The best ISA rate this week 12.11.20 | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 12/11/2020

This week there have changes in the best ISA rates available to savers. Virgin Money launched a new one-year fixed rate ISA. This ISA has a significantly higher rate than any other one-year fixed rate ISA available right now, so it may not be around for long. UBL reduced a selection of its fixed cash ISA rates this week and as a result the top rate available for longer-term fixed ISAs has reduced in the market. Newcastle Building Society also reduced the rates on its one and two-year fixed ISAs, and as a result the best rate for a two-year fixed ISA is lower this week than last week and lower than available in the one-year fixed rate market.


Paragon Bank launched a new triple access ISA this week that places it now at the top of the easy access ISA table and gives savers a choice of providers to get the top rate. Notice ISA savers continue to have limited access to the very best rates this week, as certain building societies have eligibility restrictions. With only 0.05% between the top-paying notice account available to all savers and the top easy access rates, savers may prefer to retain flexibility and wait to see if the notice ISA market improves.
It should be noted that the rates below are the best rates available at 10.00 on Thursday 12 November 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

United Trust Bank

ISA 7 Year Bond

Seven Years

1.35%

United Trust Bank

ISA 5 Year Bond

Five years

1.25%

Ford Money

Fixed Cash ISA 3 Year

Three years

1.00%

United Trust Bank

ISA 3 Year Bond

Three years

1.00%

Family Building Society

2 Year Fixed Rate Cash ISA (11)

Two years

0.85%

Virgin Money

1 Year Fixed Rate Cash ISA Exclusive Issue 1

29.10.21

1.00%

All the best fixed cash ISA rates and providers have changed this week. The best ISA rate currently available of any term is from United Trust Bank, with its ISA 7 Year Bond paying 1.35% gross. United Trust Bank also has the best five-year fixed rate ISA with its ISA 5 Year Bond, paying a rate of 1.25% gross. Both accounts have a minimum deposit of £15,000 and these accounts can only be opened by post. After this, these accounts may be managed online, by post and by phone. Interest is paid on the anniversary of the account opening and transfers in from cash and stocks and shares ISAs are accepted.


The best three-year fixed rate ISA this week is available from Ford Money, with a rate of 1.00% gross on its Fixed Cash ISA 3 Year. The account can be opened with a £500 deposit and may be opened online or by phone and then operated online. Savers can choose between interest paid on the anniversary of the account being funded or to receive monthly interest. Transfers in are accepted from other cash ISAs, Lifetime ISAs, innovative finance ISAs, stocks and shares ISAs and Help to Buy ISAs.


Interestingly this week the best rate for a two-year fixed rate ISA pays a lower rate than the top rate for a shorter one-year fixed ISA. Family Building Society has the best two-year fixed ISA rate at 0.85% gross. 2 Year Fixed Rate Cash ISA (11) may be opened with a minimum deposit of £1,000 in a branch or by post. However, this ISA can only be opened by existing members who have held a Family Building Society ISA for at least two months. The ISA is then managed online, in branch or by post. Interest is paid yearly, and it only accepts transfers in from other cash ISAs.


Virgin Money has the best one-year fixed rate ISA this week with a rate of 1.00% gross. 1 Year Fixed Rate Cash ISA Exclusive Issue 1 has a minimum deposit of £1 and may be opened online and in branch by new or existing current account customers of Virgin Money, Yorkshire Bank or Clydesdale Bank. Savers can then operate the account in a branch or by post. This ISA accepts transfers in from other cash ISAs and stocks and shares ISAs. When the ISA matures on 29.10.21, it will revert into an Easy Access Cash ISA Exclusive.


Fixed rate ISAs usually do not allow savers to make withdrawals before the fixed term ends. However, most fixed ISAs will allow earlier access but this will come with penalties. Savers should check the account terms and conditions to make sure they understand these restrictions before opening the account.

Compare the best fixed rate ISAs

Compare the best fixed rate ISA rates shown on our ISA rate charts.

The best easy access ISA rates

Provider

Account

Notice

Rate AER

Paragon Bank

Triple Access ISA (Issue 2)

None

0.65%

Al Rayan Bank

Instant Access Cash ISA (Issue 2)

Instant

0.60% expected profit rate

Bath Building Society

Instant ISA

Instant

0.60%

Gatehouse Bank

Easy Access Cash ISA

None

0.60% expected profit rate

Kent Reliance

Cash ISA – Easy Access – Issue 24

Instant

0.60%

Scottish Building Society

Loyalty Cash ISA

Instant

0.60%

Skipton Building Society

Cash ISA Saver Plus Issue 1

Instant

0.60% (includes a 0.20% bonus for 12 months)

Note: excludes existing customer or postcode restricted accounts.


