Average easy access ISA rate reaches 3%

Home News Savings Average easy access ISA rate reaches three per cent

ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Ella Mower

Senior Content Writer

Published: 30/08/2023

The last time this rate was higher was in December 2008.

The average return on an easy access ISA hit 3.00% gross yesterday according to Moneyfacts’ data – the highest this rate has been since December 2008.

Consecutive increases to the Bank of England base rate are causing savings rates to climb steadily. The start of this month saw the average rate of a one-year fixed ISA reach 5.00%, while the average returns on a one and two-year fixed bond breached this threshold in July.

Why do average rates matter?

Average rates can give you an idea of whether you are getting competitive returns on your savings. Not only this, but they can provide an overview of how the market is performing. If average rates are rising, it may be worth reviewing your savings to ensure your provider is keeping up with market trends.

Graph showing the average easy access ISA rate at 3.00%

Graph: Average returns on an easy access ISA are at their highest since December 2008.

Best easy access ISA rates

Currently, Newcastle BS offers the best rate for an easy access ISA, with its Newcastle Double Access ISA (Issue 1) paying 4.50% AER.

However, competitive rates can also be found from Shawbrook Bank and Cynergy Bank. The Easy Access Cash ISA – Issue 25 from Shawbrook Bank pays 4.43% AER, while Cynergy Bank’s Online ISA (Issue 40) offers a slightly lower rate of 4.40% AER.

More detail on some of the best rates available can be found in our weekly ISA roundup, which is updated every Thursday. If you can’t wait until then, visit our charts for a complete view of the ISA market.

Newcastle BS

Account: Newcastle Double Access ISA (Issue 1)

Notice: None

Rate: 4.50% AER

Transfers In: Cash ISA, Stocks and Shares ISA, Help to Buy ISA, Innovative Finance ISA

Compare Easy Access Cash ISAs
Shawbrook Bank

Account: Easy Access Cash ISA - Issue 25

Notice: None

Rate: 4.43% AER

Transfers In: Cash ISA, Stocks and Shares ISA

Compare Easy Access Cash ISAs
Cynergy Bank

Account: Online ISA (Issue 40)

Notice: None

Rate: 4.40% AER

Transfers In: Cash ISA

Compare Easy Access Cash ISAs

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. Moneyfactscompare.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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