🔔 Best buy cash ISA lead switches twice in one day

Improvements in the cash ISA best buy tables continued this week, with Shawbrook Bank and OakNorth the latest providers to make positive moves.

Cash ISA improvements are coming thick and fast, with the end of the 2018/19 tax year approaching and a number of providers are leapfrogging each other in the best buy tables to attract those savers looking to utilise their ISA allowance.

There has been much jostling for position in our one year fixed rate cash ISA table, with the lead changing on a regular basis over the last few weeks - culminating in top spot changing hands in the space of just a few hours today.

Shawbrook Bank today released a new version of its one year fixed rate cash ISA, paying a market-leading 1.77% tax free/AER – pipping OakNorth and Wesleyan Bank to the post by the smallest of margins.

However, just a few short hours later, OakNorth responded to the challenge with a new leading offering of its own that pays 1.78% tax free/AER. Again, we are not talking about huge margins.

It is not unusual to see these kinds of moves in the savings market generally, as providers aim for top spot - but at the same time trying to not be too far ahead of the competition, so they don’t end up swamped by demand.

Often accounts that pay rates that are head and shoulders above the rest of the market do not last long, as providers get the funds that they need in and can turn the tap off, so to speak.

Elsewhere, Shawbrook also launched a new version of its five year fixed rate cash ISA paying 2.30% tax free/AER today, which ties with Coventry Building Society and United Trust Bank at the top of our best buy table. So, more encouraging news from this particular provider.

If you are looking for an alternative term, Wesleyan Bank currently leads the way for two years, paying 1.96% tax free/AER. Top of our table for three years is Charter Savings Bank, paying 2.05% tax free/AER.

For the full range of options, across the different terms on offer, take a look at our independent best buy tables.  

>> Top-paying fixed rate cash ISAs

So, more encouraging news in the cash ISA arena, which of course is good for those looking to make the most of their cash ISA allowance before the end of the tax year.

It is this type of competition between the top providers that pushes the rates on offer in the right direction and long may this continue. Watch this space and we will bring you all the latest news as and when it happens.

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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