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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 savings rates this week

Last updated: 20th May 2022 12:00pm

Top easy access rates remain unchanged while best fixed rate bonds increase rates.

Fixed rate bonds have seen the largest rise in over a decade according to the latest data recorded in our UK Savings Trends Treasury Report. In fact, the average one-year bond rate rose month-on-month to 1.24% and stands at its highest level in over two years. 

Added to this, the top rates in the fixed rate bond market this week saw a rise too with the one, two, three, and five year top rates all replaced by better offers. In the easy access market change was less volatile, while OakNorth Bank replaced one of its top rates in the notice market for a savings account only offered through the Raisin platform.

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A year passes with no inflation-beating savings deals

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.

In May 2021, there were no deals that could beat 1.5% (April 2021 CPI) and in May 2020, there were 376 deals (24 easy access, 49 notice accounts, 24 variable rate ISAs, 70 fixed rate ISAs and 209 fixed rate bonds) that could beat 0.8% (April 2020 CPI)*.

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Fixed rates see largest monthly rise in over a decade

Moneyfacts UK Savings Trends Treasury Report data shows average fixed rates have seen their biggest monthly rises in over a decade. The average one-year fixed bond, longer-term fixed bond, and longer-term fixed ISA stand at their highest levels since 2019.

The average one-year bond rate rose month-on-month to 1.24% and stands at its highest level in over two years. This is the biggest month-on-month rise since April 2011 and is the highest average rate recorded since November 2019 (1.28%). The average long-term fixed bond rate rose to 1.68%, the biggest rise since August 2009 and stands at its highest since August 2019 (1.72%).

Meanwhile, product choice overall has grown by 279 deals year-on-year, to 1,685 savings deals (including ISAs), the highest count in choice since March 2020, and is far beyond the record low count of 1,340 in April 2021.  

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Recent News

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Nationwide BS’s Triple Access Online ISA matches market-leading rates

13th May 2022

Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%. It means this offer matches the market-leading rate from Marcus by Goldman Sachs®, SAGA, and Al Rayan Bank on our easy access ISA charts.

Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%.

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Four in ten savers already using savings to combat cost of living crisis

11th May 2022

Four in ten savers have been forced to use their savings account to help cope with the rising cost of living over the past 12 months. This is according to Yorkshire Building Society and the Centre for Economics and Business Research’s Inflation Nation report, which was released today.

Four in ten savers have been forced to use their savings account to help cope with the rising cost of living over the past 12 months.

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BREAKING: Bank of England increases base rate to 1%

5th May 2022

The Bank of England has today increased base rate by 0.25%, up from 0.75% to 1.00%. The decision to increase base rate will be disappointing news to consumers who are already facing a cost of living crisis, with further rises anticipated over the next 12 months. Borrowers sitting on a variable rate may want to lock into a competitive fixed rate mortgage deal to protect themselves from rising interest rates, perhaps sooner rather than later as fixed rates rise, with the average two-year fixed rate surpassing 3.00%.

The Bank of England has today increased base rate by 0.25%, up from 0.75% to 1.00%.

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Ford Money increases fixed rate cash ISAs by 0.10%

3rd May 2022

Ford Money has increased its two and three year fixed rate cash ISAs by 0.10% today. The rate increase means the Fixed Cash ISA 2 Year and the Fixed Cash ISA 3 Year now offer a rate of 1.70% and 1.75% respectively. “We have taken this action as part of our routine practice of regularly reviewing our product portfolio and positioning within the wider savings market,” Ford Money said in a press release

Ford Money has increased its two and three year fixed rate cash ISAs by 0.10% today.

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Most Popular Savings News

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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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What are the best performing ISA investment funds?

11th March 2022

Global stock markets ended 2021 on a high, with the FTSE 100 finishing 14.3% up on the start of the year and the S&P 500 close to a 27% gain over the same timescale. Performance in 2022 will be dependent on many factors, including inflation, economic growth and the progress of the pandemic but also monetary policy and the potential for more interest rate increases.

Global stock markets ended 2021 on a high, with the FTSE 100 finishing 14.3% up on the start of the year.

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The best six-month fixed rate bonds

6th May 2020

While savers might be reluctant to lock their money into a fixed term bond for even just one year, there is the option of six-month bonds, which often offer more competitive rates than easy access accounts and require money to be left untouched for a short amount of time

While savers might be reluctant to lock their money into a fixed term bond for even just one year

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