The best cash ISA rates this week

The best easy access cash ISA rates

Top easy access ISA rates remain unchanged this week, with Plum again offering a market-leading rate of 5.17% AER monthly. Its app-exclusive Plum Cash ISA pays this rate on balances over £100, including a 12-month bonus of 0.86% AER, which is paid on the anniversary of opening the account. You can open this ISA with a £1 deposit, but note that balances below £100, or making over three withdrawals in a year, will result in a lower rate of 3.00% AER. While you can transfer in from other ISAs, be aware that this will also cost you the bonus, leaving an underlying rate of 4.29% AER.

Moneybox’s Moneybox Cash ISA continues to offer the next best rate of 5.16% AER on anniversary including a 12-month introductory bonus of 0.91% AER. This ISA requires a minimum deposit of £500, with a lower rate of 0.75% AER applied if your balance drops below this threshold, or if you make over three withdrawals in a year. Like Plum, this ISA is opened and managed by app, so if you value more traditional means of operating your account, you may want to consider other options.

Rounding off the top three easy access ISA rates this week is Chip’s Chip Cash ISA (powered by ClearBank) offering 5.10% AER monthly. This app-based ISA can be opened from £1 with no limits on penalty-free withdrawals, allowing regular access to your money. While this account doesn’t permit transfers in from other ISAs, as a flexible ISA you can remove and replace funds without affecting your allowance.

The best fixed cash ISA rates

It’s a similar story for fixed rate ISAs, with Virgin Money once again taking the top spot on our one-year chart by continuing to pay 5.05% AER on its 1 Year Fixed Rate Cash ISA Exclusive Issue 12. Keep in mind that you’ll need to be a new or existing current account holder with Virgin Money from 4 December 2019, or a customer who originally opened a Clydesdale Bank, Yorkshire Bank or B current account. There’s no minimum deposit when opening in branch or online; the account can then additionally be managed via post, phone or by mobile app. Interest is paid when the ISA matures on 30 April 2025. Note that deposits are permitted while this issue remains open, but early access will incur a 60-day loss of interest penalty.

If you’re looking for a two or five-year fixed ISA, State Bank of India now offers the most competitive returns in both these sectors. Its 2 and 5 Year Cash ISA Fixed Deposits pay 4.65% AER and 4.15% AER respectively, but keep in mind with both you’ll need a new savings or current account with this provider. Early access is allowed on account closure for both options with 30 days’ notice, but no interest is paid if you close the accounts within a year of opening, and a 1% loss is applied after this one-year mark. The two-year fixed ISA can be opened from £1,000, while the five-year variant requires a more substantial £5,000 deposit. You can open both ISAs in branch or via post and can manage the accounts the same way plus online.

Meanwhile, Shawbrook Bank has marginally increased the rate of its three-year ISA to offer the sole leading rate of 4.41% AER. Its 3 Year Fixed Rate Cash ISA Bond Issue 55 can pay interest either monthly or on anniversary from an initial investment of £1,000. Further contributions are allowed without restriction, but early access is subject to a 270-day loss of interest penalty. This ISA can be opened and managed online, or if you prefer to speak to someone directly, account management by phone is also an option.

The best notice cash ISA rates

Yet again, the notice ISA chart shows no change since last week. Aldermore’s 30-Day Notice Cash ISA Issue 12 still pays the best rate in its sector at 4.50% AER, which is offered either monthly or on anniversary. This online-only flexible ISA requires a minimum deposit of £1,000 and allows for further contributions at any time. While early access to your money is permitted, it’s subject to a 30-day loss of interest.

It's worth noting that giving more notice could get you higher rates. At 60 days’ notice, West Brom BS’s WeBSave 60 Day Notice ISA (Issue 2) again offers 5.10% AER yearly or monthly. This ISA can be opened and managed online from £1 and has no restrictions on further contributions. Early access is permitted but comes with a 60-day loss of interest penalty.