Savings update: market-leading easy-access Cash Isa now 1.5% as rates tick up

13 March 2019

Coventry Building Society has launched a new version of its Online Isa at 1.5%, to match the top rate offered by Santander’s eISA.

With the Coventry account, the rate is boosted by a bonus for 12 months before the rate drops to 1.15%.

With Santander, the top rate is on offer only to those who have a Santander Select or World 123 account and it lasts for a year. 

Then, your money is transferred into the bank’s Isa Saver, which currently pays 0.35% on balances up to £10,000, and 0.6% on larger amounts.

The best rate on offer with no bonus comes from OakNorth Bank at 1.45%, followed by Shawbrook Bank, at 1.43%, and Kent Reliance’s new account offering 1.4%.

Virgin Money also pays 1.45%, but it limits you to two withdrawals a year.

On fixed-rate cash Isas, Charter Savings Bank pays 1.75% for one year and Shawbrook and OakNorth banks pay 1.74%. For two years, Charter Savings Bank tops the table with 1.95%.

On easy-access taxable accounts Goldman Sachs’s Marcus account and Virgin Money both pay 1.5%, while The Family Building Society pays a whisker more, at 1.51% - but the minimum deposit is £15,000. 

The Marcus account includes a bonus of 0.15 percentage points for the first year, while Virgin Money’s Double Take online account limits you to two withdrawals a year.

The Family Building Society Premium Saver has no bonus or withdrawal restrictions, but you can’t put more money into the account after the cut-off date of 29 March.

The best rate on a simple, straightforward savings account comes from Shawbrook Bank at 1.43%, along with RCI Bank and Ford Money both paying 1.42%.

The most that you can earn on a one-year fixed-rate bond is 1.95% with Swedish bank Ikano, or 1.93% with OakNorth.

For two years, PCF Bank pays a top 2.26%.

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