Best Cash Isa rates this week

Published by Stephen Little on 12 May 2008.
Last updated on 19 September 2018

Best Cash Isa rates this week

If you're a UK taxpayer it's always worth considering a Cash Isa, even though most people can now get some savings interest tax-free.

The personal savings allowance means basic rate taxpayers can earn £1,000 interest tax free without using their Isa, and people who pay the 40% rate can get £500. Read our round-up of the best savings rates to find out more.

But remember that wrapping your money in an Isa means you won't need to worry about a future tax bill because your savings pot has grown and you're earning more than the tax-free threshold.

Everyone aged over 16 can save up to £20,000 in an Isa during the 2017/18 tax year.

Unless otherwise specified, all these banks are individually licenced by the FCA, so your savings will be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. All interest rates are AER - the annual equivalent rate.

Each week we select our Moneywise Best Buys, highlighting the best Cash Isas on the market.

Top easy access Isas

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 make additional deposits beyond the upfront opening deposit, or make withdrawals, then a variable rate Isa with easy access is probably most suitable for you.

Al Rayan Instant Access Cash Isa 1.36%
Open this account online, by post, phone, in-branch or on app. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Virgin Money Double Take E-Isa Issue 2 1.35%
This Isa from Virgin Money can be opened online with a low initial deposit of £1. Warning though as this account limits withdrawals to two per year. More than this and the bank will cut your rate.

Shawbrook Bank Easy Access Cash Isa (Issue 4) 1.3%
This account pays 1.3% to savers and must be opened online. You must have a balance of £1,000 or more.

Best notice account Isas

Notice accounts need you to plan withdrawals in advance, but the rates can be higher than those offered by instant access in some cases.

Kent Reliance Cash Isa - 2 Year Tracker 1.5%
This account pays the best rate for tax-free savings with notice access. You must have a balance of £1,000 or more.

Charter Savings Bank 95 Day Notice Issue 3 1.4%
This account has an interest rate of 1.4% Open online with an initial deposit of £1,000. 

Top fixed rate Isas

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, then a fixed rate Cash Isa might be for you.

Best one-year Isas

Al Rayan Bank One Year Fixed Term Deposit Cash Isa 1.61%
Open this account online, by post, phone, in-branch or on app. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Paragon Bank 1 Year Fixed Rate Cash Isa 1.55%
Open this account with an initial deposit of £500. Can be opened online. 

Bank of Cyprus UK 1.55%
Open this account online or by phone with a low initial deposit of £500. 

Top two-year Isas

Al Rayan Bank Two Year Fixed Term Deposit Cash Isa 1.81%
Open this account online, by post, phone, in-branch or on app. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.

Charter Savings Bank Two Year Fixed Rate Cash Isa 1.71%
Open this account with a minimum deposit of £1,000. Account can be opened online. 

Paragon Two Year Fixed Rate Cash Isa 1.7%
This account can be opened online with an initial deposit of £500.

Aldermore 2 Year Fixed Rate Cash Isa 1.65%
Open this accoutn online with an initital investment of £1,000.

Best three-year Isas

Paragon Three Year Fixed Rate Isa 1.86%
This account can only be opened online and requires an initial minimum deposit of £500. The rate is fixed for 36 months at 1.77% 

Aldermore Three Year Fixed Rate Cash Isa 1.8%
This account has a rate of 1.8% for three years and can be opened online with a deposit of £1,00 to start.

Newcastle Building Society Three Year Fixed ISA 1.8%
This account has an interest rate of 1.8% and a minimum initital deposit of £500.

Top five-year Isas

Coventry Building Society Five Year Fixed Rate Cash Isa 2.3%
Open this account online, by phone, post or in-branch for a five-year fixed rate tax-free. Requires an initial deposit of just £1. 

Family Building Society Five Year Fixed Rate Cash Isa (2) 2.1%
This account can be opened online, in-branch or by post for a five-year fixed rate of 2.1%. The account requires a minimum initial deposit of £1,000.

Newcastle Building Society Five Year Fixed Rate Bond 2.1%
This account can be opened online or in-branch and requires a low initial deposit of £500. It has a fixed rate of 2.05% for five years. 

Best Junior Isas

If you're looking to put some cash aside for your kids, Junior Isas are a great way of doing so. These accounts are available to anyone under 18 and tend to offer much higher rates than adult accounts, but there are some restrictions. Read the Moneywise guide to Junior Cash Isas to find out more.

Coventry Building Society Junior Cash Isa 3.6%
Accounts can be opened with a pound in branch, over the phone, online or by post. Interest is paid annually on 30 September. Minimum balance is £1.

Danske Bank Junior Cash Isa 3.45%
Minimum balance is £1. This account is available to all and can be opened over the phone or in Danske Bank's branches across Northern Ireland. Savings are fully protected up to £85,000 by the FSCS.

Nationwide Smart Junior Isa 3.25%
Also pays 3.25% and the minimum opening balance is £1. It’s available to open in branch, by post and online. Interest is paid annually on 31 October. 

How are Moneywise Best Buys selected?

We look across as much of the market as possible to find the best deals using industry data from Defaqto.

All our picks are nationally available - online, by post or by phone. We try and pick products that are available to both new and existing customers, but we’ll highlight some offers for existing customers if they’re much better than what else is on offer.

Unless rates are significantly higher than on other accounts, we avoid products that pay an initial bonus (which is normally a euphemism for a rate cut after 12 months), or those with tiered rates (these may not pay the advertised interest rate if your balance rises above or falls below a set amount).

Deals only available to particular age groups or for “additional subscriptions” are also not included.

All these savings accounts are covered by the FSCS unless otherwise specified. We will prioritise deals from UK-based banks. If your bank is licenced by another European country, savings up to €100,000 will be protected, but by the government where the bank is headquartered, rather than the UK authorities.

We reserve the right to use our discretion at all times.

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Leave a comment

why is Al Ryan bank products

why is Al Ryan bank products not included. This bank is protected by fca!

Hi Amrit, we don't include Al

Hi Amrit, we don't include Al Rayan Bank because this is a list of accounts which pay high rates of interest. Al Rayan does not pay interest on any of its accounts.

What is the best way to

What is the best way to invest to the benefit of my grandchildren who are Australian citizens?

Why is it that only Junior

Why is it that only Junior ISAs can attract reasonable interest rates? When will the abuse of savers be ended?

I can’t get rid of annoying

I can’t get rid of annoying sign about cookies I keep pressing ok but time after time it just keeps reappearing..It takes up a third of the screen .... no worries I’ll look elsewhere!!

around end of April i will

around end of April i will have 30.000pds to invest what would be advice where to invest in Money wise for ex to get a decent rate of interest Fixed rate ISA over a five yr period perhaps.

When quoting interest rates

When quoting interest rates you often say "paid annually or monthly".
This is not the least bit important to us. Whet we need to know is if the
interest is calculated daily monthly or annually
which makes a huge difference to the ouitcome.

United Bank UK Ltd pay 2.65%

United Bank UK Ltd pay 2.65% on a five year fixed rate ISA for £2000+ deposit

Not enough Isa's at good,

Not enough Isa's at good, rates, and not enough easy access accounts attached to bank accounts at a reasonable rate.

Very informative and well

Very informative and well presented