This week's best cash ISA rates

Last updated: May 15th, 2013
Feature by Moneywise editorial team
If you're a UK taxpayer then an ISA should be the first port of call for your savings. Moneywise reviews the best cash ISAs on the market.

Everyone aged over 16 can save up to £11,520 in an ISA during the 2013/14 tax year - of which £5,760 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.

Compare the top savings and cash ISA accounts in the market

EASY ACCESS ISAs

  • Cheshire BS ISA Saver (Issue 3) offers a rate of 2.3% AER on a minimum deposit of £1,000. Access to the ISA can be made by online or over the phone.
  • NS&I Direct ISA pays a rate of 2.25% AER on a minimum deposit of just £1. Access to the ISA can be made online or over the phone. Transfers in are not allowed.
  • Nationwide BS Easy Saver ISA (Issue 1) offers a rate of 2.25% AER on a minimum deposit of £1, however this rate includes a 1.75% bonus until October 2014. Access to the ISA can be made online or in branch.

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NOTICE ACCOUNTS ISAs

FIXED-RATE ISAs

FIVE YEAR

FOUR YEAR

  • Cheshire BS Fixed-Rate cash ISA pays 3% AER on minimum investments of just £100. Transfers-in are permitted and interest is paid annually. 
  • Bank of Scotland Fixed Cash ISA pays 2.45% AER if you are willing to tie your money away for four years. Minimum transfer in for this ISA is £500. Transactions can be made online, in branch or over the phone. 

THREE YEAR

  • Virgin Fixed-Rate Cash e-ISA (Issue 41) pays a rate of 2.4% AER. A minimum investment of just £1 is required to open the account. Transfers-in are permitted, and it can be managed online only.
  • Bank of Scotland Fixed Cash ISA pays a rate of 2.4% AER on minimum balances of £500. Transactions can be made online, in branch or over the phone. Transfers in from other providers are allowed.
  • Principality Fixed-Rate Cash ISA (Issue 106) pays savers a rate of 2.4% AER on investments of £500. Transfers-in are permitted and the account can be accessed online, in branch or by post.

TWO YEAR

ONE YEAR

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