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It's been a while, but there is finally some good ISA news to report again, as the number of ISA products and average ISA rates have both increased for the second month in a row. This is the first time such increases have been recorded at the start of the ISA season since the Funding for Lending Scheme (FLS) was launched in 2012.
Traditionally, ISA season has begun a few months before the end of the tax year in April, as providers try to tempt people into using up their ISA allowance for the year before it's too late. However, over the last few years, ISA rates have taken a hit and ISA seasons have become virtually non-existent as a result.
That is, until this year, with the 0.10% increase in the average no notice ISA rate from December to February certainly pointing in the right direction, no doubt thanks in part to the end of the FLS. Charlotte Nelson, finance expert at Moneyfacts, further explains that figures from the upcoming Moneyfacts UK Savings Trends Treasury Report show the highest return on fixed rate ISAs since April 2017.
Feb-13 | Feb-17 | Dec-17 | Feb-18 | |
---|---|---|---|---|
Average No Notice ISA | 1.46% | 0.64% | 0.68% | 0.78% |
Average Long-term Fixed Rate ISA | 2.14% | 1.01% | 1.38% | 1.46% |
Source: Moneyfacts Treasury Reports
However, she also warns that "ISA savers will be disappointed to find that while we have seen an upturn in rates, ISA returns have yet to recover from the base rate cut in 2016. [Yet] with multiple base rate rises now on the horizon, it is important that savers think about using their ISA allowance. As rates rise, some savers could find themselves having to paying tax on the interest earnt on their non-ISA accounts. If savers don't use their tax-free allowance, they might lose tax advantages which they may need in the future."
Have a look at the ISA charts to see if there's an account worth your investment – you have until 5 April 2018 to invest this year's ISA allowance of £20,000
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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.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer in this section of the market. Overall, its new rate is 0.16% shy of the best interest payout, held by Virgin Money, on the market. It is also bettered by previous market-leaders Chase, but shares third spot on our charts with several different providers.
Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer
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.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer in this section of the market. Overall, its new rate is 0.16% shy of the best interest payout, held by Virgin Money, on the market. It is also bettered by previous market-leaders Chase, but shares third spot on our charts with several different providers.
Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer
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