The Best ISA Rates This Week 08 04 21 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 08/04/2021

With the start of the new tax year this week, savers will again have a £20,000 tax-free allowance when saving into an ISA. This makes it the perfect time to look at opening a new ISA and savers will be pleased to see that some new rates have entered the charts this week. Savers looking for the best rates should act quickly however, as in the current market top rates have been reaching their funding limit quickly, resulting in some savers missing out as the rate is reduced or withdrawn altogether.

Savers should also note that the rates below are the best rates available at 3pm on Thursday 8 April 2021 and, although correct at the time of publishing, they may not be available after this time.

An alternative to a cash ISA could be a stocks and shares ISA, which offers the same tax-free allowance, although savers should be aware these are a much riskier option and are normally only suited to long-term investors. More information about this type of investment can be found on our stocks and shares ISA page.

The best fixed rate ISA savings rates

Provider Account Notice Rate AER  
Shawbrook Bank 7 Year Fixed Rate Cash ISA Bond Issue 3 Seven years 1.25% Find out more
Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 25 Five years 1.10% Find out more
Close Brothers Savings 3 Year Fixed Rate Cash ISA Three years 0.70% Find out more
State Bank of India 2 Year Cash ISA Fixed Deposit Two years 0.65% Find out more
Monmouthshire Building Society 1 Year Fixed Rate Cash ISA – Issue 13 One year 0.49% Find out more

 

The top-paying ISA in the fixed rate ISA chart this week came from Shawbrook Bank, which pays 1.25% gross on anniversary on its 7 Year Fixed Rate Cash ISA Bond Issue 3. Shawbrook Bank also topped the five year fixed ISA chart this week, paying 1.10% gross on anniversary on its 5 Year Fixed Rate Cash ISA Bond Issue 25. Both ISAs require a £1,000 minimum deposit to open. The ISAs permit earlier access subject to 360 days’ loss of interest. Transfers in are accepted. The ISAs must be opened online but can then be managed online or by phone. There are also versions of both these ISAs that pay interest monthly at a slightly lower gross rate of 1.24% gross on the seven-year option and 1.09% gross on the five-year option.

Topping the three year fixed rate ISA chart this week was Close Brothers Savings with its 3 Year Fixed Rate Cash ISA paying 0.70% gross on anniversary. A £10,000 minimum deposit is needed to open this ISA. It allows earlier access on closure only and subject to a 270 days’ loss of interest. The ISA accepts transfers in but transfer instructions must be received within 10 days of account opening. It must be opened online but can then be managed online, by post and by phone.

State Bank of India topped the two year fixed rate ISA chart this week paying 0.65% gross on maturity on its 2 Year Cash ISA Fixed Deposit. A minimum opening deposit of £5,000 is needed to open this ISA, as well as this a new current or savings account is needed. It allows earlier access on closure only on 30 days’ notice, but savers should also note that no interest is paid if the ISA is closed before the first anniversary, while there is a 1% loss of interest if it is closed after the first anniversary. Transfers in from cash ISAs are accepted. The ISA can be both opened and managed online, in branch, or by post.

The top one year fixed ISA rate this week came from Monmouthshire Building Society, which pays 0.49% gross on maturity on its 1 Year Fixed Rate Cash ISA – Issue 13. To open this ISA, a £3,000 minimum deposit is needed and savers should note it is only available to those living in England or Wales. It allows earlier access on closure only and subject to 90 days’ loss of interest. Transfers in from cash ISAs are accepted. The ISA must be opened in branch but can then be managed online, in branch and by post.

Compare the best fixed rate ISAs

The best easy access ISA rates

Provider Account Notice Rate AER  
Yorkshire Building Society Annual Access Account ISA Issue 4 Instant 0.45% Find out more
Paragon Bank Limited Edition Easy Access ISA (Issue 6) None 0.41% Find out more
Nationwide Building Society 1 Year Triple Access Online ISA 10 None 0.40% Go to provider’s site
Paragon Bank Triple Access ISA (Issue 3) None 0.40% Go to provider’s site
Charter Savings Bank Easy Access Cash ISA – Issue 20 None 0.40% Find out more
Leeds Building Society Defined Access ISA Instant 0.40% Find out more
Yorkshire Building Society Six Access e-Saver ISA Issue 5 None 0.40% Find out more

 

The top easy access ISA rate this week came from Yorkshire Building Society, which pays 0.45% gross on anniversary on its Annual Access Account ISA Issue 4. This ISA requires a £100 minimum deposit to open and the money must be new to the building society. Savers should be aware that after 12 months this ISA reverts to an Easy ISA. It allows further additions. Withdrawals are restricted to one withdrawal day per account year. Transfers in are accepted. The ISA can be opened in branch or by post and then managed online, in branch and by post.

