The Best ISA Rates This Week 01.10.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 01/10/2020

There has been a lot of activity in the ISA charts this week especially in the fixed rate ISA charts, which has seen providers launching and increasing ISA rates, as well as many reducing and withdrawing rates. At the time of writing this has resulted in new, slightly higher, rates topping the three, two and one year fixed rate ISA charts.

It should be noted that the rates below are the best rates available at 08:00am on Thursday 1 October 2020 and, although correct at the time of publishing, they may not be available after this time.

The best fixed rate ISA savings rates

Provider Account Term Rate AER

Hodge Bank

UBL UK

5 Year Fixed Rate Cash ISA
5 Year Fixed Rate Cash ISA

Five years

Five years

1.40%

1.40%

Gatehouse Bank 3 Year Fixed Term Cash ISA Three years 1.12% (expected profit rate)
Gatehouse Bank 2 Year Fixed Term Cash ISA Two years 1.08% (expected profit rate)
Gatehouse Bank 1 Year Fixed Term Cash ISA One year 1.03% (expected profit rate)

 

Both Hodge Bank and UBL UK continued to offer the top fixed ISA rate this week. Hodge Bank topped the chart with its 5 Year Fixed Rate Cash ISA which pays 1.40% gross yearly and requires a £1,000 minimum deposit to open. This ISA accepts transfers in but all transfers must be from a minimum of £1,000. The ISA can be opened online or by post, but can then be managed online, by post and by phone. There is a version of this ISA that pays interest monthly at a gross rate of 1.39%. UBL UK’s 5 Year Fixed Rate Cash ISA pays 1.44% gross on maturity, as well as offering options that pay interest on anniversary at 1.40% gross and quarterly or monthly at 1.39% gross. All versions of this ISA require a £2,000 minimum deposit to open. Transfers in from cash ISAs are accepted. These ISAs can be opened in branch or by post but must be managed by post.

This week Gatehouse Bank had the best rate in the three, two and one year fixed rate ISA charts. Its 3 Year Fixed Term Cash ISA tops the three year chart paying an expected profit rate of 1.12% gross on anniversary. Its chart topping 2 Year Fixed Term Cash ISA pays an expected profit rate of 1.08% gross on anniversary. Meanwhile, its 1 Year Fixed Term Cash ISA had the best one year ISA rate paying an expected profit rate of 1.03% gross on anniversary. All ISAs require a £1,000 minimum deposit to open. They accept transfers in from cash and stocks and share ISAs. These ISAs can only be opened and managed online.

Compare the best fixed rate ISAs

All the rates available can be found on our fixed rate ISA chart.

The best easy access ISA rates

Provider Account Notice Rate AER
Cynergy Bank Online ISA (Issue 5) None 1.00%
Coventry Building Society Triple Access ISA (Online) None 0.96%
Chorley Building Society Easy Access Cash ISA Instant 0.95%

 

Topping the easy access ISA chart this week was Cynergy Bank with its Online ISA (Issue 5) paying 1.00% gross yearly. To open this ISA just a £1 minimum deposit is needed and a Cynergy Bank Authenticator App or Digipass is required to open and manage the ISA. Unlimited further additions are allowed and withdrawals can be made at any time. Transfers in are accepted only on account opening. This ISA must be opened and managed online.

The second best easy access ISA rate this week came from Coventry Building Society which pays 0.96% gross on anniversary or monthly on its Triple Access ISA (Online). This ISA requires a £1 minimum deposit to open. It permits unlimited further additions. Withdrawals are restricted to three penalty free withdrawals per annum, any further withdrawals are subject to 50 days’ loss of interest. Transfers in are accepted. The ISA must be opened and managed online.

Chorley Building Society had the third best easy access ISA rate this week with its Easy Access Cash ISA paying 0.95% gross yearly. A £1 minimum deposit is needed to open this ISA, which allows further additions while the issue remains open, up to the maximum allowance for the 2020/21 tax year. Withdrawals are restricted to six withdrawals per calendar year and then the ISA reverts to a Chorley Cash ISA if more than six withdrawals are made. Transfers in are accepted. This ISA can be opened online, in branch or by post, it can then be managed in branch and by post.

Compare the best easy access ISAs

All the rates available can be found on our easy access ISA chart.

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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