rate and variable rate cash ISA best buy tables, the tail end of this week saw two other providers join the race to the top.
OakNorth launched two improved cash ISA deals – firstly a 12 month cash ISA paying 1.75% tax free/AER. This rate takes the provider into first position in our table, ahead of the previous incumbent, Shawbrook Bank.
However, Shawbrook Bank still maintains the lead in both our two year and three year best buy tables – paying 1.91% tax free/AER and 1.96% tax free/AER respectively.
>> Current best fixed rate cash ISA rates
OakNorth also improved the rate on its easy access cash ISA and is now paying 1.44% tax free/AER – the new rate also applies to any savers that have already opened the account.
The account is now the top straightforward easy access cash ISA, overtaking Shawbrook (1.43% tax free/AER) by the smallest of margins.
>> Review the top-paying variable rate cash ISAs
Also new to the variable rate cash ISA table is Kingdom Bank, improving the rate on offer on its One Year Base rate plus cash ISA to 1.50% tax free/AER.
This account works differently to the other accounts in our table, in that the interest rate tracks movements in the Bank of England base rate – so it will go up or down as and when the base rate changes.
The rate is guaranteed to be 0.75% above the base rate for the one year term. It is worth noting that you cannot make withdrawals within the term, although you can transfer it to another provider, if you pay the required penalty.
So, more evidence of an increase in ISA competition as we build up to the end of the current tax year and the beginning of the new one. Keep your eyes peeled for further improvements in the coming days and weeks and we will bring you the latest news as and when we get it.
If you need any further 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.
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