🔔 Rates Rundown: cash ISAs are the star of the show this week, as competition ramps up

This week, there have been some key improvements that have affected both our fixed rate and variable rate cash ISA best buy tables.

First to make a move was Shawbrook Bank, launching market-leading one, two and three year fixed rate cash ISAs and a five year cash ISA that made it into the top five.

Later in the week, OakNorth joined the race, launching a new version of its one year fixed rate ISA that moved ahead of Shawbrook at the top of our table.

>> Top-paying fixed rate cash ISAs

OakNorth also improved the rate on offer on its easy access cash ISA and is now the top straightforward option available.

Meanwhile, Kingdom Bank made a rare appearance in our top five, with a best buy ISA that tracks movements in the Bank of England base rate.

>> Top-paying variable rate cash ISAs

The biggest news amongst easy access accounts this week was the withdrawal of the market-leading account from ICICI Bank UK, although there are still competitive options to choose from.

>> Latest easy access best buys

Elsewhere, it has been a relatively quiet week in the fixed rate bond market, although Masthaven made improvements, moving into the top five for a number of different terms.

>> What are the best fixed rate bond rates?

Finally, there was also little change to report in our Sharia account best buy table – although the leading accounts are still in place.

>> Sharia fixed term account best buy table

For an overview of the whole savings market and to look at the top options in all categories, make sure you consult our independent best buy tables and if you want to keep up to date with best buy rates as they hit the market, sign up to our Rate Alert emails.

Fixed Rate Cash ISAs

Shawbrook Bank has improved its full range of fixed rate cash ISAs this week, with each now appearing in our top five - including three new market leaders.

The provider knocked Cynergy Bank (1.73% tax free/AER*) from top spot in our one year table - albeit by the smallest of margins - with the new version of its account paying 1.74% tax free/AER.

Top spot was also taken by Shawbrook in our two and three year tables, with the new accounts paying 1.91% tax free/AER and 1.96% tax free/AER respectively.

To complete the picture, Shawbrook launched a new version of its five year fixed rate cash ISA, paying 2.13% tax free/AER - taking second place behind the leader, Coventry Building Society (2.30% tax free/AER).

Later in the week, OakNorth challenged Shawbrook’s supremacy in our one year table, matching the rate on offer (1.74% tax free/AER) and taking a share of top spot.

Then, just one day later the provider decided that joint top was not enough and moved ahead by just 0.01% – the new version paying 1.75% tax free/AER.

To view our top five accounts across the full range of terms, please refer to our full fixed rate cash ISA best buy tables.

Variable Rate Cash ISAs

OakNorth made an improvement to its easy access cash ISA offering, which is now paying 1.44% tax free/AER.

The account is the top-paying easy access cash ISA that has no introductory bonus or withdrawal restrictions, overtaking Shawbrook (1.43% tax free/AER) by the smallest of margins.

Also new to our variable rate cash ISA table is Kingdom Bank. The provider features with its new One Year Base Rate Plus cash ISA currently paying 1.50% tax free/AER.

As the name of the account suggests, the interest rate tracks movements in the Bank of England base rate – so it will go up or down with any base rate changes during the term.

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.

For further information on both of these accounts and to see how the rest of the top five stacks up, please refer to our variable rate cash ISA best buy table.

Easy Access Accounts

The main change amongst easy access accounts this week was a less than positive one, as ICICI Bank UK has withdrawn its market-leading account.

This leaves The Family Building Society top of the table, with its Premium Saver (3) paying 1.51% gross/AER. The account has a funding cut-off date of 8 March 2019, after which you cannot add further funds to the account.

Then comes Cynergy Bank* and Marcus by Goldman Sachs, which both pay 1.50% AER and feature introductory bonuses as part of the rates.

So, with a number of introductory bonuses and other restrictive terms and conditions evident amongst many of the top-paying accounts, Shawbrook Bank (1.43% gross/AER) offers something a little more straightforward – albeit at a lower rate.

For those interested in a simple savings account, just behind Shawbrook is the Freedom Savings Account* from RCI Bank, which pays 1.42% gross/AER. Also available at the same rate is Ford Money’s Flexible Saver.

Further information on the leading accounts can be found in our easy access best buy table.

Fixed Rate Bonds

Activity in this area of the market played second fiddle somewhat to fixed rate cash ISAs this week, with fewer interesting developments.

However, Masthaven did make some improvements, with new one, two, three and four year bonds - which all made it into our best buy tables.

The latest version of its one year bond is paying 2.00% gross/AER and the four year bond pays 2.45% gross/AER. Both of these new accounts sit in joint second position in the respective tables.

Even better are the new two year bond (2.30% gross/AER) and the three year bond (2.40% gross/AER) - both taking a share of top spot in our tables.

OakNorth still leads the way for one year, paying 2.01% gross/AER.

In our three year table there is a five-way tie at the top, with Aldermore*, ICICI Bank*, the aforementioned Masthaven, Investec and Tandem all paying 2.40% gross/AER.

Amongst the longer term bonds, leading the way for four years is Vanquis Bank, paying 2.52% gross/AER and the leading spot in our five year table is occupied by Ikano Bank, paying 2.56% gross/AER.

For full information on each of these accounts and for a range of other options, please refer to our full fixed rate bond best buy tables.

Sharia Fixed Term Accounts

While there was little action this week amongst Sharia accounts, the key leading accounts are still in place and are paying higher rates than the standard equivalents.

Amongst one year accounts, there is a tie between Al Rayan Bank and BLME, with both accounts paying 2.15% gross/AER.

Al Rayan Bank also continues to hold the leading position for both two and three years, paying 2.40% gross/AER and 2.50% gross/AER respectively.

Meanwhile, BLME continues to pay a market-leading return on its five year Premier Deposit Account, paying 2.70% gross/AER.

Please refer to our sharia fixed term accounts best buy table for more information on the accounts above.

>> How do Sharia compliant accounts work?

If you would like any help with your savings, why not give one of our Bath-based experts a call on 0800 011 9705, we’d love to hear from you.

*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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