Paragon Bank had the next-best easy access ISA rate of 0.41% gross on anniversary. Limited Edition Easy Access ISA (Issue 6) requires a £1 minimum deposit to open. Further additions and withdrawals are allowed. The ISA accepts transfers in. It must be opened and managed online. There is a version of this ISA that pays interest monthly at the same gross rate.

Five ISAs without localised opening restrictions had the third-best easy access ISA rate this week. Nationwide Building Society pays 0.40% gross on anniversary on its 1 Year Triple Access Online ISA 10. A £1 minimum deposit is needed to open this ISA, which reverts to a Triple Access Online ISA after 12 months. The ISA allows further additions. Withdrawals are permitted but a lower rate is paid for the remainder of the term if more than three withdrawals are made per annum. Transfers in are accepted. The ISA can be both opened and managed online and via mobile app.

Paragon Bank pays 0.40% gross on anniversary on its Triple Access ISA (Issue 3). This ISA requires a £1 minimum deposit to open. It allows further additions via a nominated account. Withdrawals can be made but a lower rate is paid if more than three withdrawals are made within a 12-month period. Transfers in are accepted. The ISA must be opened and managed online.

Charter Savings Bank’s Easy Access Cash ISA – Issue 20 pays 0.40% gross on anniversary. This ISA requires a £5,000 minimum deposit to open. Further additions and withdrawals are allowed, but all transactions must be made via a nominated account. Transfers in are accepted. The ISA must be opened and managed online. There is also a version of this ISA that pays interest monthly at the same gross rate.

Leeds Building Society pays 0.40% gross yearly on its Defined Access ISA, which requires a £5,000 minimum deposit to open. Further additions are allowed while the issue remains open. Withdrawals are restricted to four withdrawals per calendar year, after which there is a 30-day loss of interest penalty on all further withdrawals. Transfers in are accepted. This ISA can be both opened and managed in branch and by post.

Yorkshire Building Society pays 0.40% gross on deposits of £10,000 on its Six Access e-Saver ISA Issue 5. This ISA also pays a higher rate of 0.45% gross on deposits of £50,000, and a lower rate of 0.25% gross on deposits at £1,000 and 0.15% gross on deposits of £1. Further additions are allowed. Withdrawals are restricted to six withdrawal days per anniversary year. Transfers in are accepted. The ISA must be opened and managed online.

Compare the best easy access ISAs

The best notice ISA rates

Provider Account Notice Rate AER  
Aldermore 30 Day Notice Cash ISA Issue 11 30 days 0.40% Find out more
Buckinghamshire Building Society 30 Day Cash ISA 30 days 0.30% Find out more
Kent Reliance Cash ISA – 60 Day Notice – Issue 26 60 days 0.25% Find out more

 

Tipton & Coseley Building Society had the top-paying notice ISA this week with its 30 Day Notice ISA (Issue 2) paying 0.45% gross yearly, however this ISA is only available to those living in certain postcode areas. For more information about this ISA, visit our notice ISA chart.

The next-best rate came from Aldermore, which pays 0.40% gross on anniversary on its 30 Day Notice Cash ISA Issue 11. This ISA requires a £1,000 minimum deposit to open. Further additions are allowed. Withdrawals can be made subject to 30 days’ notice; alternatively, earlier access is permitted subject to 30 days’ loss of interest. Transfers in are accepted. The ISA must be opened and managed online. There is also a version of this ISA that pays interest monthly at the same gross rate.

Buckinghamshire Building Society pays 0.30% gross yearly on its 30 Day Cash ISA. This ISA requires a £100 minimum deposit to open. It allows further additions. Withdrawals can be made subject to 30 days’ notice, or if notice is not given, earlier access is permitted subject to 30 days’ loss of interest. Transfers in are not accepted. The ISA can be both opened and managed in branch and by post. There is also a version of this ISA that pays interest monthly at the same gross rate.

Kent Reliance’s Cash ISA – 60 Day Notice – Issue 26 has the next-best notice ISA rate of 0.25% gross yearly. This ISA requires a £1,000 deposit to open. It allows further additions via cash, cheque, bank transfer or debit card. Withdrawals are permitted subject to 60 days’ notice, alternatively, earlier access is allowed on 60 days’ loss of interest and the withdrawal method is dependent on how the ISA is opened. Transfers in are accepted but transfer requests must be made within 30 days of account opening. The ISA can be opened online, in branch, or by post and then managed online, in branch, by post and by phone. There is a version of this ISA that pays interest monthly at the same gross rate.

Compare the best notice ISAs

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