The best ISA rates this week 03.09.20 | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 03/09/2020

There were few changes this week in the ISA chart, with two new additions to the fixed rate ISA chart and no changes on easy access ISAs.
Savers should note that the rates below are the best rates available at 12.00pm on Thursday 3 September 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

UBL UK

5 Year Fixed Rate Cash ISA

Five years

1.40%

Gatehouse Bank

 UBL UK

3 Year Fixed Term Cash ISA
 3 Year Fixed Rate Cash ISA

Three years

 Three years

1.10% expected profit rate
1.10%

Skipton Building Society

30 Month Fixed Rate ISA Issue 130*

30 months

0.95%

Paragon Bank

 

Hampshire Trust Bank

1 Year Fixed Rate Cash ISA

1 Year ISA Bond (Issue 17)

One year

 

One year

0.85%

 

0.85%

*There is also an online version of this account – 30 Month Online Fixed rate ISA Issue 130.

The best rate available this week for a fixed rate ISA of any term is from UBL UK. This five-year fixed rate ISA has a rate of 1.44% gross on maturity. This account pays interest on anniversary at 1.40% gross, and monthly or quarterly at 1.39% gross. Savers will need at least £2,000 to open this account and it accepts transfers in from other cash ISAs, but no other forms of ISA transfer are accepted. This account may be opened in branch or by post but can then only be managed by post.
UBL UK also offers one of the top rates for a three-year fixed rate ISA, sharing top spot for rate with Gatehouse Bank. The 3 Year Fixed Rate Cash ISA from UBL UK offers interest to be paid on maturity (1.11% gross), quarterly or on anniversary (both 1.10% gross) or monthly (1.09% gross). If you need early access to your funds, then you will lose 365 days’ interest on the five-year ISA and 270 days’ interest on the three-year ISA. Otherwise, these ISAs have the same terms and conditions.
The 3 Year Fixed Term Cash ISA from Gatehouse Bank has an expected profit rate of 1.10% gross paid on anniversary. There is a minimum deposit of £1,000 and savers can transfer in other cash ISAs and stocks and shares ISAs. Savers can only open and manage this account online.


Charter Savings Bank has been knocked off the top spot for two-year fixed rate ISAs, with a slightly longer 30-month fixed rate ISA available from Skipton Building Society. 30 Month Fixed Rate ISA Issue 130 pays 0.95% gross on anniversary and savers will need at least £10,000 to open the account. Transfers in are accepted from other cash ISAs and stocks and shares ISAs.


Skipton Building Society offers two forms of this account, one that can only be opened and managed online and another that can be both opened and managed in branch, by post or by phone. The difference is noted in the title of the account with the addition of ‘online’.


Paragon Bank is joined by Hampshire Trust Bank at the top of the one-year fixed rate ISA table, with both offering a rate of 0.85% gross. There are some differences between the two though, as Paragon Bank’s 1 Year Fixed Rate Cash ISA offers interest to be paid on anniversary and monthly, while Hampshire Trust Bank’s 1 Year ISA Bond (Issue 17) only offers interest on anniversary. Those just starting to save may find Hampshire Trust Bank’s ISA more accessible, as it comes with a lower opening deposit of just a £1, compared to Paragon’s account at £500. Both accounts accept transfers in, but Hampshire Trust Bank accepts a broader range of transfers, including from other cash ISAs, Lifetime ISAs, stocks and shares ISAs and Help to Buy ISAs, while Paragon Bank only accepts transfers from other cash ISAs and stocks and shares ISAs. Both accounts can be opened and managed online and by post, however Hampshire Trust Bank also allows savers to manage their account by phone.

 

Search and 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 4)

None

0.90%

National Savings & Investments (NS&I)

Direct ISA

None

0.90%

Paragon Bank

Triple Access ISA (Issue 1)

None

0.80%

The easy access ISA chart remains the same this week, with the top three rates available from Cynergy Bank, NS&I and Paragon Bank.

Online ISA (Issue 4) from Cynergy Bank pays 0.90% gross yearly and requires a minimum deposit of £1 to open. Transfers in are accepted from other cash ISAs and it can be opened and managed online. To open and manage this account, a Cynergy Bank Authenticator App or Digipass is required.

The Direct ISA from NS&I pays 0.90% gross yearly and has a minimum opening deposit of £1, which is 100% backed by HM Treasury. The account does not accept transfers in and can be both opened and managed online and by phone.

Following the above, Paragon Bank also offers a Triple Access ISA (Issue 1) at 0.80% gross on anniversary or monthly. This account does have some withdrawal restrictions that reduce your rate of interest. Savers can only make three withdrawals per annum or the interest rate will drop to 0.25%. Transfers in are accepted and savers need £1 to open this account, which can only be opened and managed online.

Easy access ISAs

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

Find out more about ISA transfers

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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