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Round up of best ISA savings account in Jan 2019

Category: Savings
Author: Nigel Woollsey
Updated: 11/02/2019

At a glance:
  • Some of the biggest competition in January took place in the one-year fixed rate cash ISA sector, which saw Aldermore, Coventry Building Society and Cynergy Bank battling it out to offer short-term savers the best ISA rate.
  • Overall the best ISA rate was offered by Coventry Building Society, which paid savers 2.30% on its five-year ISA.
Normally there isn't much activity in the ISA sector during January, but in 2019 this was different and saw an increase in rates on both easy access and fixed rate ISAs.

January also saw the relaunch of Paragon Bank's Limited Edition Easy Access ISA, which paid a rate of 1.45% yearly. For long-term savers, the best deals came from Coventry Building Society, which offered the most competitive rates on two-year, three-year and five-year ISAs.
Here's our round-up of which providers paid the best interest rates on ISAs in January 2019.

Best short-term ISAs

The re-launch of Paragon Bank's Limited Edition Easy Access ISA was the biggest news in the flexible ISA sector. This account offered savers the best deal in January with its rate of 1.45% yearly, or 1.44% on a monthly basis. Savers needed to be quick to open the account as, true to its name, it was only available for a limited time and was removed from the market in February.

For short-term savers, there was a lot of competition in the 1 Year Fixed Rate Cash ISA sector. This started when Aldermore increased the rate on its product to 1.70%, which Coventry Building Society quickly followed by increasing the rate on its own 1 Year Fixed Rate ISA to offer savers the same rate. Usurping both Aldermore and Coventry Building Society by the end of January was Cynergy Bank, which increased its rate to offer savers 1.73%.

Best long-term ISAs

Whilst the long-term ISA sector didn't see the same competition as the I Year Fixed Rate market, there were still some good deals around for savers. The best January deals for long-term ISAs came from Coventry Building Society which offered a 2 Year ISA at the rate of 1.90% and a 3 Year ISA at 2.05%. Overall the best rate across all ISAs in January came from Coventry with its 5 Year ISA rate of 2.30%.

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.