Rates Rundown: New Cash ISAs hit the market

19th September 2017

As the weather turns autumnal, several providers bring some warmth to the market

Whilst there have plenty of new accounts and changes in the savings market over the last few weeks, new market leaders and exciting products have been few and far between, barring a few notable exceptions.

New best buy variable rate cash ISAs were launched by both Coventry Building Society and Charter Savings Bank, putting both providers in line with the very best easy access ISAs on the market.

In addition, Charter Savings Bank pretty much relaunched its whole savings range, with a notice account and a number of fixed rate bonds that entered our best buy tables.

However, perhaps most notable was its new set of fixed rate cash ISAs, including a market-leading 1 year offering.

Staying with Fixed Rate Cash ISAs, Virgin Money has been active in the market, launching a market-leading 2 year rate and a competitive 1 year offering that is designed to appeal to football fans, particularly those in the red half of Manchester.

Variable Rate ISAs

Two providers have entered our Variable Rate Cash ISA best buy table, Coventry Building Society and Charter Savings Bank, both paying 1.05% tax free/AER, which match the very best easy access cash ISAs available currently.

Coventry Building Society’s Easy Access ISA (6) can be opened with a minimum of £1 in branch, by post, online or by telephone. Transfers in from existing ISAs are permitted.

Available to open online, with a higher minimum balance requirement of £1,000, Charter Savings Bank’s Easy Access Cash ISA – Issue 4 also accepts transfers in from previous ISAs.

Fixed Rate Cash ISAs

Charter Savings Bank made changes to a whole host of accounts, with a number of accounts featuring in both our Notice Account and Fixed Rate Bond best buy tables.

However, it’s amongst Fixed Rate Cash ISAs that the some of the more notable improvements were made, including a market-leading 1 year offering, paying 1.31% tax free/AER.

Each of the accounts can be opened online, with a minimum of £1,000 and transfers in from previous ISAs are accepted into the fixed rate ISAs.

Virgin Money remains active in the fixed rate cash ISA arena, with a new version of its 2 year offering launched, paying 1.55% tax free/AER, which now leads the market for the term.

This joins the provider’s 5 year ISA (2.15% tax free/AER) which is currently joint top of the table and its 1 year (1.30% tax free/AER) and 3 year (1.65% tax free/AER) offerings, which are in second position in the respective tables.

Each of the accounts can be opened with £1 and there are two versions of each account paying the same rate, one which is opened and operated online and one through the provider’s branches and post.

Transfers in from previous ISAs are accepted into each of the accounts.

Premier League Champions?

Finally, for those that follow football or want to inject a fun element to their savings, Virgin Money’s new Man Utd 1 Year Fixed Rate Double Champions ISA could pay up to 3.20% tax free/AER, which is a staggering rate in the context of today’s savings market.

However, there is a catch and it’s a big one – this rate is only paid if Man Utd achieve the Premier league and FA Cup double in the 2017/18 season.

If the team fails to do so, a much less exciting, but still competitive, 1.20% tax free/AER is paid.

Accounts can be opened online or there is a branch-based version, with a minimum of £1. Transfers in from previous ISAs are accepted.

So, whether you are rooting for Man Utd or grudgingly tipping them for success, there is the opportunity to get a rate that is head and shoulders above the rest of the savings market.

It is fair to say that the team has made a good start to the season, but there is still a long way to go…

For more information on any of the accounts above or for other options, call our Bath-based Savings Experts on 0800 011 9705. We’d love to hear from you.  

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