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The best UK ISA rates this week

Michael Brown

Content Writer
Published: 26/05/2022

Last updated: 26th May 2022 at 12:00pm 

Cynergy Bank opens its easy access ISA to new customers while Gatehouse Bank dominates the fixed-rate market.

This week the top fixed rate market rates registered the greatest movement, which is great news for savers looking to lock their funds away for a top rate. In fact, the average one and three year fixed ISA rates saw plenty of movement over the past seven days, both increasing by 0.06%.

More specifically, Gatehouse Bank’s various increases on Friday propelled many of its Woodland Saver products into market-leading positions on the fixed rate charts. On the easy access chart, however, there was one change with Cynergy Bank opening its Online ISA (Issue 22) for new customers.

 

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Moneyfacts pick of the week

Last updated: 26th May 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. These can range from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:

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Best UK residential mortgage rates this week

Last updated: 25th May 2022

Cumberland BS increases its rates, but still holds its market-leading positions.

Our latest data found buy-to-let mortgage rates are on the rise, and a similar story can be told in the residential sector.

Over the past seven days, average two, three, five and ten year mortgages in this sector have increased. Of these categories, two and five year rates saw the biggest percentage point rise of 0.04%, according to our data.

In fact, the best two and five year rates on our remortgage and homeowner charts, which are all held by Cumberland BS, have all hiked. Below, we have discussed these changes, among other market-leading low rates, you can consider when looking for your best mortgage option.

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Inflation: These three things have gone up in price

With the Consumer Price Index edging towards double digits, these are the latest things to increase in price.

Last week, the Consumer Price Index (CPI) increased to 9%, the highest inflation has been in 40 years.

Much of this can be owed to increased energy prices, with the Ofgem energy price cap coming into effect last month, according to the Office for National Statistics (ONS).

However, these are not the only items in the ONS’s “basket of goods” to increase in price. Here are three other things to have risen in price. 

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NS&I to increase premium bonds prize fund rate to 1.40%

The latest increase means premium bond holders have the chance to win a further 1.4 million tax-free prizes each month.

National Savings & Investments (NS&I) will increase the rate on its premium bonds from 1.00% to 1.40% from next month. This means premium bond holders will benefit from a further 1.4 million tax-free prizes worth a collective £40 million each month.  

“I’m delighted to see NS&I raise the prize fund rate on Premium Bonds, which will see an additional 1.4 million prizes worth £40 million being returned to savers each month – helping to put money in the pockets of the nation’s savers,” said John Glen, Economic Secretary to the Treasury.

For each £1 Premium Bond number, the odds of winning a Premium Bond prize will change from 32,500 to one to 24,500 to one.

While the Government-owned savings bank will not increase the two £1 million jackpot prizes each month, it will increase the number of £100,000 prizes from six to 10. 

The number of all other cash prizes will also increase, with the number of minimum £25 cash prizes increasing from just over 3.4 million to over 4.7 million.

 

Number and value of Premium Bonds prizes

Value of prizes in May 2022

Number of prizes in May 2022

Value of prizes in June 2022 (estimated)

Number of prizes in June 2022 (estimated)

£1,000,000

2

£1,000,000

2

£100,000

6

£100,000

10

£50,000

11

£50,000

19

£25,000

24

£25,000

40

£10,000

58

£10,000

98

£5,000

116

£5,000

196

£1,000

1,963

£1,000

2,764

£500

5,889

£500

8,292

£100

31,907

£100

37,922

£50

31,907

£50

37,922

£25

3,343,185

£25

4,748,097

Total:

£98,183,175

Total

3,415,068

Total

£138,210,725

Total

4,835,362

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Research finds women are investing earlier than men

23rd May 2022

According to research from Janus Henderson, an asset management company, women start investing at an average age of 32, three years younger than their male counterparts. “It’s great to see that women are making the decision to invest earlier than men, and it certainly gives hope that the industry is making some headway in helping close the gender savings gap,” said James de Sausmarez, Head of Investment Trusts at Janus Henderson. Combined, this means the average UK investor started investing at 34 years of age. However, when asked why they did not start investing earlier, more than half of the respondents cited a lack of “spare” money as the primary cause.

According to research from Janus Henderson, women start investing at an average age of 32, three years younger than their male counterparts.

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BTL product choice remains strong but rates are rising

23rd May 2022

Prospective landlords or those with a buy-to-let (BTL) mortgage set to mature this year may be interested to see the latest data from Moneyfacts.co.uk, which highlights sustained levels of product availability in the sector, but warns that interest rates are rising.

Prospective landlords or those with a BTL mortgage set to mature are warned of sustained levels of product availability and rising interest rates

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Best UK savings rates this week

20th May 2022

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

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A year passes with no inflation-beating savings deals

18th May 2022

Inflation has now eaten away at savings accounts for an entire year, despite notable uplifts to savings rates across the market. Today the Consumer Price Index (CPI) rose to 9.0% during April, from 7.0% in March.

Inflation has now eaten away at savings accounts for an entire year, despite notable uplifts to savings rates across the market.

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Best UK residential mortgage rates this week

25th May 2022

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

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Best UK savings rates this week

20th May 2022

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.

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The best UK ISA rates this week

26th May 2022

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

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Two and five year mortgage rates hit historic lows

11th May 2020

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

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