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The best ISA rates this week 04.06.20
Derin Clark

Derin Clark

Online Reporter
Published: 04/06/2020

While the outlook for savers does not look good in the coming months, as savings rates continue to fall, the ISA charts have continued to offer attractive rates this week. Savers looking for a short-term ISA can get a highly competitive two year fixed rate of 1.41% AER this week, while the top fixed rate ISA overall has held at 1.50% AER.

It should be noted that the rates below are the best rates available on Thursday and, although correct at the time of publishing, they may not be available on Friday.

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June Premium Bond winners announced

As lockdown restrictions start to ease across the UK, this month’s Premium Bond winners have even more reason to celebrate. This month the two £1 million Premium Bond winners are from Nottingham and Stoke-on-Trent, with countless others across the country landing additional prizes of between £100,000 to £25.

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Gloomy outlook for savers as more cuts expected

Savers hoping that the savings market will bounce back quickly from the Coronavirus pandemic will be disappointed by research that has found the market is facing similar a significant impact to that seen in the aftermath of the 2008 economic crisis and the 2012 funding for lending (FLS) launch.

At times of financial crisis savers tend to opt for easy access accounts as they enable quick access to funds. Our research has found that in the three months since the Coronavirus pandemic began impacting the UK economy, the average rate on an easy access account has halved, from 0.60% available on 11 March 2020 to 0.30% today. This compares to the 2008 financial crash, when average easy access account rates fell by 1.72%, from 3.90% on 15 September 2008 to 2.18% on 15 December 2008. During a three month period in 2012 the average rate on an easy access savings account fell by 0.04%, from 1.14% on 13 July 2012 to 1.10% on 15 October 2012.

 

2020 Coronavirus impact    
  11 March 2020 13 April 2020 Today
Average easy access rate 0.60% 0.50% 0.30%
2012 Funding for lending launch
  13 July 2012 13 August 2012 15 October 2012
Average easy access rate 1.14% 1.14% 1.10%
2008 Financial crash
  15 September 2008 15 October 2008 15 December 2008
Average easy access rate 3.90% 3.94% 2.18%

 

“The financial crash in 2008 and the launch of FLS in 2012 had catastrophic effects on the savings market and the latest shake-up caused by the Coronavirus pandemic should not be taken lightly,” said Rachel Springall, finance expert at Moneyfacts.co.uk.

“Savings providers have less reason to improve their range of deals to entice savers right now as they have support available from the Government to fund their future lending.

“Until savings providers desire savers’ cash once more, we are unlikely to see an influx of deals climbing the top rate tables – in fact, we are more likely to see a race to the bottom to cope with demand or see deals with a very short shelf life.”

Clearly savers have faced challenging markets in the past, however this year savers have the added challenge of average easy access rates starting at a lower rate than in previous years. In addition to this, in March the Bank of England cut base rate to its lowest level in history of 0.1% and the Bank has negative interest rates under ‘active review’.

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The best ISA rates this week 29.5.20

Sadly, despite last week’s fall in the inflation rate to 0.8%, the ISA market continues to be somewhat fluid, with both rates and product availability still heading in a downward direction. However, there are bright spots for those who are still looking for the best, inflation-beating rate when it comes to a range of ISAs. Happily, the top products in the fixed rate, easy access and notice ISA categories are still offering rates that beat the current level of inflation – although it must be stressed that these could be withdrawn with little notice so consumers would be wise to act quickly to secure these deals.
As ever, savers should be aware that although we have included ISAs that can be opened and managed in branch, consumers are advised to check with the bank or building society to ensure this service is still available, as many are only providing essential banking services in branch at the moment due to the Government’s restrictions on movement.

 

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The best savings rates this week 29.05.20

There’s been quite a bit of change in the savings charts since our last round up a week ago. Several products and providers that were featuring prominently have dropped out of the tables and overall interest rates are noticeably lower than those of last week too.

Although inflation currently remains at 0.8% savers may not be able to rely on finding inflation-beating rates available in the charts forever. While rates as high as 1.90% AER continue to be available in the fixed rate bond charts, savers looking to secure the best rates are urged to act quickly as it is likely that savings rates will continue to fall over the next few months.

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Recent News

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Savers opt for one year fixed rate accounts over longer term deals

27th May 2020

Savers are forgoing getting better rates by locking into long-term accounts and are instead opting for short-term accounts

Savers are forgoing getting better rates by locking into long-term accounts and are instead opting for short-term accounts

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Biggest banks offer below average easy access rates

26th May 2020

Savers with an easy access account from a high street bank could find they are getting poor returns on their savings, as nine of the 15 biggest savings providers pay lower rates than the market average

Savers with an easy access account from a high street bank could find they are getting poor returns on their savings, as nine of the 15 biggest savings providers pay lower rates than the market average

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The best savings rates this week 22.05.20

22nd May 2020

On Wednesday it was announced that inflation (the Consumer Price Index) fell to 0.8%. This meant that despite saving rates falling since March, savers could still easily find inflation-beating rates available in the charts

On Wednesday it was announced that inflation (the Consumer Price Index) fell to 0.8%. This meant that despite saving rates falling since March, savers could still easily find inflation-beating rates available in the charts

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The best ISA rates this week 21.5.20

21st May 2020

There was some good news for ISA savers this week as it was reported yesterday that inflation has fallen to 0.8%, which means that all the top rates available in the ISA charts are now able to beat inflation

There was some good news for ISA savers this week as it was reported yesterday that inflation has fallen to 0.8%, which means that all the top rates available in the ISA charts are now able to beat inflation

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Most Popular Savings News

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The best ISA rates this week 29.5.20

29th May 2020

The best ISA rates this week across fixed, easy access and notice accounts.

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The best savings rates this week 29.05.20

29th May 2020

There’s been quite a bit of change in the savings charts since our last round up a week ago. Several products and providers which were featuring prominently have dropped out of the tables and overall interest rates are noticeably lower than those of last week too.

There’s been quite a bit of change in the savings charts since our last round up a week ago. Several products and providers which were featuring prominently have dropped out of the tables and overall interest rates are noticeably lower than those of last week too.

Read More
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June Premium Bond winners announced

1st June 2020

As lockdown restrictions start to ease across the UK, this month’s Premium Bond winners have even more reason to celebrate. This month the two £1 million Premium Bond winners are from Nottingham and Stoke-on-Trent, with countless others across the country landing additional prizes of between £100,000 to £25.

As lockdown restrictions start to ease across the UK, this month’s Premium Bond winners have even more reason to celebrate. This month the two £1 million Premium Bond winners are from Nottingham and Stoke-on-Trent, with countless others across the country landing additional prizes of between £100,000 to £25.

Read More
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Gloomy outlook for savers as more cuts expected

1st June 2020

Savers hoping that the savings market will bounce back quickly from the Coronavirus pandemic will be disappointed by research that has found the market is facing similar a significant impact to that seen in the aftermath of the 2008 economic crisis and the 2012 funding for lending (FLS) launch

Savers hoping that the savings market will bounce back quickly from the Coronavirus pandemic will be disappointed by research that has found the market is facing similar a significant impact to that seen in the aftermath of the 2008 economic crisis and the 2012 funding for lending (FLS) launch

Read More

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