The Best ISA Rates This Week 02.07.2020 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 02/07/2020

The downward trend in ISA rates continues this week, with just one easy access ISA now paying 1.00%. Meanwhile, in the fixed rate ISA chart, savers looking to lock into a one year fixed rate ISA will be disappointed to see that no one year ISAs now offer a rate at or above 1.00%.


Savers should be aware that the rates below are the best rates available on Thursday and, although correct at the time of publishing, they may not be available on Friday.

The best fixed rate ISA savings rates

Provider Account Term Rate AER

Shawbrook Bank


United Trust Bank

7 Year Fixed Rate Cash ISA Bond Issue 3

ISA 7 Year Bond

Seven years


Seven years

1.25%


1.25%

UBL UK 5 Year Fixed Rate Cash ISA Five years 1.21%
UBL UK 3 Year Fixed Rate Cash ISA Three years 1.10%
State Bank of India 2 Year Cash ISA Fixed Deposit Two years 1.00%
Al Rayan Bank Fixed Term Deposit Cash ISA 12 months 0.80% (expected profit rate)

Both Shawbrook Bank and United Trust Bank had the top-paying fixed rate ISAs this week paying 1.25% gross. Shawbrook Bank pays 1.25% gross on anniversary on its 7 Year Fixed Rate Cash ISA Bond Issue 3. This ISA requires a minimum opening deposit of £1,000. It accepts transfers in. The ISA must be opened online but can then be managed online and by phone. There is also a version of this ISA that pays interest monthly at a slightly lower gross rate. United Trust Bank pays 1.25% gross on anniversary on its ISA 7 Year Bond. To open this ISA, a £15,000 minimum deposit is needed. It accepts transfers in. It must be opened by post but can then be managed by post and by phone.

UBL UK continued to offer the best-paying five and three year fixed rate ISAs this week. Its 5 Year Fixed Rate Cash ISA pays 1.24% gross on maturity and its 3 Year Fixed Rate Cash ISA pays 1.11% gross on maturity. To open these ISAs, a minimum deposit of £2,000 is needed. Transfers in from cash ISAs are accepted. These ISAs can be opened in branch or by post but can then only be managed by post. There are also versions of both ISAs that pay interest on anniversary, quarterly and monthly all at a slightly lower gross rate.

The top-paying two year fixed rate ISA came from State Bank of India, which pays 1.00% gross on maturity on its 2 Year Cash ISA Fixed Deposit. This ISA requires a £5,000 minimum deposit to open. It accepts transfers in from cash ISAs. This ISA must be opened in branch but can be managed online, in branch and by post. To open the account, a new current or savings account is required.

Al Rayan Bank offered the top rate in the one year fixed rate ISA chart, with its Fixed Term Deposit Cash ISA paying an expected profit rate of 0.80% gross quarterly. A minimum deposit of £1,000 is needed to open this ISA. It accepts transfers in from cash ISAs for up to 30 days from account opening. This ISA can be both opened and managed online, in branch, by post, by phone and via mobile app.

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
Al Rayan Bank Instant Access Cash ISA Instant 1.00% (expected profit rate)
Cynergy Bank Online ISA (Issue 4) None 0.90%
National Savings & Investments Direct ISA None 0.90%

During the week, Cynergy Bank reduced the rate on its top-paying easy access ISA, resulting in Al Rayan Bank returning to the top the chart with its Instant Access Cash ISA paying an expected profit rate of 1.00% gross monthly. This ISA requires a minimum deposit of £50 to open. It allows unlimited further additions and withdrawals. Transfers in are accepted. The ISA can be both opened and managed online, in branch, by post, by phone and via mobile app.

Cynergy Bank now offers the second-best easy access ISA rate, with its Online ISA (Issue 4) paying 0.90% gross yearly. This ISA is available to existing customers only. To open this ISA, a minimum deposit of £1 is needed. It allows unlimited further additions and withdrawals. Transfers in from cash ISAs are accepted. This ISA can only be opened and managed online.

Also offering a 0.90% easy access ISA rate this week was National Savings & Investments (NS&I) with its Direct ISA. This ISA, which is 100% backed by HM Treasury, pays 0.90% gross yearly. It requires a minimum deposit of £1 to open. Further additions are allowed and withdrawals are permitted but must be made via a nominated account. Transfers in are not accepted. This ISA can be both opened and managed online and by phone.

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.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy