The Best ISA Rates This Week 14.05.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 14/05/2020

While the ISA rates continue to fall, savers looking for a tax-free savings account will be pleased to see that there are still competitive ISA rates available this week. Savers looking for the highest ISA rates should consider a fixed rate ISA, however they need to keep in mind that in return for getting the highest ISA rates available they will have to lock their money into the account for a fixed period of time.

Savers should be aware that although we have included ISAs that can be opened and managed in branch, consumers are advised to check with the bank or building society to ensure this service is still available, as many are only providing essential banking services in branch at the moment due to the Government’s restrictions on movement.

The best fixed rate ISA savings rates

Provider Account Term Rate AER
Shawbrook Bank 7 Year Fixed Rate Cash ISA Bond Issue 1 Seven years 1.65%
Gatehouse Bank 5 Year Fixed Term Cash ISA Five years 1. 40% (expected profit rate)
State Bank of India 3 Year Cash ISA Fixed Deposit Three years 1.35%
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)

Shawbrook Bank once again had the top rate in the fixed rate ISA chart this week with its 7 Year Fixed Rate Cash ISA Bond Issue 1 paying 1.65% gross on anniversary. This ISA requires a minimum deposit of £1,000 to open. It accepts transfers in. This ISA can only be opened online but can then be managed online and by phone. There is also a version of this ISA that pays interest monthly at a slightly lower gross rate.

The best rate in the five year fixed rate ISA chart came from Gatehouse Bank this week with its 5 Year Fixed Term Cash ISA. Gatehouse Bank pays an expected profit rate of 1.40% gross on anniversary and requires a minimum deposit of £1,000 to open. It accepts transfers in. This ISA can only be opened and managed online.

State Bank of India continued to offer the best three year fixed ISA rate this week with its 3 Year Cash ISA Fixed Deposit paying 1.35% gross on maturity. To open this ISA a minimum deposit of £5,000 is needed. It accepts transfers in from cash ISAs only. This ISA can only be opened in branch but can then be managed online, in branch and by post.

The best two year fixed ISA rate this week came from Al Rayan Bank, which pays an expected profit rate of 1.40% gross quarterly on its Fixed Term Deposit Cash ISA. This ISA requires a minimum deposit of £1,000. It accepts transfers in for up to 30 days from account opening. It can be opened and managed online, in branch, by post, by phone and via mobile app. Al Rayan Bank also topped the one year fixed rate ISA chart this week with the 12 month version of its Fixed Term Deposit Cash ISA paying an expected profit rate of 1.20% gross quarterly. This ISA has the same terms and conditions as the 24-month option.

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
Penrith Building Society ISA Issue 2 Instant 1.25%
Family Building Society Market Tracker Cash ISA (2) Instant 1.18%
Family Building Society Flexible ISA (1) Instant 1.16%

Remaining at the top of the easy access ISA chart this week is Penrith Building Society, which pays 1.25% gross yearly on its ISA Issue 2. This ISA is only available to those living in Cumbria and requires a minimum deposit of £100 to open. It allows further additions and withdrawals. Transfers in are not permitted. This ISA can be opened and managed in branch and by post.

Family Building Society offered the second and third best rates in the easy access ISA charts this week. Its Market Tracker Cash ISA (2) pays 1.18% gross yearly and is only available to existing members who have had a Family Building Society ISA for at least two months. It requires a £500 minimum deposit to open and allows further additions and withdrawals. Transfers in from cash ISAs are accepted. Family Building Society’s Flexible ISA (1) pays 1.16% gross yearly. This ISA is also only available to existing members who have had a Family Building Society ISA for at least two months. It allows further additions, but withdrawals are restricted to up to 12 per calendar year. Transfers in from cash ISA are accepted. Both ISAs can be opened online, in branch and by post and then managed online, in branch, by post and by phone.

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
Family Building Society 35 Day Notice Cash ISA (1) 35 days 1.25%
Monmouthshire Building Society 30 Day Notice Cash ISA – Issue 2 30 days 1.25%
The Melton Building Society 60 Day Notice Cash ISA 60 days 1.15%

Family Building Society offered the top notice ISA rate this week with its 35 Day Notice Cash ISA (1). This ISA pays 1.25% gross on a £15,000 deposit and increases the rate to 1.35% on deposit of £30,000. For those with deposits of £3,000 - £14,999 it pays a rate of 1.15%. This ISA pays interest yearly and is only available to existing members who have had a Family Building Society ISA for at least two months. It allows further additions. Withdrawals are permitted but subject to 35 days’ notice. Transfers in from cash ISAs are accepted. This ISA can be opened online, in branch and by post and then managed online, in branch, by post and by phone.

Monmouthshire Building Society also pays 1.25% gross yearly on its 30-Day Notice Cash ISA – Issue 2. This ISA requires a minimum deposit of £10 to open. It allows further additions. Withdrawals are permitted subject to 30 days’ notice and if notice is not given earlier access is allowed but subject to 30 days’ loss of interest. Transfers in from cash ISAs are accepted. This ISA can be opened and managed online, in branch and by post.

The Melton Building Society also offered a competitive notice ISA rate this week with its 60 Day Notice Cash ISA paying 1.15% gross yearly. To open this ISA a minimum deposit of £25 is needed and it allows further additions. Withdrawals are permitted subject to 60 days’ notice or, if notice is not given, earlier access is allowed on a 60-day loss of interest penalty. Transfers in are not accepted. This ISA can be opened and managed in branch and by post.

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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