The last time this rate was higher was in December 2008.
The average return on an easy access ISA hit 3.00% gross yesterday according to Moneyfacts’ data – the highest this rate has been since December 2008.
Consecutive increases to the Bank of England base rate are causing savings rates to climb steadily. The start of this month saw the average rate of a one-year fixed ISA reach 5.00%, while the average returns on a one and two-year fixed bond breached this threshold in July.
Average rates can give you an idea of whether you are getting competitive returns on your savings. Not only this, but they can provide an overview of how the market is performing. If average rates are rising, it may be worth reviewing your savings to ensure your provider is keeping up with market trends.
Graph: Average returns on an easy access ISA are at their highest since December 2008.
Currently, Newcastle BS offers the best rate for an easy access ISA, with its Newcastle Double Access ISA (Issue 1) paying 4.50% AER.
However, competitive rates can also be found from Shawbrook Bank and Cynergy Bank. The Easy Access Cash ISA – Issue 25 from Shawbrook Bank pays 4.43% AER, while Cynergy Bank’s Online ISA (Issue 40) offers a slightly lower rate of 4.40% AER.
More detail on some of the best rates available can be found in our weekly ISA roundup, which is updated every Thursday. If you can’t wait until then, visit our charts for a complete view of the ISA market.
Last updated: 12/01/2024
Account: Newcastle Double Access ISA (Issue 1)
Notice: None
Rate: 4.50% AER
Transfers In: Cash ISA, Stocks and Shares ISA, Help to Buy ISA, Innovative Finance ISA
Account: Easy Access Cash ISA - Issue 25
Notice: None
Rate: 4.43% AER
Transfers In: Cash ISA, Stocks and Shares ISA
Account: Online ISA (Issue 40)
Notice: None
Rate: 4.40% AER
Transfers In: Cash ISA
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