The best ISA rates this week 12.03.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 12/03/2020

In yesterday’s budget, the Government announced that the ISA limit for the 2020/21 tax year would remain at £20,000. Meanwhile, the Junior ISA (JISA) limit was increased from £4,368 during this tax year to £9,000 during the 2020/21 tax year. Yesterday also saw the Bank of England reduce base rate by 0.50% (50 basis points), down from 0.75% to 0.25%. This base rate cut will be a disappointment to savers as it will likely lead to providers cutting savings rates over the coming weeks and months.

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 1.85%
Principality Building Society 5 Year Fixed Rate Cash ISA Issue 218 Five years 1.70%

Aldermore

Marsden Building Society
Virgin Money

3 Year Fixed Rate Cash ISA
Fixed Rate Cash ISA (Issue 122)
3 Year Fixed Rate Cash E-ISA Issue 418
3 Year Fixed Rate Cash ISA Issue 444

Three years

Three years

Three years

Three years

1.55%

1.55%

1.55%

1.55%

Al Rayan Bank

Virgin Money

Fixed Term Deposit Cash ISA 2 Year Fixed Rate Cash E-ISA Issue 417
2 Year Fixed Rate Cash E-ISA Issue 417

24 Months

Two years

Two years

1.50% (expected profit rate)

1.50%

1.50%

Ford Money

Fixed Rate Cash ISA 1 Year

One year

1.37%

Those looking to open a long-term fixed rate ISA will be pleased to see that last week’s top rate remained at the top of the chart again this week. United Trust Bank pays 1.85% gross on anniversary. This ISA requires a minimum opening deposit of £15,000. It accepts transfers in. The ISA can be opened by post and then managed by post and by phone.

Principality Building Society remained at the top of the five year fixed ISA chart this week with its 5 Year Fixed Rate Cash ISA Issue 218 paying 1.70% gross on anniversary. This ISA requires a minimum opening deposit of £500 and allows transfers in. It can be opened online or in branch and then managed online, in branch and by post. There is also a version of this ISA that pays 1.69% gross interest monthly.

Last week’s top three year fixed rate from Barclays Bank was no longer available by the end of the week, resulting in four ISAs offering the top rate of 1.55%. Aldermore pays 1.55% gross on anniversary on its 3 Year Fixed Rate Cash ISA. This ISA requires a minimum opening deposit of £1,000 and allows transfers in. 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. Marsden Building Society pays 1.55% gross yearly on its Fixed Rate Cash ISA (Issue 122). An opening minimum deposit of £5,000 is required for this ISA, which allows transfers in from cash ISAs only. This ISA can only be opened and managed in branch. Virgin Money pays 1.55% gross yearly on both its 3 Year Fixed Rate Cash E-ISA Issue 418 and 3 Year Fixed Rate Cash ISA Issue 444. Both ISAs require a minimum deposit of £1 to open and allow transfers in. 3 Year Fixed Rate Cash E-ISA Issue 418 can only be opened and managed online, while 3 Year Fixed Rate Cash ISA issue 444 can be opened in branch, by post or by phone and then managed in branch and by post. There are versions of both ISAs that pay interest monthly at a slightly lower gross rate.

Three accounts offered the top two year fixed ISA rate this week. Al Rayan Bank pays an expected profit rate of 1.50% gross quarterly on its Fixed Term Deposit Cash ISA. This ISA requires a minimum opening deposit of £1,000. Transfers in are allowed. It can be both opened and managed online, in branch, by post, by phone and via mobile app. Savers should note that after 13 March, a hard token device is required for online banking. Virgin Money pays 1.50% gross yearly on its 2 Year Fixed Rate Cash E-ISA Issue 417 and its 2 Year Fixed Rate Cash ISA Issue 443. Both ISAs requires a minimum opening deposit of £1. Transfers in are allowed. 2 Year Fixed Rate Cash E-ISA Issue 417 can only be opened and managed online. 2 Year Fixed Rate Cash ISA Issue 443 can be opened in branch, by post or by phone and then managed in branch and by post. There are versions of both accounts that pay interest monthly at a lower gross rate.

Ford Money topped the one year fixed ISA chart. Ford Money pays 1.37% gross on anniversary on its Fixed Cash ISA 1 Year. This ISA requires an opening minimum deposit of £500. Transfers in are allowed. It can be opened online or by phone but then only managed online. There is a version of this ISA that pays 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
Al Rayan Bank Instant Access Cash ISA Instant 1.36% (expected profit rate)
Virgin Money Double Take E-ISA Issue 14 None 1.31%

Leeds Building Society

Yorkshire Building Society

Double Access Cash ISA
Annual Access Account ISA

Instant

Instant

1.30%

1.30%

Al Rayan Bank remained at the top of the easy access ISA chart this week with its Instant Access Cash ISA paying an expected profit rate of 1.35 % gross monthly. This ISA requires a minimum deposit of £50 to open and allows unlimited further additions and withdrawals. Transfers in are allowed. It can be both opened and managed online, in branch, by post, by phone and via mobile app, but after 13 March a hard token device will be required to bank online.

Virgin Money also remained highly competitive this week with its Double Take E-ISA Issue 14 continuing to pay 1.31% gross yearly. This ISA requires a minimum opening deposit of £1. It allows unlimited further additions and restricts withdrawals to two per calendar year. Transfers in are allowed. This ISA must be opened and managed online. There is also a version of the ISA that pays interest monthly at a slightly lower gross rate.

Both Leeds Building Society and Yorkshire Building Society continued to pay the third-best rate in the easy access ISA chart this week. Leeds Building Society pays 1.30% gross yearly on its Double Access Cash ISA. To open this ISA, a minimum deposit of £5,000 is needed. It allows unlimited further additions but restricts withdrawals to two per calendar year, followed by 30 days’ loss of interest on all withdrawals thereafter. Transfers in are permitted. It can be both opened and managed in branch and by post. Yorkshire Building Society pays 1.30% gross on anniversary on its Annual Access Account ISA. This ISA requires a minimum opening deposit of £100 and allows unlimited further additions. Withdrawals are restricted to one withdrawal day per account year. Transfers in are allowed. This ISA can be opened in branch or by post and then managed online, in branch and by post.

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%
Paragon Bank 120 Day Notice Cash ISA – Issue 1 120 days 1.31%
Aldermore 30 Day Notice Cash ISA Issue 7 30 days 1.30%

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

Paragon Bank offers the best rate on a notice ISA without any opening restrictions, with its 120 Day Notice Cash ISA – Issue 1 paying 1.31% gross on anniversary. This ISA requires a minimum opening deposit of £500 and allows unlimited further additions. Withdrawals are permitted but subject to 120 days’ notice, if notice is not given earlier access is allowed on 120 days’ loss of interest. Transfers in are allowed. This ISA must be opened and managed online. There is a version of this ISA that pays interest monthly at a slightly lower gross rate.

Aldermore pays 1.30% gross on anniversary on its 30 Day Notice Cash ISA Issue 7. This ISA requires a minimum opening deposit of £1,000 and allows unlimited further additions. Withdrawals are permitted subject to 30 days’ notice. If notice is not given, then earlier access is allowed but on 30 days’ loss of interest. Transfers in are allowed. This ISA must be opened and managed online. There is a version of this ISA 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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