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CASH ISAs
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JN Bank re-launched its easy access account this week. Easy Access Savings Account pays 0.10% gross monthly on a minimum opening deposit of just £1 and offers a rate of 0.50% gross monthly on deposits of £1,000 and over. This straightforward easy access account allows further additions up to the maximum investment limit of £85,000 and unlimited withdrawals are
permitted. The account can
only be opened and managed
online.

Robin Squirrel

Limited issue accounts enter charts

This week, Leeds Building Society increased the rates on its limited issue online access account and ISA, resulting in both offering competitive rates in their sectors. Limited Issue Online Access Account (Issue 27) pays 0.60% gross until it matures into an instant access maturity account on 28 February 2023. A £1,000 minimum deposit is needed to open this account, which allows further additions while the issue remains open. Withdrawals are permitted but must be made via a nominated account. The account must be opened and managed online.

Limited Issue Online Access ISA (Issue 41) pays 0.60% gross until 28 February 2023, when it matures into an instant access cash ISA maturity account. It can be opened online with a minimum deposit of £1,000 and can only be managed online. This ISA allows further additions and transfers in while the issue remains open. Transfers out are allowed and withdrawals can be made via a nominated account.

At the same time, Leeds Building Society launched a new limited issue 16-month fixed rate bond and ISA. Limited Issue 16 Month Fixed Rate Bond (Issue 6) pays 0.95% gross yearly until it matures on 2 July 2023. It can be opened in branch, online or by post with an opening minimum deposit of £100. Once opened, it must be managed in branch or by post. Further additions can be made until 28 February 2022 but earlier access to funds is not permitted during the term.

Limited Issue 16 Month Fixed Rate ISA (Issue 2) pays a highly competitive 0.95% gross yearly on an opening deposit of £100. Transfers in are accepted and further additions can be made until 28 February 2022. Earlier access to funds, including transfers out, before the account matures on 2 July 2023, will be subject to a 105-day loss of interest penalty. This account can be opened in branch, online or by post but then must be managed either in branch or by post.

Fixed ISAs increase

Aldermore increased the rates on its range of fixed rate cash ISAs this week. 1 Year Fixed Rate Cash ISA pays 0.95% gross on maturity, 2 Year Fixed Rate Cash ISA pays 1.20% gross on anniversary and 3 Year Fixed Rate Cash ISA pays 1.35% gross

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Regular savings accounts

Often paying some of the highest rates in the savings market, regular savings accounts can be ideal for those looking to get into the habit of saving on a regular basis.

Newcastle Building Society offers one of the top rates among fixed rate regular savings accounts with no opening restrictions this week. The Newcastle Fixed Regular Saver (Issue 3) pays 2.00% gross yearly until it matures on 18 January 2023. Savers can set aside up to £200 per month, giving a maximum investment amount of £2,600 over the term. Unlimited withdrawals are permitted and there is no requirement to make a certain number of deposits. The account must be opened in branch with a minimum deposit of £1. Once opened, it can be managed in branch, online, by phone or by post.

on anniversary. These ISAs can be opened online with an opening minimum deposit of £1,000. Once opened, the ISAs must be managed online. Further additions are permitted for 14 days from the account opening and transfers in are accepted. Earlier access and transfers out are permitted, however, this is subject to a 90-day loss of interest penalty for the one-year ISA and a 180-day loss of interest penalty for the two and three-year ISAs. These ISAs have the benefit of flexible ISA status, allowing money to be withdrawn and replaced in the same tax year without it counting any further towards your annual ISA allowance. For savers looking to supplement their income, there is a version of the one-year ISA that pays interest monthly at the same gross rate, and versions of the two and three-year ISAs that pay interest monthly at a slightly reduced gross rate.

Regular saver rate rise

Increasing the rate on its fixed rate regular savings account this week is Principality Building Society. Its 1 Year Regular Saver Bond (Issue 25) now pays a rate of 1.05% gross on maturity. The bond can be opened with a minimum deposit of £20, after which savers can add up to £250 a month. There is no requirement to pay in every month. Earlier access to funds is only permitted on account closure, no withdrawals can be made during the one-year term. This account can be opened in branch or online, then managed in branch, online or by post.

Chart-topping ISA bonds

Savers with £15,000 to invest may be interested in the new chart-topping three, four, five and seven-year fixed ISA rates from United Trust Bank this week. ISA 3 Year Bond pays 1.40% gross on anniversary, ISA 4 Year Bond pays 1.42% gross on anniversary, ISA 5 Year Bond pays 1.75% gross on anniversary and ISA 7 Year Bond pays 1.77% gross on anniversary. These ISAs must be opened via post with a minimum opening deposit of £15,000. Once opened, further additions into the account are not permitted during the term. Transfers in are accepted. Both earlier access to funds and transfers out during the term will incur an interest penalty. These ISAs can be managed online, by phone or by post.

Bonds get a boost

QIB (UK) increased the rates on its one-year, 18-month and two-year fixed rate bonds this week, resulting in the two-year version offering a chart-topping rate. Raisin UK – 1 Year Fixed Term Deposit pays an expected profit rate of 1.30% gross, Raisin UK – 18 Month Fixed Term Deposit pays an expected profit rate of 1.50% gross and Raisin UK – 2 Year Fixed Term Deposit pays an expected profit rate of 1.60% gross. All bonds pay profit on maturity and require a £1,000 minimum deposit to open. The bonds must be opened online via the Raisin UK platform, once opened they can be managed online, by phone and by post. As is the case with many fixed bonds, earlier access and additions are not permitted. For savers who can open their first Raisin UK savings account with £10,000 or more, a £50 welcome bonus can be claimed (terms and conditions apply).

Easy access ISAs go top

Paying the top rate among easy access ISAs with no opening restrictions this week is Scottish Building Society. Its Cash ISA and E-ISA both pay 0.70% gross yearly on an opening minimum deposit of £100. The ISAs allow further additions and transfers into the account. Withdrawals and transfers out are allowed at any time without penalty. The Cash ISA can be opened in branch or by post and then managed in branch, online or by post. The internet-based E-ISA can only be opened and managed online.

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Rachel Thrussell

Ask Rachel

Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.

Are credit unions a safe place to put your money?

Credit unions are licensed deposit-takers, authorised and regulated by the Financial Conduct Authority, and fall under the remit of the Financial Services Compensation Scheme (FSCS). As a result, credit union savings enjoy exactly the same protection as normal savings accounts and are covered up to the standard limit of £85,000 per individual should the credit union fail.

Credit unions are member-run organisations in which members pool their savings and lend to one another. They use a ‘Common Bond’ to outline the requirements needed to join as a member. Credit unions can pay interest on savings balances held, but many continue to pay a dividend instead, sharing with members the profits (if any) made in the year.

Get your savings questions answered by Rachel by emailing rachel@saversfriend.co.uk We regret we cannot answer emails personally

This week's
average rates

How do your savings compare?
No Notice 0.20%
Notice 0.54%
Cash ISA 0.64%
1 Year Fixed Rate Bond 0.80%
2 Year Fixed Rate Bond 0.91%
3 Year Fixed Rate Bond 1.18%
4 Year Fixed Rate Bond 1.40%
5 Year Fixed Rate Bond 1.47%
11 January 2022

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