The best ISA rates this week 04.06.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 04/06/2020

While the outlook for savers does not look good in the coming months, as savings rates continue to fall, the ISA charts have continued to offer attractive rates this week. Savers looking for a short-term ISA can get a highly competitive two year fixed rate of 1.41% AER this week, while the top fixed rate ISA overall has held at 1.50% AER.

It should be noted 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
United Trust Bank ISA 7 Year Bond Seven years 1.50%

Metro Bank

State Bank of India

5 Year Fixed Rate Cash ISA (Issue 10)
5 Year Cash ISA Fixed Deposit

Five years

Five years

1.35%

1.35%

State Bank of India 3 Year Cash ISA Fixed Deposit Three years 1.35%
Al Rayan Bank Fixed Term Deposit Cash ISA 24 months 1.41% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Cash ISA 12 months 1.21% (expected profit rate)

 

The best fixed ISA rate this week once again came from United Trust Bank, which pays 1.50% gross on anniversary on its ISA 7 Year Bond. This ISA requires a minimum deposit of £15,000 to open. Transfers in are accepted. It must be opened by post but can then be managed by post and by phone.

Both Metro Bank and State Bank of India had the top-paying five year fixed rate ISA this week. Metro Bank pays 1.35% gross yearly on its 5 Year Fixed Rate Cash ISA (Issue 10). A minimum deposit of just £1 is needed to open this ISA. Transfers in are accepted within 30 days of account opening. It can only be opened in branch but can then be managed online, in branch and by post. State Bank of India pays 1.35% gross on maturity, compounded annually, on its 5 Year Cash ISA Fixed Deposit. This ISA requires a minimum deposit of £5,000 to open and, as well as this, a new current or savings account is needed to open this ISA. It accepts transfers in from cash ISAs only. This ISA must be opened in branch but can be managed online, in branch and by post.

State Bank of India also pays the top rate in the three year fixed rate ISA chart, again paying 1.35% gross on maturity on its 3 Year Cash ISA Fixed Deposit. This ISA has the same terms and conditions as its five year ISA.

Al Rayan Bank again offered its highly competitive two year fixed rate ISA this week with its Fixed Term Deposit Cash ISA paying an expected profit rate of 1.40% gross quarterly. This ISA requires a £1,000 minimum deposit to open. It accepts transfers in for up to 30 days from account opening. The ISA can be both opened and managed online, in branch, by post, by phone and via mobile app.

This week Al Rayan Bank also topped the one year fixed rate ISA with the 12-month version of its Fixed Term Deposit Cash ISA paying 1.20% gross quarterly. This ISA has the same terms and conditions as the two-year option.

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 1.11% (expected profit rate)
Cynergy Bank Online ISA (Issue 3) None 1.05%
National Savings & Investments Direct ISA None 0.90%

 

The top-paying easy access ISA this week came from Al Rayan Bank, which pays an expected profit rate of 1.10% gross monthly on its Instant Access Cash ISA. This ISA requires a minimum deposit of £50 to open and allows unlimited further additions and withdrawals. Transfers in are accepted. It can be both opened and managed online, in branch, by post, by phone and via mobile app.

Cynergy Bank had the second-best rate in the easy access ISA chart with its Online ISA (Issue 3) paying 1.05% gross yearly on a £1 opening minimum deposit. This ISA is only available to existing customers only. It allows unlimited further additions and withdrawals. Transfers in from cash ISAs only are accepted. This ISA must be opened and managed online.

The third-best easy access ISA rate came from National Savings & Investments, which pays 0.90% gross yearly on its Direct ISA. A minimum deposit of just £1 is needed to open this ISA, which allows unlimited further additions. Withdrawals are via a nominated account. Transfers 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.

The best notice ISA rates

Provider Account Notice Rate AER
Teachers Building Society Education ISA (Issue 1) 90 days 1.00%
Teachers Building Society Cash ISA Notice 90 (Issue 10) 90 days 0.90%
Bank and Clients 90 day Cash ISA 90 days 0.85%

 

Savers looking for a notice ISA will find the best and second-best rates this week were being offered by Teachers Building Society. Its Education ISA (Issue 1) pays 1.00% gross yearly and requires a £100 minimum deposit to open. This ISA is only available to teachers and other educations professionals. It allows unlimited further additions and withdrawals are permitted subject to 90 days’ notice. Transfers in are accepted. Teachers Building Society’s Cash ISA Notice 90 (Issue 10) pays 0.90% gross yearly. This ISA also requires a £100 minimum deposit to open but there are no opening restrictions on this ISA. Further additions are allowed. Withdrawals are permitted subject to 90 days’ notice and must be made via Faster Payment Service to a nominated account. Transfers in are accepted. Both these ISAs can be opened and managed online and by post.

The third-best notice ISA rate came from Bank and Clients, which pays 0.85% gross yearly on its 90 Day Cash ISA. This ISA requires a £1,000 minimum deposit to open. Further additions are allowed. Withdrawals are permitted subject to 90 days’ notice, with earlier withdrawals subject to 90 days’ loss of interest. Transfers in are accepted. This ISA can only be opened and managed by post.

Notice ISAs

All the rates available can be found on our notice 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.

ISA document

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