Derin Clark

Derin Clark

Online Reporter
Published: 19/03/2020

This afternoon, the Bank of England made an unexpected base rate cut from 0.25% to 0.10%, which comes just a week after base rate was cut from 0.75% to 0.25%. Last week’s base rate cut is likely to have contributed to a fall in rates across many of the ISA charts this week and after today’s cut, there is the possibility that rates could fall further.

The best fixed rate ISA savings rates

Provider Account Term Rate AER
United Trust Bank ISA 7 Year Bond Seven years 1.85%
Hodge Bank 5 Year Fixed Rate Cash ISA Five years 1.65%
Marsden Building Society Fixed Rate Cash ISA (Issue 122) 30.04.23 1.55%
Al Rayan Bank Fixed Term Deposit Cash ISA 24 months 1.50% (expected profit rate)
Virgin Money 1 Year Fixed Rate Cash E-ISA Issue 416
1 Year Fixed Rate Cash ISA Issue 442

24.02.21

15.03.21

1.36%

1.36%

Although the top rates have fallen for many terms in the fixed ISA charts this week, United Trust Bank continued to offer its ISA 7 Year Bond paying 1.85% gross on anniversary. This ISA requires a minimum opening deposit of £15,000. It allows transfers in and must be opened by post but can then be managed by post and by phone.

The top rate in the five year fixed ISA chart this week came from Hodge Bank, which pays 1.65% gross yearly on its 5 Year Fixed Rate Cash ISA. This ISA requires a £1,000 minimum deposit to open and allows transfers in. It can be opened online or by post and then managed by post and by phone. There is also a version of this ISA that pays interest monthly at a slightly lower gross rate.

Marsden Building Society offered the top rate in the three year fixed ISA chart this week. Its Fixed Rate Cash ISA (Issue 122) pays 1.55% gross yearly. This ISA requires a minimum deposit of £5,000 to open. It allows transfers in from cash ISAs only and transfers must be received within 30 days of account opening. This ISA can only be opened and managed in branch.

Topping the two year fixed ISA chart this week was Al Rayan Bank, which pays an expected profit rate of 1.50% gross quarterly on its Fixed Term Deposit Cash ISA. A minimum deposit of £1,000 is needed to open this ISA. It allows transfers in for up to 30 days from account opening. This ISA can be both opened and managed online, in branch, by post, by phone and via mobile app, although savers should be aware that a token device may be needed to manage the ISA online.

The one year fixed rate ISA chart was topped by Virgin Money this week. Both Virgin Money’s 1 Year Fixed Rate Cash E-ISA Issue 416 and 1 Year Fixed Rate Cash ISA Issue 442 pay the top rate of 1.36% gross yearly. Both ISAs require a minimum deposit of £1 to open and allow transfers in. 1 Year Fixed Rate Cash E-ISA Issue 416 can only be opened and managed online, while 1 Year Fixed Rate Cash ISA Issue 442 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.

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%
Cynergy Bank Online ISA (Issue 2) None 1.29%

Savers looking for an easy access ISA will be pleased to see that the top rate in the chart remained available this week. Al Rayan Bank continued to offer 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 also permitted. It can be both opened and managed online, in branch, by post, by phone and via mobile app, although savers may need a token device to manage it online.

Virgin Money offered the second-best easy access ISA rate this week. Its Double Take E-ISA Issue 14 pays 1.31% gross yearly. It requires a minimum deposit of £1 to open and allows unlimited further additions. Withdrawals are restricted to two withdrawals per calendar year. Transfers in are permitted. This ISA must be opened and manage online. There is also a version of this ISA that pays interest monthly at a slightly lower gross rate.

The third-best rate in the easy access ISA chart this week came from Cynergy Bank, which pays 1.29% gross yearly on its Online ISA (Issue 2). To open this ISA, a minimum deposit of £1 is needed. It allows unlimited further additions and withdrawals, as well as transfers in. This ISA can only be opened and managed online.

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%

The top notice ISA rate again came from Teachers Building Society this week, which pays 1.40% gross yearly on its Education ISA (Issue 1). Savers should be aware that this ISA is only available to teachers and other education professionals. It requires a minimum deposit of £100 to open and allows unlimited further additions. Withdrawals are permitted subject to 90 days’ notice. Transfers in are also allowed with this ISA. It can be both opened and managed online and by post.

The best notice ISA rate on an ISA without any opening restrictions came from Paragon Bank this week. Paragon Bank pays 1.31% gross on anniversary on its 120 Day Notice Cash ISA – Issue 1, which requires a deposit of £500 to open. This ISA allows unlimited further additions. Withdrawals are allowed subject to 120 days’ notice, if notice is not given earlier access is permitted but subject to 120 days’ loss of interest. This ISA allows transfers in. It must be opened and managed online and there is also a version of this ISA that pays interest monthly at a slightly lower gross rate.

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