The Best ISA Rates This Week 07.05.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 07/05/2020

This week our research into the ISA market found that over the last month ISA rates have reduced and ISA savers should consider opening an account sooner rather than later as rates may continue to fall in the coming months. Fortunately for savers, this week many of the top ISA rates available have held and competitive rates can be found in both the fixed rate ISA and easy access charts.

Savers should be aware that although we have included ISAs that can be opened and managed in branch, consumers are advised to check with the bank or building society to ensure this service is still available, as many are only providing essential banking services in branch at the moment due to the Government’s restrictions on movement.

The best fixed rate ISA savings rates

Provider Account Term Rate AER
Shawbrook Bank 7 Year Fixed Rate Cash ISA Bond Issue 1 Seven years 1.65%
Gatehouse Bank 5 Year Fixed Term Cash ISA Five years 1.40% (expected profit rate)
State Bank of India 3 Year Cash ISA Fixed Deposit Three years 1.35%
Al Rayan Bank Fixed Term Deposit Cash ISA Two years 1.41% (expected profit rate)
Ford Money Fixed Cash ISA 1 Year One year 1.25%

Remaining at the top of the fixed rate ISA chart this week was Shawbrook Bank which pays 1.65% gross on its 7 Year Fixed Rate Cash ISA Bond Issue 1. This ISA pays interest on anniversary and requires a minimum opening deposit of £1,000. It accepts transfers in. The ISA can only 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.

Topping the five year fixed rate ISA chart this week was Gatehouse Bank which pays an expected profit rate of 1.40% gross on its 5 Year Fixed Term Cash ISA. To open this ISA a minimum deposit of £1,000 is needed and it pays interest on anniversary. Transfers in are accepted. This ISA must be opened and managed online.

The best three year fixed rate ISA came from State Bank of India this week. State Bank of India pays 1.35% gross on maturity on its 3 Year Cash ISA Fixed Deposit. This ISA requires a minimum deposit of £5,000 to open. It accepts transfers in from cash ISAs only. The ISA must be opened in branch but can then be managed online, in branch and by post. To open this account a new current or savings account is required.

Al Rayan Bank continued to offer its highly competitive two year fixed rate ISA this week. Its Fixed Term Deposit Cash ISA pays an expected profit rate of 1.40% gross quarterly. To open this ISA a minimum deposit of £1,000 is needed. It accepts transfers in. The ISA can be opened and managed online, in branch, by post, by phone and via mobile app.

The top one year fixed rate ISA this week came from Ford Money which pays 1.25% gross on anniversary on its Fixed Cash ISA 1 Year. A minimum deposit of £500 is needed to open this ISA, which also accepts transfers in. It can be opened online and by phone but must be managed online. There is also a version of this ISA that pays interest monthly at a slightly lower 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
Penrith Building Society ISA Issue 2 Instant 1.25%
Al Rayan Bank Instant Access Cash ISA Instant 1.11% (expected profit rate)
Scottish Building Society Loyalty Cash ISA Instant 1.05%

Penrith Building Society continued to offer the best easy access ISA rate this week with its ISA Issue 2 paying 1.25% gross yearly. To open this ISA a minimum deposit of £100 is needed. It allows unlimited further additions and withdrawals. This ISA does not accept transfers in. It can be opened and managed in branch and by post.

The next best easy access ISA rate 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. It allows unlimited further additions and withdrawals. Transfers in are accepted. It can be opened and managed online, in branch, by post, by phone and via mobile app.

Scottish Building Society offered the third best easy access ISA rate this week with its Loyalty Cash ISA paying 1.05% gross yearly. A minimum deposit of just £1 is needed to open this ISA, which allows unlimited further additions and withdrawals. This ISA accepts transfers in. It can be opened and managed in branch and by post.

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
Bank and Clients 90 Day Cash ISA 90 days 1.25%
Monmouthshire Building Society 30 Day Cash ISA – Issue 2 30 days 1.25%
The Melton Building Society 60 Day Notice Cash ISA 60 days 1.15%

The top notice account ISA rate this week came from Bank and Clients which pays 1.25% gross yearly on its 90 Day Cash ISA. This ISA requires a minimum opening deposit of £1,000. It allows unlimited further additions. Withdrawals can be made subject to 90 days’ notice. If notice is not given earlier access is permitted subject to 90 days’ loss of interest. Transfers in are accepted. This ISA can be opened and managed by post.

The second best notice ISA rate came from Monmouthshire Building Society this week which pays 1.25% gross yearly. This ISA requires a minimum opening deposit of £10. It allows unlimited further additions and withdrawals are permitted subject to 30 days’ notice. If notice is not given on withdrawals, earlier access is allowed but on a 30 days’ loss of interest penalty. This ISA accepts transfers in from cash ISAs only. It can be opened online, in branch and by post.

Also offering a competitive notice ISA rate this week was The Melton Building Society which pays 1.15% gross yearly on its 60 Day Notice Cash ISA. To open this ISA a minimum opening deposit of £25 is needed and it is only available to existing customers of five years or more and/or those who live in Leicestershire, Lincolnshire, Nottinghamshire or Rutland. It allows unlimited further additions. Withdrawals are permitted subject to 60 days’ notice, but if notice is not given, earlier access is allowed on a 60 days’ loss of interest penalty. This ISA does not accept transfers in. This ISA can be opened and managed in branch and 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.

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