The Best ISA Rates This Week 09.07.2020 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 09/07/2020

After a turbulent few months, the ISA charts have seemed to stabilise a bit this week, with just one top rate in the one year fixed ISA chart being reduced during the week. Saying this, the savings market is still very challenging for savers and top rates may not remain in the charts for very long. As such, savers are urged to act quickly or they risk missing out on the best rates available.

Savers should be aware that the rates below are the best rates available at 12pm on Thursday 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 5 Year Fixed Rate Cash ISA Five years 1.21%
UBL UK 3 Year Fixed Rate Cash ISA Three years 1.10%
Gatehouse Bank 2 Year Fixed Term Cash ISA Two years 0.95% (expected profit rate)
Leek United Building Society 1 Year Fixed Rate, Fixed Term Cash ISA One year 0.75%

 

Two providers continued to offer the top fixed ISA rate overall this week, with both Shawbrook Bank and United Trust Bank paying 1.25% on seven-year ISAs. 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 and accepts transfers in. The ISA can only be opened online, but can be managed online and by phone. There is a version of this ISA that pays interest monthly at a slightly lower gross rate. United Trust Bank pays 1.25% gross on anniversary on its ISA 7 Year Bond. To open this ISA, a £15,000 minimum deposit is needed. Transfers in are accepted. This ISA must be opened by post but can then be managed by post and by phone.

The best rates in the five and three year fixed rate ISA charts continued to be offered by UBL UK this week. UBL UK pays 1.24% gross on maturity on its 5 Year Fixed Rate Cash ISA and 1.11% gross on maturity on its 3 Year Fixed Rate Cash ISA. Both ISAs require a minimum deposit of £2,000 to open. They accept transfers in from cash ISAs. These ISAs can be opened in branch or by post but must then be managed by post. There are versions of both these ISAs that pay interest on anniversary, quarterly and monthly at slightly lower gross rates.

Topping the two year fixed rate ISA chart this week was Gatehouse Bank, which pays an expected profit rate of 0.95% gross on anniversary on its 2 Year Fixed Term Cash ISA. To open this ISA, a £1,000 minimum opening deposit is needed. It accepts transfers in. The ISA can only be opened and managed online.

Savers looking for a one year fixed ISA will find the best rate is being offered by Leek United Building Society this week. Its 1 Year Fixed Rate, Fixed Term Cash ISA pays 0.75% gross on maturity. It requires a £1,000 minimum deposit to open and accepts transfers in. This ISA can be both opened and managed in branch and by post.

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
Al Rayan Bank Instant Access Cash ISA Instant 1.00% (expected profit rate)
Cynergy Bank Online ISA (Issue 4) None 0.90%
National Savings & Investments Direct ISA None 0.90%

 

The top-paying easy access ISA continued to be offered by Al Rayan Bank this week, which pays an expected profit rate of 1.00% gross monthly on its Instant Access Cash ISA. This ISA requires a £50 minimum deposit to open. It allows unlimited further additions and withdrawals can be made at any time. Transfers in are accepted. The ISA can be both opened and managed online, in branch, by post, by phone and via mobile app.

Both Cynergy Bank and National Savings & Investments (NS&I) had the second-best easy access ISA rate this week of 0.90%. Cynergy Bank pays 0.90% gross yearly on its Online ISA (Issue 4). This ISA is only available to existing customers. It requires a £1 minimum deposit to open. Transfers in from cash ISAs are accepted. The ISA must be opened and managed online and a Cynergy Bank Authenticator App or Digipass will be required to open and manage the ISA.

NS&I pays 0.90% gross yearly on its Direct ISA, which is 100% backed by HM Treasury. A £1 minimum deposit is needed to open this ISA, which allows unlimited further additions. Withdrawals are permitted at any time but must be made via a nominated account. Transfers in are not accepted. The ISA can be both opened and managed online and by phone.

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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