Best cash ISA rates this week

Last updated: Apr 23rd, 2014
Feature by Moneywise editorial team

Everyone aged over 16 can save up to £11,880 in an ISA during the 2014/15 tax year - of which £5,940 can be saved in cash.

This means all interest you earn in your ISA is free of tax - so a cash ISA should always be the first home for your savings.

Which type of cash ISA do you need?

When picking an ISA, the first thing to decide is whether you want to fix your interest rate or opt for more flexibility with a variable rate.

If you want to secure the interest rate you earn on your savings, and are happy to lock your money away for a set period of time, then a fixed-rate ISA might be for you.

However, if you want to make additional deposits beyond the upfront opening deposit, or make withdrawals, then a variable-rate ISA with easy access is probably more suitable.

Find the best Cash ISA or savings account for you

EASY ACCESS ISAs

  • Nationwide BS Flexclusive Isa (Issue 7) offers a rate of 1.75% AER on minimum deposits of £1. The ISA can be accessed in branch or online and transfers from other Isas are not permitted.
  • Halifax Isa Saver Online pays a rate of 1.55% AER on a minimum balance of just £1, however this does include a 1.3% bonus for the first 12 months. Transactions can be made online only. Transfers in are accepted.
  • NS&I Direct Isa pays 1.5% AER on balances over £1. It can be managed in branch, by post or over the phone. Transfers in are not accepted, however.
  • If you have a larger amount to transfer, consider the First Direct Cash ISA which offers a rate of 2% AER on balances of £40,000+.  First Direct is well known for excellent customer service and pays a £125 for transferring your current account business to them.

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NOTICE ACCOUNTS ISAs

FIXED RATE ISAs

FIVE YEAR

  • Skipton BS Online Fixed-Rate Isa pays 3% on minimum balances of £500. The ISA can be managed online only. Transfers in accepted.
  • Principality BS Fixed-Rate Cash Isa (Issue 126) offers a rate of 2.75% AER on minimum investments of £500. The Isa can be accessed online, in branch or by post and transfers in from other providers are accepted.
  • Nationwide Fixed-Rate Isa offers a rate of 2.5% AER on minimum investments of £1. The ISA can be accessed in branch only and transfers in from other providers are accepted.

FOUR YEAR

  • Halifax ISA Saver Fixed offers 2.4% AER on minimum deposits of £500. Transfers in are accepted and Isas can be managed online, in branch or over the phone.
  • Lloyds Fixed-Rate Cash Isa pays 2.4% AER on minimum investments of £1. Transfers-in are not permitted and interest is paid annually. The ISA can be accessed in branch or over the phone.
  • Bank of Scotland Fixed Cash Isa pays 2.15% AER on minimum investments of £500. Transfers-in are permitted and interest is paid annually. The ISA can be accessed in branch or over the phone.

THREE YEAR

TWO YEAR

  • Santander 2 Year Fixed Rate ISA pays 2.3% AER, which is only available to existing customers.Minimum investment is £500 and the Is can be accessed in banch or over the phone.
  • Nationwide Fixed-Rate Isa offers 2.05% AER. It has a minimum deposit of £1 and can be opened in branch only.
  • Halifax Isa Saver Fixed pays 2.05% AER. The Isa can only be accessed online, in branch or over the phone. Transfers in are allowed and minimum deposit is £500. 

ONE YEAR/18 MONTHS

  • Halifax Isa Saver Fixed pays a rate of 1.65% AER on minimum balances of £500. Transfers in are allowed. Transactions can be made online, in branch or over the phone.
  • Metro Bank Fixed-Rate Cash Isa (Issue 7) offers 1.5% AER. The account can be opened with £1 and it can be managed in branch only. Transfers-in are permitted.
  • Tesco Bank Fixed-Rate Cash Isa offers a rate of 1.65% AER. It requires a minimum investment of £1 and can be operated online or over the phone. Transfers-in from other ISAs are accepted.

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