The Best ISA Rates This Week 15.10.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 15/10/2020

Savers hoping to see an increase in competition at the top of the ISA charts during the autumn will be disappointed to see that the best rates have remained largely unchanged. In addition to this, with the continued economic uncertainty and the possibility of the Bank of England base rate reducing further or even turning negative, savers hoping to see ISA rate rise in the next few months may be disappointed and instead savers should consider getting the best rates while they are available.

It should be noted that the rates below are the best rates available at 8am on Thursday 15 October 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
UBL UK 5 Year Fixed Rate Cash ISA Five years 1.40%
Gatehouse Bank 3 Year Fixed Term Cash ISA Three years 1.12% (expected profit rate)
Gatehouse Bank 2 Year Fixed Term Cash ISA Two years 1.08% (expected profit rate)
Gatehouse Bank 1 Year Fixed Term Cash ISA One year 1.03% (expected profit rate)

 

Offering the best ISA rate overall this week was UBL UK which pays 1.44% gross on maturity on its 5 Year Fixed Rate Cash ISA. There are also versions of this ISA that pays 1.40% gross on anniversary and 1.39% gross quarterly or monthly. All options require a £2,000 minimum deposit to open. They all accept transfers in from cash ISAs. These ISAs can be opened in branch or by post but must be managed by post.

Gatehouse Bank continued to top the three, two and one year fixed rate ISA charts this week. Its 3 Year Fixed Term Cash ISA pays an expected profit rate of 1.12% gross, 2 Year Fixed Term Cash ISA pays an expected profit rate of 1.08% gross and 1 Year Fixed Term Cash ISA pays an expected profit rate of 1.03% gross. All ISAs pay expected profit rate on anniversary. To open these ISAs a £1,000 minimum deposit is needed. Transfers in are accepted. All options can only be opened and managed online.

Compare the best 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
Cynergy Bank Online ISA (Issue 5) None 1.00%
Coventry Building Society Triple Access ISA (Online) None 0.96%
Yorkshire Building Society Six Access e-Saver ISA None 0.91%

 

Remaining at the top of the easy access ISA chart this week was Cynergy Bank, which pays 1.00% gross yearly on its Online ISA (Issue 5). This ISA, which is only available to existing customers, requires a minimum deposit of £1 to open and allows unlimited further additions. Withdrawals can be made at any time. Transfers in are only accepted from cash ISAs and must be made on account opening. It must be opened and managed online.

The second-best rate in the easy access ISA rate this week comes from Coventry Building Society, with its Triple Access ISA (Online) paying 0.96% gross on anniversary or monthly. A minimum deposit of £1 is needed to open this account. It allows unlimited further additions. Withdrawals are restricted to three penalty-free withdrawals per annum, and any further withdrawals are subject to 50 days’ loss of interest. Transfers in are accepted. This ISA can only be opened and managed online.

Yorkshire Building Society had the third-best easy access ISA rate this week paying 0.94% gross on deposits of £50,000 and over. This ISA pays lower rates of 0.91% gross on deposits of £10,000, 0.55% gross on deposits of £1,000 and 0.20% gross on deposits of £1. Interest is paid yearly. Unlimited further additions are allowed. Withdrawals are restricted to six withdrawal days per anniversary year. This ISA accepts transfers in. It must be opened and managed online.

Compare the best 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 1.00%
Kent Reliance Cash ISA - 60 Day Notice - Issue 23 60 days 0.65%
Aldermore 30 Day Notice Cash ISA Issue 10 30 days 0.55%

 

Topping the notice ISA chart this week was Teachers Building Society paying 1.00% gross yearly on its Education ISA (Issue 1). This ISA is only available to teachers and other education professionals. It requires a £100 minimum deposit to open. Unlimited further additions are allowed. Withdrawals can be made subject to 90 days’ notice. External transfers in are accepted. This ISA can be both opened and managed online and by post.

The best rate in the up to 60 days’ notice ISA chart came from Kent Reliance, which pays 0.65% gross yearly or monthly on its Cash ISA – 60 Day Notice – Issue 23. This ISA requires a £1,000 minimum deposit to open. Further additions are allowed. Withdrawals can be made subject to 60 days’ notice, and if notice is not given, earlier access is permitted subject to 60 days’ loss of interest. The withdrawal method is dependent on how the account is opened. Transfers in must be made within 30 days of the account opening. This ISA can be opened online, in branch or by post, then managed online, in branch, by post and by phone.

Offering the best rate in the up to 30 days’ notice ISA chart was Aldermore, which pays 0.55% gross monthly on its 30 Day Notice Cash ISA Issue 10. Savers can also choose to have interest paid on anniversary at the same rate. This ISA requires a £1,000 minimum deposit to open and allows unlimited further additions. Withdrawals are subject to 30 days’ notice, and if notice is not given earlier access is permitted on 30 days’ loss of interest. Transfers in are accepted. This ISA can only be opened and managed online.

Compare the best notice ISAs

All the rates available can be found on our notice ISA 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.

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