The Best ISA Rates This Week 06.08.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 06/08/2020

Over the last few weeks, it seems that the rates at the top of the fixed rate ISA charts have become more stable, with many of last week’s top rates remaining available this week. As well as this, the top rates in last week’s easy access ISA chart are still topping the chart this week and the chart has been strengthened by a new higher-paying second-best rate being available. Saying this, savers looking to secure the best rates should act quickly, as the continuing economic uncertainty means that the top ISA rates may not be available for long.

Savers should note that the rates below are the best rates available at 5pm on Thursday 6 August 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

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

Charter Savings Bank

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

Five years

Five years

1.21%

1.21%

UBL UK 3 Year Fixed Rate Cash ISA Three years 1.10%
Charter Savings Bank 2 Year Fixed Rate Cash ISA Two years 0.92%
Charter Savings Bank 1 Year Fixed Rate Cash ISA One year 0.71%

 

Shawbrook Bank and United Trust Bank both remained at the top of the fixed rate ISA chart this week, offering a rate of 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 £1,000 minimum deposit to open. 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 1.24% gross. United Trust Bank pays 1.25% gross on anniversary on its ISA 7 Year Bond. This ISA requires a £15,000 minimum deposit to open. It accepts transfers in. The ISA must be opened by post but can then be managed by post and by phone.

UBL UK continued to offer the top rate in the five and three year fixed rate ISA charts this week. Its 5 Year Fixed Rate Cash ISA pays 1.24% gross on maturity, 1.21% gross on anniversary, and 1.20% gross quarterly and monthly. Its 3 Year Fixed Rate Cash ISA pays 1.11% gross on maturity, 1.10% gross on anniversary and quarterly, and 1.09% gross monthly. Both ISAs require a £2,000 minimum deposit to open. They accept transfers in from cash ISAs. These ISAs can be opened in branch or by post and then managed by post.

Also offering the top rate in the five year fixed rate ISA chart, along with the top rate in the two and one year charts, this week was Charter Savings Bank. Its 5 Year Fixed Rate Cash ISA pays 1.21% gross, its 2 Year Fixed Rate Cash ISA pays 0.92% gross and its 1 Year Fixed Rate Cash ISA pays 0.71% gross. All these ISAs pay interest on anniversary and require a £5,000 minimum deposit to open. They all accept transfers in. These ISAs can only be opened and managed online. There is also a version of the five year ISA that pays interest monthly at a slightly lower gross rate of 1.20% and versions of the two and one year ISAs that pay interest at the same gross rate.

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 Direct ISA None 0.90%
Skipton Building Society Online Bonus Cash ISA Issue 12 None 0.70% (including a 0.50% bonus for six months)

 

Both Cynergy Bank and National Savings & Investments continued to offer the top easy access ISA rate this week. Cynergy Bank pays 0.90% gross yearly on its Online ISA (Issue 4). This ISA requires a £1 minimum deposit to open. It allows unlimited further additions and withdrawals can be made at any time. Transfers in from cash ISAs are accepted. This ISA can only be opened and managed online. To open and manage this account, a Cynergy Bank Authenticator App or Digipass is required.

National Savings & Investments pays 0.90% gross yearly on its Direct ISA. To open this ISA, a minimum deposit of £1 is needed. It allows unlimited further additions. Withdrawals can be made at any time 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. This ISA is 100% backed by HM Treasury.

The second-best easy access ISA rate this week came from Skipton Building Society, which pays 0.95% gross, including a 0.50% bonus for six months, on its Online Bonus Cash ISA Issue 12. Interest is paid on anniversary. This ISA requires a £1 minimum deposit to open and allows unlimited further additions. Withdrawals can be made at any time. Transfers in are accepted. The ISA can only be opened and managed online.

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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