The best ISA rates this week 09.04.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 09/04/2020

With the start of the new tax year this week the ISA limit of £20,000 has been reset, giving ISA savers the opportunity to boost their ISAs with further tax-free deposits. While this time of year is traditionally when providers launch their most competitive ISA rates, the economic crisis caused by the Coronavirus pandemic has meant that savers have not been able to benefit from the usually highly competitive ISA rates available during the new tax year. Saying this, there are a number of good rates available in the charts this week, with many of last week’s top rates still available.

Savers should also be aware that while some ISAs can normally be opened and managed in branch, due to the travel and branch opening restrictions implemented in response to the Coronavirus pandemic, many banks and building societies are operating their branches at limited opening times. In addition to this, savers are being urged to only visit branches for essential services only, as such they may find they have to open new ISAs using alternative banking methods.

The best fixed rate ISA savings rates

Provider Account Notice Rate AER
Shawbrook Bank 7 Year Fixed Rate Cash ISA Bond Issue 1 Seven years 1.65%
Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 21 Five years 1.61%
Marsden Building Society Fixed Rate Cash ISA (Issue 122) Three years 1.55%

Shawbrook Bank

Kent Reliance

2 Year Fixed Rate Cash ISA Bond Issue 36
Cash ISA 2 Year Fixed Rate – Issue 33

Two years

Two years

1.45%

1.45%

Aldermore

Kent Reliance

1 Year Fixed Rate Cash ISA
Cash ISA 1 Year Fixed Rate – Issue 34

One year

One year

1.35%

1.35%

The top rate being offered in the fixed rate ISA chart this week came from Shawbrook Bank, which pays 1.65% gross on anniversary on its 7 Year Fixed Rate Cash ISA Bond Issue 1. This ISA requires a minimum deposit of £1,000 to open. It accepts transfers in. Shawbrook Bank also topped the five year fixed rate ISA chart this week with its 5 Year Fixed Rate Cash ISA Bond Issue 21 paying 1.61% gross on anniversary. This ISA has the same terms and conditions as the seven year version. Both ISAs can only be opened online but can then be managed online and by phone. As well as this, there are options of both ISAs that pay interest monthly at a slightly lower gross rate.

This week Marsden Building Society offered the best paying three year fixed rate ISA. Its Fixed Rate Cash ISA (Issue 122) pays 1.55% gross yearly. It requires a £5,000 minimum deposit. It accepts transfers in from cash ISAs only and transfers must be received within 30 days of account opening. This ISA can only be opened and managed in branch.

Two providers were offering the best two year fixed rate ISA rate of 1.45% this week. Shawbrook Bank pays 1.45% gross on anniversary on its 2 Year Fixed Rate Cash ISA Bond Issue 36. To open this ISA a minimum opening deposit of £1,000 is required. It accepts transfers in. This ISA can only be opened online but can then be managed online and by phone. Kent Reliance also pays 1.45% gross yearly on its Cash ISA 2 Year Fixed Rate – Issue 33. This ISA requires a minimum opening deposit of £1,000. It accepts transfers in but transfer request must be made within 30 days of account opening. This ISA can be opened online, in branch and by post and then managed online, in branch, by post and by phone.

Both Aldermore and Kent Reliance topped the one year fixed rate ISA chart this week. Aldermore pays the top rate of 1.35% gross on maturity on its 1 Year Fixed Rate Cash ISA. This ISA requires a minimum opening deposit of £1,000 and allows transfers in, although transfers must be made within 10 business days. It can only be opened and managed online. There is also a version of this ISA that pays interest monthly at a slightly lower gross rate. Kent Reliance pays 1.35% gross on maturity on its Cash ISA 1 Year Fixed Rate – Issue 34. To open this ISA a minimum deposit of £1,000 is needed. This ISA allows transfers in but transfers request must be made within 30 days of account opening. The ISA can be opened online, in branch, by post and then managed online, in branch, by post and by phone. As well as this, there are versions of both these ISAs that pay 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
Bath Building Society
Penrith Building Society

Instant ISA
ISA Issue 2
ISA Issue 3

Instant
Instant
Instant
1.25%
1.25%
1.25%
Family Building Society Market Tracker Cash ISA (2) Instant 1.18%
Family Building Society Flexible ISA (1) Instant 1.16%

Both Bath Building Society and Penrith Building Society topped the easy access ISA chart again this week offering 1.25%. Bath Building Society pays 1.25% gross yearly on its Instant ISA, which requires just a £1 deposit to open. This ISA allows unlimited further additions and withdrawals. Transfers in are accepted. While this ISA can normally be opened and managed in branch, Bath Building Society are temporarily only carrying out essential banking services in branch due to the Coronavirus lockdown, but the ISA can still be opened and managed by post. Penrith Building Society pays 1.25% gross yearly on its ISA Issue 2 and ISA Issue 3. Both these ISAs require a minimum deposit of £100 to open. They allow further additions and withdrawals. Transfers-in are only allowed on ISA Issue 3. These accounts can be opened and managed in branch and by post.

Family Building Society paid the second and third best easy access ISA rates this week. Its Market Tracker Cash ISA (2) pays 1.18% gross yearly and its Flexible ISA (1) pays 1.16% gross yearly. Both ISAs require a minimum opening deposit of £500. Market Tracker Cash ISA (2) allows unlimited further additions and withdrawals, while Flexible ISA (1) allows unlimited further additions and up to 12 withdrawals per calendar year. Both allow transfers in. These ISAs can be opened online, in branch and by post and then managed online, in branch, by post 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 1.40%
Aldermore 30 Day Notice Cash ISA Issue 7 30 days 1.30%

This week Teachers Building Society continued to offer the best notice ISA with its Education ISA (Issue 1) paying 1.40% gross yearly. This ISA is restricted to teachers and other education professionals only. It requires a minimum deposit of £100 and allows unlimited further additions. Withdrawals are permitted by subject to 90 days’ notice. Transfers in are allowed. This ISA can be opened and managed online and by post.

The best notice ISA without opening restrictions came from Aldermore this week. Aldermore pays 1.30% gross on anniversary on its 30 Day Notice Cash ISA Issue 7. To open this ISA a minimum deposit of £1,000 is needed. It allows unlimited further additions. Withdrawals are permitted but subject to 30 days’ notice, if notice is not given earlier access is allowed but on a 30 days’ loss of interest penalty. Transfers in are accepted. This ISA can only be opened and managed online and there is a version that pays interest monthly at a slightly lower gross rate.

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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