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Best UK ISA Rates of the Week (2022)

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The Easy Access ISA chart has shown significant volatility in recent weeks and this roundup is no exception.

Paragon Bank now replaces Marcus at the top of the easy access chart with Goldman Sachs, SAGA and Newcastle BS, making it another straight roundup in which the top rate changed providers. As the name suggests, the Triple Access Cash ISA (No. 9) allows savers to withdraw up to three times per year before the interest rate is cut to 0.25%. Interest payments can accrue monthly or on anniversaries, and the user decides whether to compound or repay. To start receiving interest on this flexible ISA you need £1 and apply through the Paragon Banks website here. Account management is also available online.

2nd place Marcus by Goldman Sachs and SAGA offer a 0.25% bonus on their offer for the first 12 months. This means, based on current information, the tax rate will be reduced to a total of 1.24% at the end of this period. This account pays and compounds interest monthly. Additional deposits and withdrawals are accepted at any time through the designated account, but transfers from other cash ISAs are not permitted. No minimum deposit is required to open this account.

Where these accounts differ is in the options to open and manage them. While Marcus by Goldman Sachs requires customers to open this account online or through the app, SAGAs Cash ISA can only be opened online. A UK mobile number is required when opening an account with Marcus by Goldman Sachs. For account management, Marcus from Goldman Sachs allows users to manage their accounts online via phone or mobile app, while SAGA allows users to manage their accounts online or via phone.

Joining these two providers in the second position is the Newcastle Triple Access ISA (Issue 2), which pays or compounds interest on account opening anniversary for balances greater than one. If savers withdraw more than three times a year, the interest rate is halved to 0.75%. Also, economists are pleased that these are all now flexible ISAs that can be opened online or at one of our branches located in the northeast of England. Meanwhile, you have more flexibility to manage this account and you can manage it online, at a branch, by mail or by phone.

After the recent rate hike, Scottish BS entered the charts with cash ISAs and E-ISAs. The only difference between these two options is how they are accessed and managed. Cash ISAs can be opened at a branch or by mail and can be administered online, at a branch or by mail. E-ISA, on the other hand, operates purely over the Internet. Both accounts compound or pay interest annually and require a minimum of 100 deposits.

The last provider this week to match a rate of 1.50% AER is Shawbrook Bank, which yesterday raised interest rates on Easy Access Cash ISA – Issue 20 by 0.10% and was named Moneyfacts Pick of the Week. Interest rates have risen, but most of the way it operates is the same as repaying or compounding interest accrued monthly or on anniversaries. To start earning this interest, the saver needs a minimum deposit of 1,000, can only access funds through a designated account, and must withdraw a minimum of 500. Users must apply online to access this offer, but can manage their account online or over the phone. .

Finally, Tesco Bank took third place with the Instant Access Cash ISA. Like Goldman Sachs and Marcus from SAGA, this account comes with a 12-month bonus. The bonus is 1.20% and, according to current information, interest reverts to the base interest rate of 0.25% at the end of this period. However, for this flexible ISA, interest is compounded on the anniversary date and is credited on balances of 1 or more. For withdrawals, online transfers are up to 10,000 to non-Tesco Bank accounts and up to 100,000 to Tesco Bank accounts. To open this account, you must apply online or by phone. Meanwhile, managing this account can be done by the same means or via the Tesco Banks mobile app.

Sources

1/ https://Google.com/

2/ https://moneyfacts.co.uk/news/savings/the-best-uk-isa-rates-this-week/

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