The best ISA rates this week 08.10.20 | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 08/10/2020

This week two accounts left the top ISA rates; Hodge Bank reduced the rate on its leading five-year fixed rate ISA and Chorley Building Society withdrew their easy access ISA from the market.
There have been numerous other changes to ISA rates this week including product withdrawals from Skipton Building Society, Cynergy Bank, Charter Savings Bank and Paragon Bank.
The State Bank of India, Melton Building Society, Hampshire Trust Bank and Principality Building Society reduced some of their ISA rates, while Secure Trust Bank increased ISA rates this week.
It should be noted that the rates below are the best rates available at 13:00 on Thursday 8 October 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

UBL UK

5 Year Fixed Rate Cash ISA

Five years

1.40%

Gatehouse Bank

3 Year Fixed Term Cash ISA

Three years

1.12% (expected profit rate)

Gatehouse Bank

2 Year Fixed Term Cash ISA

Two years

1.08% (expected profit rate)

Gatehouse Bank

1 Year Fixed Term Cash ISA

One year

1.03% (expected profit rate)

Yesterday Hodge Bank reduced the rate on its five-year fixed rate ISA. UBL UK offers the best rate for a five year fixed rate ISA having previously shared the top spot with Hodge Bank. The 5 Year Fixed Rate Cash ISA from UBL UK pays 1.44% gross when interest is paid on maturity or 1.40% gross when interest is paid on anniversary.. Monthly and quarterly interest is also available at 1.39% gross. Savers will need at least £2,000 to open this ISA which accepts transfers-in from other cash ISAs. This ISA can be opened by post or in a UBL UK branch. The account may only be managed by post.


This week there are no changes in the best rate available for a three, two and one year fixed rate ISAs. Gatehouse Bank continues to offer the best rates for each of these terms. Its 3 Year Fixed Term Cash ISA has an expected profit rate of 1.12% gross, the 2 Year Fixed Term Cash ISA has an expected profit rate of 1.08% gross and its 1 Year Fixed Term Cash ISA has an expected profit rate of 1.03% gross. All pay profit on anniversary of the account opening. All these ISAs require a £1,000 minimum deposit to open and they accept transfers in from cash and stocks and shares ISAs. These ISAs can only be opened and managed online.

Compare the best fixed rate ISAs

All the rates available can be found on our fixed rate ISA chart.

The best notice ISA rates

Provider

Account

Notice

Rate AER

Aldermore Bank

30 Day Notice Cash ISA Issue 10

30 days

0.55%

Kent Reliance

Cash ISA - 60 Day Notice - Issue 23

60 days

0.65%

Teachers Building Society

Cash ISA Notice 90 (Issue 10)

90 days

0.70%

Note: accounts that have restrictions on who can open accounts have not been included.
Aldermore Bank has the best rate for a 30 day notice ISA this week. It’s 30 Day Notice Cash ISA Issue 10 pays a rate of 0.55% gross and pays interest on anniversary or monthly. It has a minimum balance of £1,000. Transfers in are accepted from other cash ISAs, stocks and shares ISAs and Help to Buy ISAs. This ISA can only be opened and managed online. Savers that need to make withdrawals must give 30 days’ notice or they will be charged a penalty of 30 days loss of interest.


The best rate for a 60-day notice ISA this week is from Kent Reliance. Its Cash ISA – 60 Day Notice – Issue 23 account offers a rate of 0.65% gross. Interest can be paid yearly or monthly. The minimum opening deposit is £1,000. Transfers in are accepted from other cash ISAs, Lifetime, stocks and shares and Help to Buy ISAs. Transfers in must be made within 30 days of opening the ISA. This ISA can be opened and managed online, in branch or by post; however, savers may have to use the same method to withdraw funds as they used to open the account. Savers that need to access their funds must give 60 days’ notice, if this is not possible, they will face a penalty of 60 days loss of interest.


Teachers Building Society has the best rate for a 90-day notice ISA this week. Its Cash ISA Notice 90 (Issue 10) has a rate of 0.70% gross yearly. The minimum deposit is £100 and transfers in are accepted from other cash ISAs and stocks and shares ISAs. This ISA can be opened and managed in branch or by post. Savers that need to withdraw funds must give 90 days’ notice as early withdrawals are not permitted.

Compare the best notice ISAs

All the rates available can be found on our notice ISA charts.

The best easy access ISA rates

Provider

Account

Notice

Rate AER

Cynergy Bank

Online ISA (Issue 5)

None

1.00%

Coventry Building Society

Triple Access ISA (Online)

None

0.96%

Yorkshire Building Society

Internet Saver ISA Plus Issue 7

None

0.91%

Cynergy Bank continues to offer the best easy-access ISA rate this week with its Online ISA (Issue 5) paying 1.00% gross yearly. This ISA has a minimum deposit of £1 and savers should be aware that for security purposes they will also need to install the Cynergy Bank Authenticator App or Digipass to open and operate this ISA. The are no restrictions on withdrawals. Transfers in are accepted from other cash ISAs only and those transferring their ISA to the Cynergy Bank Online ISA (Issue 5) should know these are only accepted at the point the account is opened. This ISA can only be opened and managed online.
Coventry Building Society continues to have the second best easy access ISA rate this week. The Triple Access ISA (Online) pays 0.96% gross on anniversary and there is the option to receive interest monthly at the same rate. This ISA requires a £1 minimum deposit to open. This ISA limits the number of withdrawals to three per annum, any more than this will result in a 50 days’ loss of interest. Transfers in are accepted from cash, Lifetime, stocks and shares and Help to Buy ISAs. The ISA must be opened and managed online.
The third best rate for an easy access ISA is from Yorkshire Building Society. The Internet Saver ISA Plus Issue 7 has a headline rate of 0.91% gross for deposits of £10,000 or more. Interest is paid yearly. This ISA offers tiered rates of interest and pays a higher rate for a higher balance. The rate tiers are:

  • 0.20% gross at £1
  • 0.55% gross at £1,000
  • 0.91% gross at £10,000
  • 0.94% gross at £50,000

This ISA can be opened with a £1 and it accepts transfers in from other cash ISAs, Lifetime ISAs and stocks and shares ISAs. This ISA may only be opened and managed online.

Compare the best easy access ISAs

All the rates available can be found on our easy access ISA chart.

How to transfer your ISA

Savers should remember that any funds withdrawn from an ISA will lose their tax-free status. If savers need to move their ISA funds to a new ISA they should request a transfer from their new ISA provider.


Find out more about how ISA transfers work.

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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