The Best ISA Rates This Week 11.06.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 11/06/2020

While in general the savings market has seen rates continue to fall this week, savers looking to deposit their funds into an ISA will be pleased to see that last week’s top rates are still available in the charts. Saying this, savers wanting to secure the best ISA deals should act quickly as it is uncertain for how long the best rates will remain in the charts.

It should be noted that the rates below are the best rates available on Thursday and, although correct at the time of publishing, they may not be available on Friday.

The best fixed rate ISA savings rates

Provider Account Term Rate AER
United Trust Bank ISA 7 Year Bond Seven years 1.50%
Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 24 Five years 1.30%
Cambridge Building Society Member’s 3 Year Fixed Rate ISA (Issue 2) Three years 1.15%
Al Rayan Bank Fixed Term Deposit Cash ISA 24 months 1.41% (expected profit rate)
Al Rayan Bank Fixed Term Deposit Cash ISA 12 months 1.21% (expected profit rate)

Savers able to lock their money away for a period of seven years can currently get a rate of 1.50% gross on United Trust Bank’s ISA 7 Year Bond. This ISA pays interest on anniversary and requires a minimum opening deposit of £15,000. It accepts transfers in. The ISA can only be opened by post but, once opened, can be managed by post and by phone.

Due to State Bank of India reducing its ISA rates, Shawbrook Bank was new to the top of the five year fixed rate ISA chart this week, paying 1.30% gross on its 5 Year Fixed Rate Cash ISA Bond Issue 24. It pays interest on anniversary. To open this ISA, a £1,000 minimum deposit is needed. Transfers in are allowed. This ISA must be opened online but can then be managed online and by phone.

Cambridge Building Society offered the best rate in the three year fixed rate ISA chart this week. Its Member’s 3 Year Fixed Rate ISA (Issue 2) pays 1.15% gross, but savers should be aware that this ISA is only available to customers who have held a Cambridge savings or mortgage account for three months. It pays interest yearly and requires a minimum deposit of £500 to open. Transfers in are accepted. It can be opened in branch, by post or by phone and then managed online, in branch, by post, by phone and via mobile app.

Al Rayan Bank topped both the two and one year fixed rate ISA charts this week. In the two year chart, it pays an expected profit rate of 1.40% gross on its Fixed Term Deposit Cash ISA and in the one year chart, it pays an expected profit rate of 1.20% gross on the 12-month version of its Fixed Term Deposit Cash ISA. Both ISAs pay profit quarterly. They both accept transfers in. Theses ISAs can be both opened and managed online, in branch, by post, by phone and via mobile app.

Fixed rate ISAs

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

The best easy access ISA rates

Provider Account Term Rate AER
Al Rayan Bank Instant Access Cash ISA Instant 1.11% (expected profit rate)
Cynergy Bank Online ISA (Issue 3) None 1.02%
National Savings & Investments Direct ISA None 0.90%

Once again, Al Rayan Bank topped the easy access ISA chart this week paying an expected profit rate of 1.10% gross on its Instant Access Cash ISA. This ISA pays profit monthly and requires a £50 minimum deposit to open. It allows unlimited further additions and withdrawals can be made at any time. Transfers in are accepted. This ISA can be both opened and managed online, in branch, by post, by phone and via mobile app.

The second-best easy access ISA rate this week came from Cynergy Bank, which pays 1.02% gross on its Online ISA (Issue 3). Savers should be aware that this ISA is only available to existing customers. It pays interest yearly and requires a minimum deposit of just £1 to open. This ISA allows unlimited further additions and withdrawals. Transfers in from cash ISAs are accepted. It can only be opened and managed online.

National Savings & Investments (NS&I) offered the third-best rate in the easy access ISA chart this week, with its Direct ISA paying 0.90% gross. It pays interest yearly and requires a minimum deposit of £1 to open. Further additions are allowed, and withdrawals can be made at any time but must be made via a nominated account. Transfers in are not permitted with this ISA. Savers should also be aware that this ISA is 100% backed by HM Treasury. It 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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