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Top performing cash ISAs revealed

Top performing cash ISAs revealed

Category: Savings

Updated: 23/04/2009
First Published: 23/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Government's announcement that the contribution limit on ISAs is to be increased is further evidence of the enduring popularity of the account that was introduced ten years ago.

Cash ISAs have long been the account of choice for consumers keen to build up their savings, but with the financial climate going through a turbulent period, where can savers get the best returns on their funds?

This year's cash ISA survey from Moneyfacts.co.uk has revealed the projected values available over the last tax year. The results are based on the full investment of £3,600 being made on 6 April 2008, with no withdrawals and all interest being compounded during the year.

Michelle Slade, analyst at Moneyfacts.co.uk, commented: "Alliance and Leicester took the top spot with its Premier ISA (£3,927.37), but in order to qualify for the account you had to be new or existing Premier current account customer and invest at least £5,000 in another A&L investment product.

"Unsurprisingly it was fixed rate cash ISAs that yielded some of the top returns. Savers who locked the rate on their money last year achieved an interest rate of 6.25% from Bradford & Bingley and would have weathered the storm of interest rate cuts that followed as the crunch began to bite."

In the variable rate ISA category, National Counties BS took the spoils, returning £3,785.06, closely followed by Loughborough BS, which returned £3,784.83. Both represent excellent value when the extent of the fall in the base rate of interest is considered.

In order to find the best value for money, consumers should be prepared to shop around rather than just accepting an account from their current provider, Ms Slade added.

Check Moneyfacts' comparison tables now to find an ISA to suit you.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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