Aldermore and Shawbrook Bank Withdraw ISAs | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 04/04/2022

Shawbrook Bank’s Easy Access Cash ISA - Issue 20 and Aldermore’s 30 Day Notice Cash ISA Issue 12 are no longer available to new customers.

Aldermore withdrew its 30 Day Notice Cash ISA Issue 12 today with the end of the tax year just one day away. In addition to this, Shawbrook Bank withdrew its Easy Access Cash ISA - Issue 20 from the market on Friday.

Both these withdrawals mean savers looking for the best easy access or notice ISA ahead of the end of the tax year will have to settle for a lower rate.

The market-leading rates for easy access and notice accounts are offered by Paragon Bank, Ecology Building Society, and Melton BS. At a rate of 0.80%, these offers would have sat behind the 30 Day Notice Cash ISA Issue 12 by 0.10% and the Easy Access Cash ISA - Issue 20 by 0.05%.

How are the current top rates structured?

All offers require a minimum of £25 or under to open the account. This means they could be the perfect option for savers who are looking to eke out their tax-free ISA allowance of £20,000.

Paragon Bank, however, gives its customers the option to have their interest paid monthly or on anniversary. Savers can also choose whether to have their interest paid away or compounded but will have to open and manage this account online.

It is important for these customers to keep to a maximum of three withdrawals in every 12 month period. This is because on the fourth withdrawal Paragon Bank will reduce your rate to 0.25%.

As for the other offers, Ecology Building Society pays its interest yearly, it does allow its savers to choose whether their interest is compounded or paid away.

Customers can open and manage their account online or via post, with withdrawals from a minimum of £25 also permitted.

Finally, Melton BS compounds its interest yearly and allows its users to withdraw their funds without restrictions. Users can open this account at a branch or via post.

To compare these offers in more detail, consider visiting our charts.

Moneyfacts Best Buys

As of 4 April, here are the Moneyfacts best buys Variable Cash ISAs.

Provider

AER

Gross

Intro Bonus

Transfer ln

Notice

Min Investment

Interest Paid

Paragon Bank

0.80%

0.80%

No

Yes

None

£1

Anniversary or monthly

Melton BS

0.80%

0.80%

No

No

Instant

£25

Yearly

Ecology Building Society

0.80%

0.80%

No

No

None

£25

Yearly

Yorkshire Building Society

0.77%

0.77%

No

Yes

None

£10,000

0.66% at £1

0.77% at £10,000

0.82% at £50,000

Yearly

Leeds BS

0.71%

0.71%

No

Yes

None

£1,000

On Maturity

Nationwide BS

0.70%

0.70%

No

Yes

None

£1

Anniversary

Marcus by Goldman Sachs®

0.70%

0.70%

Yes (includes a 0.10% bonus for 12 months)

No

None

£0

Monthly

SAGA

0.70%

0.70%

Yes (includes a 0.10% bonus for 12 months)

No

None

£0

Monthly

Santander

0.70%

0.70%

No

Yes

None

£500

Yearly

Principality BS

0.67%

0.67%

Yes (includes a 0.27% bonus for 12 months)

Yes

None

£1

Yearly

 

 

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. 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.

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