Interactive Investor

Savings update: Skipton unveils new Cash Isa Tracker that follows the base rate

8th February 2019 10:35

Sylvia Morris from interactive investor

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Skipton Building Society’s new Cash Isa Tracker guarantees your interest rate will rise with the base rate.

It pays 1.21% and promises to pay 0.46 percentage points over the Bank of England base rate – currently 0.75% – until May next year. However, you are limited to three withdrawals a year.

The top rate on easy-access Cash Isas comes from Virgin Money’s Double Take Isa at 1.45%, but you are limited to two withdrawals a year. 

  • Savers could see rates nudge up

The top rate with no withdrawal restrictions is available via Paragon Bank, paying 1.35%.

On fixed-rate cash Isas, Cynergy Bank pays a top 1.73% for one year. The next best rate is via Coventry Building Society at 1.7%, although you need to tie up your money until 31 May next year, rather than for just 12 months.  

On easy-access accounts, the ICICI Bank HiSave Bonus account offers the best rate at 1.55%. But the online account comes with a bonus of 0.3 percentage points payable for the first 12 months.

  • 6 sneaky tricks to beat low savings rates

The top rate for an easy-access account with no bonus or withdrawal restrictions is available via Ford Money and RCI Bank, both pay 1.42%.

On fixed-rate bonds, the top one-year rate is 2.0% from Aldermore Bank. For two years the top rate is from Tandem Bank, which pays 2.30%.

This article first appeared on our sister website Money Observer

This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.

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