Savings update: Nationwide launches market leading Isa

7 March 2018

Nationwide has launched two top-paying cash Isas.

Its Loyalty Single Access Isa pays 1.4% and is available to those who have been a member of the building society for at least 12 months. The second account, the Single Access Isa at 1.3%, is for those who do not qualify for the higher rate.

They are aimed at those who prefer to keep their money available if they need it – but you are limited to making just one withdrawal a year from the accounts. If you make any more, you earn 0.5% for the rest of the year.

For savers who do not want access to their money limited, Virgin Money’s Easy Access Cash Isa issue 22 pays 1.21%, and Paragon Bank’s Limited Edition Easy Access Cash Isa pay 1.16%. Ford Money has raised its Flexible Cash Isa to 1.11% both for new and existing savers. 

On fixed-rate cash Isas, the top one-year rate is 1.46% from Charter Savings Bank and Oaknorth Bank closely followed by Tesco, Paragon and Aldermore banks at 1.45%. 

For two years Charter Savings Bank and Paragon both pay 1.67% and Virgin Money 1.66%. 

On taxable easy-access accounts ICICI Bank Hi-Save Bonus Saver currently pays a top 1.35%. But the rate includes a 0.7 percentage point bonus payable until the end of January next year.  

Top accounts with no bonus include French-owned RCI Bank Freedom account (with deposits protected by the French deposit scheme, rather than the UK's FSCS) and Virgin Money Double Take E-Saver both at 1.3%. 

On taxable fixed-rate bonds, the best one-year rate comes from Masthaven Bank and Investec Bank at 1.9%, followed by Wesleyan Bank at 1.86%.

The top two-year rates come from Swedish-owned Ikano Bank at 2.26% followed by Vanquis Bank at 2.25% and Masthaven Bank at 2.21%.

Savings accounts to beat inflation

To beat inflation compromises need to be made as all of the small number of regular savings accounts that pay more than inflation require savers to have a current account with the provider.

Moneywise keeps tabs on the savings market has found there are accounts that currently beat inflation.

This article was written for our sister magazine Money Observer.

Read more on savings and Cash Isas on Moneywise



In reply to by anonymous_stub (not verified)

The two year fixed rates were in fact 3 year ones and the best 2 year rate is 2.10% from blme or ikano bank. Best 3 year rate has increased to 2.3% from vanquis bank.

In reply to by anonymous_stub (not verified)

I am with nationwide and have been since 1982Always interested in best isa

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