Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.
Paragon Bank has increased the rates on its fixed ISAs today, resulting in several of the ISAs topping our fixed rate ISA comparison charts for their terms.
The rate rises today mean that Paragon Bank now tops the one, two and three year fixed ISA charts. Meanwhile, its new five year rate is highly competitive in the five year fixed ISA chart. The new Paragon Bank ISA rates are:
There are versions of all these ISAs that pay interest on anniversary or monthly, although a slightly lower gross rate is paid on the three and five year monthly options. All the ISAs require a £500 minimum deposit to open and accept transfers in. Earlier access is permitted but subject to 90 days’ loss of interest on the one year option, 180 days’ loss of interest on the two year version, 270 days’ loss of interest on the three year option and 365 days’ loss of interest on the five year version. All the ISAs can be opened and managed online or by post.
Today’s rate increases by Paragon Bank sees it top many of the ISA charts, but overall the most competitive rate remains from United Trust Bank, which pays 1.40% AER on its ISA 7 Year Bond. This ISA, however, requires savers to lock their money into the account for seven years, which many savers may be reluctant to do, especially as rates are still comparatively low and inflation is expected to continue rising.
As a result, savers looking to lock into a fixed rate ISA may prefer a short-term option that sees their savings locked away for just one year. Paragon Bank now tops the one year fixed ISA chart with its new rate, however OakNorth Bank and Shawbrook Bank both offer highly competitive rates in this chart as well, with both banks paying 0.74% AER on their one year fixed ISAs.
Savers who would rather be able to access their savings can consider an easy access ISA instead. This type of ISA usually allows savers to make further deposits to their ISA whenever they choose and allow instant access to funds, although some may have restrictions on when or how many withdrawals can be made. The top rate in the easy access ISA chart currently comes from Cynergy Bank, which pays 0.65% gross on its Online ISA (Issue 15).
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.
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.
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.
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.
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.
Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.
I accept. Read our Cookie Policy