The best easy access ISA rate this week is available from Paragon Bank, paying a rate of 0.65% gross on its Triple Access ISA (Issue 2). This ISA requires a minimum deposit of£1 and can be opened and managed online. It offers interest on anniversary or monthly. The Triple Access ISA (Issue 2) allows savers to make withdrawals, but if this exceeds more than three in a 12-month period then the interest rate is reduced to 0.25%. Transfers in are only accepted from other cash ISAs and stocks and shares ISAs.


There are six providers all offering the same rate of 0.60% gross on their easy access ISAs. Al Rayan Bank offers an expected profit rate that is paid monthly on its Instant Cash ISA (Issue 2). This ISA can be opened and managed online, in branch, by post, by phone or via their app. The minimum deposit is £50 and the account accepts transfers in from other cash ISAs and stocks and shares ISAs.
Bath Building Society’s Instant ISA pays interest yearly and can only be opened and managed in branch or by post. The minimum deposit is £1 and it only accepts transfers in from other cash ISAs.
Gatehouse Bank has an expected profit rate that is paid on the funding anniversary on its Easy Access Cash ISA. This ISA can only be opened and operated online and savers need at least £1,000 to open this account. Transfers in are accepted from other cash ISAs and stocks and shares ISAs.
Kent Reliance pays interest yearly or monthly on its Cash ISA – Easy Access – Issue 24. This ISA can be opened with £1 but balances up to £999 will only receive 0.10% gross. Savers will need to deposit at least £1,000 to get 0.60% gross. This ISA can be opened online, in branch or by post and can then also be operated by phone. Most types of ISA transfers are accepted. However, savers will need to make any transfer requests within 30 days of opening this ISA.
Scottish Building Society offers yearly interest on its Loyalty Cash ISA that comes with a stepped rate of interest increasing the longer you retain your account. The starting rate in this tax-year is 0.60% gross. The account can be opened with a minimum deposit of £1 in branch or by post and is also managed in branch or by post.
Skipton Building Society offers interest on anniversary for its Cash ISA Saver Plus Issue 1 and this can be opened and operated in branch, by post or by phone. The minimum balance is £1 and all deposits must be new money to the institution. It accepts transfers in from other cash ISAs and stocks and shares ISAs (excludes existing Skipton Building Society ISAs). The rate of 0.60% includes a 0.20% bonus for the first 12 months.

Compare the best easy access ISAs

Compare the best easy access ISA rates shown on our ISA rate charts.

The best notice ISA rates

Provider

Account

Notice

Rate AER

Teachers Building Society

Education ISA (Issue 1)

90 days

1.00%

Earl Shilton Building Society

90 Days’ Notice Cash ISA

90 days

0.75%

Mansfield Building Society

90 Day Notice Cash ISA (2nd Issue)

90 days

0.75%

Teachers Building Society

Cash ISA Notice 90 (Issue 10)

90 days

0.70%

The top three notice ISA rates this week all have opening restrictions. The Education ISA (Issue 1) from Teachers Building Society is only available to teachers and those in the education profession. The 90 Days’ Notice Cash ISA from Earl Shilton Building Society is only available to existing members or those living in postcode areas LE, CV 9 to 13 and DE11 to 15 and the 90 Day Notice Cash ISA (2nd Issue) from Mansfield Building Society is only available to existing members with a minimum of one year continuous membership or those living in Nottinghamshire, Derbyshire and South Yorkshire.


The best rate for a notice ISA that is available to all savers is from Teachers Building Society with a rate of 0.70% gross yearly on its Cash ISA Notice 90 (Issue 10). This ISA has a minimum balance of £100 and may be opened and operated online and by post. Interest is paid yearly and transfers in are accepted from other cash ISAs and stocks and shares ISAs. Withdrawals require 90 days notice and must be made via a nominated account.

BOB NISA

Compare the best notice ISAs

Compare the best notice ISA rates shown on our ISA rate charts.

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.

Pound coins in a stack

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy