Providers Ramp up Interest on Fixed ISA Rates | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 28/02/2022

A variety of providers with market-leading fixed-rate ISA products have increased their interest rates to remain competitive.

Hampshire Trust Bank, Castle Trust Bank, and Close Brothers Savings increased the rates on their market-leading fixed-rate Individual Savings Accounts (ISA) over the past week.

However, these providers were not alone. According to Moneyfacts data, a total of 16 providers increased rates on their ISA products over the same period to attract further savers.

One-year fixed rate ISAs

Most recently, Hampshire Trust Bank increased the interest on its 1 Year ISA Bond to 1.11% on Saturday. This ISA was previously set at 0.85%, but with the new increase it now offers the best rate on the market by 0.01 percentage points.

Its next competitor, OakNorth Bank, also increased its rates this week. Earlier on Wednesday, the bank increased its12-month Fixed Rate Cash ISA to 1.10%, while giving greater increases to some of its other products.

Hampshire Trust Bank, on the other hand, also increased the rates on its 2-year ISA Bond and 18 month and 2 year bonds issues on Saturday.

Three-year fixed rate ISAs

Castle Trust Bank increased its rate on their 3 Year Fixed Rate e-Cash ISA, which is paid on maturity, to 1.51% on Tuesday. This means this product now offers the market-leading rate among 3-year fixed rate ISAs.

Its one and two year options of the same product also saw similar rises. Meanwhile, a second version of its 3 Year Fixed Rate e-Cash ISA which pays interest on anniversary also increased its interest to 1.50%.  

To keep up with the competition, Close Brothers Savings raised the interest on its 3-Year Fixed Rate Cash ISA the following day. Its option matches the 1.50% on offer from Castle Trust Bank’s second 3 Year Fixed Rate e-Cash ISA option. 

Finally, on Friday, Secure Trust Bank’s 0.10 percentage point increase on the rates for its 3 Year Fixed Rate Cash ISA was enough to match these offers too.

Five-year fixed rate ISAs

In addition to its three-year fixed rate option, Close Brothers Savings also raised the interest on its 5-Year Fixed-Rate Cash ISA on Wednesday. While its Fixed Rate e-Cash ISA is tantalisingly close to being the best rate on the market, the five year option can claim that title.

However, it will have to share that title with Secure Trust Bank whose rate rises on Friday also brought its 5 Year Fixed Rate Cash ISA to the top rate of 1.85%.

If you would like a more detailed look at the best ISA rates on the market, consider visiting our live charts.

 

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