The Best ISA Rates This Week 04.02.21 | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.


Derin Clark

Derin Clark

Online Reporter
Published: 04/02/2021

Although last week’s top rates have remained available this week, ISA rates continue to be disappointing and savers looking to get the best deal will have to lock into a five year fixed rate ISA. Savers considering both a one year fixed ISA and an easy access ISA may be interested to see that the top-paying one year fixed ISA rate is 0.65% and the top-paying easy access ISA rate is 0.60%, both of which are being offered on sharia accounts.

Savers should also note that the rates below are the best rates available at 1pm on Thursday 4 February 2021 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
Gatehouse Bank 5 Year Fixed Term Green Cash ISA Five years 1.30% (expected profit rate)
Gatehouse Bank 3 Year Fixed Term Green Cash ISA Three years 0.90% (expected profit rate)
Gatehouse Bank 2 Year Fixed Term Green Cash ISA Two years 0.80% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Cash ISA 12 months 0.65% (expected profit rate)

 

The fixed rate ISA chart continued to be dominated by Gatehouse Bank this week, with it topping the five, three and two year charts. Gatehouse Bank’s 5 Year Fixed Term Green Cash ISA topped the fixed ISA chart overall paying an expected profit rate of 1.30% gross on anniversary on a £1,000 minimum opening deposit. Its 3 Year Fixed Term Green Cash ISA topped the three year chart paying an expected profit rate of 0.90% gross on anniversary and its 2 Year Fixed Term Green Cash ISA topped the two year chart paying an expected profit rate of 0.80% gross on anniversary. All ISAs require a £1,000 minimum deposit to open and accept transfers in. They benefit from the incentive of Gatehouse Bank planting a tree in a UK woodland when an account is opened and funded, the trees are planted in UK woodland projects certified by the UK Government’s Woodland Carbon Code. These ISAs can only be opened and managed online.

Al Rayan Bank remained at the top of the one year fixed rate ISA chart this week with its Fixed Term Deposit Cash ISA paying an expected profit rate of 0.65% gross quarterly. A £1,000 minimum opening deposit is needed to open this ISA. It accepts transfers in for up to 30 days from account opening. The ISA can be opened online, in branch, by phone or via mobile app and it can then be managed online, in branch, by post, by phone and via mobile app.

Compare the best fixed rate ISAs

The best easy access ISA rates

Provider Account Notice Rate AER
Al Rayan Bank Instant Access Cash ISA (Issue 2) Instant 0.60% (expected profit rate)
Cynergy Bank Online ISA (Issue 8) None 0.55%
Virgin Money Easy Access Cash ISA Exclusive Issue 1 Instant 0.50%

 

Continuing to top the easy access ISA chart this week was Al Rayan Bank with its Instant Access Cash ISA (Issue 2) paying an expected profit rate of 0.60% gross monthly. This ISA requires a £50 minimum deposit to open. It allows 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 had the next-best easy access ISA rate with its Online ISA (Issue 8) paying 0.55% gross yearly. A £1 minimum deposit is needed to open this ISA, which allows further additions and withdrawals. Transfers in are accepted but must be made on account opening. The ISA can be opened and managed online.

The third-best rate this week came from Virgin Money on an account that is available to new Virgin Money, Clydesdale Bank or Yorkshire Bank current account customers, as well as existing current account customers from 4 December 2019. Easy Access Cash ISA Exclusive Issue 1 pays 0.50% gross yearly and there is no minimum deposit required to open. This account allows further additions and withdrawals. Transfers in are accepted. The account can be opened online or in branch and then managed online, in branch, by post, by phone and via mobile app. Savers should be aware that Tipton & Coseley Building Society also pays 0.50% gross yearly on its Branch ISA (Issue 4), but this account is only available to those living within four postcode areas.

Compare the best easy access ISAs

The best notice ISA rates

Provider Account Notice Rate AER
Marsden Building Society Branch Cash ISA 95 (Issue 2) 95 days 0.55%
Aldermore 30 Day Notice Cash ISA Issue 11 30 days 0.40%
Kent Reliance Cash ISA - 60 Day Notice - Issue 25 60 days 0.35%

 

The top-paying notice ISA this week came from Marsden Building Society, which pays 0.55% gross yearly on deposits of £5,000 on its Branch Cash ISA 95 (Issue 2). This account pays a higher rate of 0.65% on deposits at £25,000 and a lower rate of 0.45% on deposits at £1,000. Further additions are allowed and withdrawals can be made subject to 95 days’ notice. If notice is not given, this account permits earlier access on closure only and subject to 95 days’ loss of interest. Transfers in from cash ISAs are accepted. The account can only be opened and managed in branch.

The second-best notice ISA rate came from Aldermore with its 30 Day Notice Cash ISA Issue 11 paying 0.40% gross on anniversary or monthly. This account requires a £1,000 minimum deposit to open and allows further additions. Withdrawals are permitted subject to 30 days’ notice, or if notice is not given, earlier access is allowed on 30 days’ loss of interest. Transfers in are accepted. This account must be opened and managed online.

Kent Reliance had the third-best notice ISA rate this week with its Cash ISA – 60 Day Notice – Issue 25 paying 0.35% gross yearly or monthly. To open this account, a £1,000 minimum deposit is needed. It allows further additions. Withdrawals can be made subject to 60 days’ notice, or if notice is not given, earlier access is permitted on 60 days’ loss of interest. Savers should be aware that the withdrawal method is dependent on how the account is opened. Transfers in are accepted but transfer requests must be made within 30 days of account opening. This account can be opened online, in branch or by post and then managed online, in branch, by post and by phone.

Compare the best notice ISAs

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

white piggy bank surrounding by coins

Cookies

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

I accept. Read our Cookie Policy