The best ISA rates this week 13.02.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 13/02/2020

With ISA season just around the corner, savers are hoping that providers will start to increase their rates, but will be disappointed to see that a number of last week’s top rates are no longer available. This is particularly the case in the fixed rate ISA chart, where UBL UK reduced many of its top-paying ISA rates. Saying this, the easy access ISA chart remained competitive, with last week’s top rate still available and a number of providers offering rates over 1.30% gross.

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 1.90%
Coventry Building Society Fixed Rate ISA (101) 31.05.2025 Five years 1.75%
Aldermore 3 Year Fixed Rate Cash ISA Three years 1.55%

Al Rayan Bank

OakNorth Bank

State Bank of India

Fixed Term Deposit Cash ISA
24 Month Fixed Rate Cash ISA
2 Year Cash ISA Fixed Deposit

24 months

24 months

Two years

1.50% (expected profit rate)
1.50%

1.50%

OakNorth Bank 12 Month Fixed Rate Cash ISA 12 months 1.41%

A number of changes in the fixed rate charts have resulted in new accounts now offering the top rates for all terms this week. The biggest change was from UBL UK, which reduced the rates on a number of its chart-topping ISA rates, resulting in United Trust Bank now offering the top fixed ISA rate overall. United Trust Bank offers a rate of 1.90% gross on its ISA 7 Year Bond. This ISA pays interest on anniversary and requires a substantial minimum deposit of £15,000 to open. Transfers in are allowed and this ISA must be opened by post but can then be managed by post and by phone.

Coventry Building Society now tops the five year fixed rate ISA chart with its Fixed Rate ISA (101) 31.05.2025 paying 1.75% gross yearly. This ISA requires just a £1 opening minimum deposit and accepts transfers in. It can be both opened and managed online, in branch, by post and by phone.

New to the top of the three year fixed ISA chart this week is Aldermore, paying 1.54% gross on anniversary is its 3 Year Fixed Rate Cash ISA. This ISA allows further additions for 14 days from account opening as well as 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.

Three providers now top the two year fixed ISA chart this week all offering the top rate of 1.50% gross. 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 and accepts transfers in for 30 days from account opening. It can be both opened and managed online, in branch, by post, by phone and via its mobile app. OakNorth Bank pays 1.50% gross monthly on an opening minimum deposit of £1. Transfers in are allowed, but an initial deposit must be received within 30 calendar days or the account will be closed. It can only be opened online and then managed online, by phone and via its mobile app. State Bank of India pays 1.50% gross on maturity on its 2 Year Cash ISA Fixed Deposit. This ISA requires a minimum opening deposit of £5,000 and only accepts transfers in from cash ISAs. It must be opened in branch but can then be managed online, in branch and by post.

OakNorth Bank was also new to the top of the one year fixed ISA chart this week. Its 12 Month Fixed Rate Cash ISA pays 1.41% gross monthly on an opening minimum deposit of £1. Transfers in are allowed but initial deposits must be received within 30 calendar days or the account will be closed. This ISA can only be opened online but can then also be managed by phone and via its 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 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
Leeds Building Society

Yorkshire Building Society
Yorkshire Building Society

Double Access ISA
Limited Issue Online Access ISA (Issue 17)
1 Year Limited Access Saver ISA Issue 3
Annual Access Account ISA

Instant
None

None

None

1.30%
1.30%

1.30%

1.30%

Remaining at the top of the easy access ISA chart this week is Al Rayan Bank offering an expected profit rate of 1.35% gross monthly on its Instant Access Cash ISA. This ISA requires a minimum opening deposit of £50 and allows unlimited further additions and withdrawals. Transfers in are permitted. It can be both opened and managed online, in branch, by post, by phone and via its mobile app.

Offering the second-best rate in the easy access chart this week is Virgin Money with its Double Take E-ISA Issue 14 paying 1.31% gross yearly. A minimum deposit of £1 is required to open this ISA, which allows unlimited further additions. Withdrawals are restricted to two withdrawals per calendar year. Transfers in are allowed. This ISA 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.

Both Leeds Building Society and Yorkshire Building Society offered 1.30% gross this week. Leeds Building Society offers 1.30% gross yearly on its Double Access ISA and 1.30% gross on maturity on its Limited Issue Online Access ISA (Issue 17). The Double Access ISA requires an opening minimum deposit of £5,000 and allows unlimited further additions while the issue remains open. Withdrawals are restricted to two per calendar year, then there is a 30-day loss of interest on all withdrawals thereafter. Transfers in are allowed. It can only be opened in branch and then managed in branch and by post. Limited Issue Online Access ISA (Issue 17) requires a minimum opening deposit of £1,000 and allows further additions while the issue remains open and unlimited withdrawals. Transfers in are also permitted. It can only be opened and managed online.

Yorkshire Building Society pays 1.30% gross on anniversary on both its 1 Year Limited Access Saver ISA Issue 3 and its Annual Access Account ISA. These accounts require an opening minimum deposit of £100 and permit unlimited further additions. Withdrawals are restricted to one withdrawal per account year. Both ISAs allow transfers in. The 1 Year Limited Access Saver ISA Issue 3 can only be opened and managed online while the Annual Access Account 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%

There was no change in the notice ISA chart this week, with Teachers Building Society’s highly restricted Education ISA (Issue 1) paying the top rate overall. This ISA pays 1.40% gross yearly but is only available to teachers and other education professionals. It requires a £100 minimum deposit to open. This ISA allows unlimited further additions and withdrawals are permitted subject to 90 days’ notice. Transfers in are allowed. It can be opened and managed online and by post.

Paragon Bank continued to offer the best rate on a notice ISA without any opening restrictions. Its 120 Day Notice Cash ISA – Issue 1 pays 1.31% gross on anniversary on an opening minimum deposit of £500. This ISA allows unlimited further additions. Withdrawals are permitted subject to 120 days’ notice or, if notice is not given, earlier access is allowed but subject to 120 days’ loss of interest. Transfers in are allowed. This ISA 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.

Savers looking for a short-term notice ISA will find that Aldermore continued to offer the highest rate this week. Its 30 Day Notice Cash ISA Issue 7 pays 1.30% gross on anniversary on an opening minimum deposit of £1,000. Savers can deposit unlimited further additions into this ISA, but withdrawals are subject to 30 days’ notice or there is a 30 days’ loss of interest penalty on earlier access. It allows transfers in. The ISA can only be opened and managed online and there is also 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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