Derin Clark

Derin Clark

Online Reporter
Published: 20/02/2020

After yesterday’s announcement that inflation increased to 1.8%, research carried out by Moneyfacts.co.uk found that United Trust Bank’s ISA 7 Year Bond is the only ISA currently able to match or beat inflation and there are no ISAs that are able to do this on a deposit of less than £15,000. While the top rate available in the fixed ISA chart was reduced this week, there was some good news for savers, as a few new competitive rates entered the charts.

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 1.85%
Cambridge Building Society

Principality Building Society
5 Year Fixed Rate ISA (Issue 13)
5 Year Fixed Rate Cash ISA Issue 218

Five years

Five years

1.70%

1.70%

Barclays Bank 3 Year Flexible Cash ISA – Issue 26 Three years 1.70%

Al Rayan Bank

State Bank of India

Virgin Money

Fixed Term Deposit Cash ISA

2 Year Cash ISA Fixed Deposit

2 Year Fixed Rate Cash E-ISA Issue 417
2 Year Fixed Rate Cash ISA Issue 443

Two years

Two years


24.02.23

15.03.22

1.50% (expected profit rate)

1.50%


1.50%

1.50%

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

Although United Trust Bank remained at the top of the fixed rate ISA chart overall this week, its top rate had been reduced to 1.85% gross on anniversary. This rate is available on its ISA 7 Year Bond, which requires a minimum opening deposit of £15,000. Transfers in are allowed. This ISA must be opened by post but can then be managed by post and by phone.

The top rate available in the five year fixed ISA chart now stands at 1.70% gross, which is being offered by two providers. Cambridge Building Society pays 1.70% gross yearly on its 5 Year Fixed Rate ISA (Issue 13). It requires a minimum opening deposit of £500 and allows transfers in until 5 April 2021. This ISA can be opened in branch, by post or by phone and then managed online, in branch, by post, by phone and via its mobile app. Principality Building Society also offers a rate of 1.70% gross on its 5 Year Fixed Rate Cash ISA Issue 218. This ISA pays interest on anniversary and requires a minimum deposit of £500 to open. It allows transfers in. This ISA can be opened online or in branch and then managed online, in branch and by post. There is also a version of this ISA that pays interest monthly at a slightly lower gross rate.

The top rate in the three year fixed chart is a highly competitive 1.70% gross. Barclays Bank pays this gross rate on maturity on its 3 Year Flexible Cash ISA – Issue 26. This ISA requires a minimum opening deposit of £1 and allows transfers in, but transfer-in requests must be received within 30 days of account opening. It can be opened online, in branch or by phone and then managed online, in branch, by phone and via its mobile app. Savers should also be aware that, unusually, this ISA allows three penalty-free withdrawals for up to 10% of the balance (at the time of the withdrawal) during the term. There is also a version of the ISA that pays interest monthly at a slightly lower gross rate.

Four accounts now pay the top rate of 1.50% gross in the two year fixed ISA chart. Al Rayan Bank pays an expected profit rate of 1.50% gross on its Fixed Term Deposit Cash ISA. This ISA pays profit quarterly and requires a minimum opening deposit of £1,000. It allows transfers in for up to 30 days from account opening. It can be both opened and managed online, in branch, by post, 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, which requires a minimum opening deposit of £5,000. This ISA allows transfers in from cash ISAs only. It can be opened in branch and then managed online, in branch and by post. Virgin Money pays 1.50% gross yearly on both its 2 Year Fixed Rate Cash E-ISA Issue 417 and its 2 Year Fixed Rate Cash ISA Issue 443. Both these ISAs require a minimum opening deposit of £1 and allow transfers in. 2 Year Fixed Rate Cash E-ISA Issue 417 can only be opened and managed online, while 2 Year Fixed Rate Cash ISA Issue 443 can be opened in branch, by post or by phone and then managed in branch and by post. There are versions of both these Virgin Money ISAs that pay interest monthly at a slightly lower gross rate.

OakNorth Bank continued to offer the best rate in the one year chart this week, with its 12 Month Fixed Rate Cash ISA paying 1.41% gross monthly. This ISA requires a minimum opening deposit of £1 and allows transfers in from cash ISAs only, although initial deposits must be received within 30 calendar days or the account will be closed. It must be opened online but can then be managed online, 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


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

Instant

1.30%
1.30%

1.30%

1.30%

There was no change at the top of the easy access ISA chart this week with Al Rayan Bank continuing to offer the top rate. Al Rayan Bank pays an expected profit rate of 1.35% gross monthly on its Instant Access Cash ISA, which requires a minimum opening deposit of £50. It allows unlimited further additions and withdrawals. Transfers in are accepted. This ISA can be both opened and managed online, in branch, by post, by phone and via its mobile app.

Virgin Money was new into second place in the easy access ISA chart this week with its Double Take E-ISA Issue 14 paying 1.31% gross yearly. This ISA requires a minimum opening deposit of just £1 and allows unlimited further additions. Withdrawals are restricted to two withdrawals per calendar year. It accepts transfers in. This ISA can only be opened and managed online. There is also a version of the ISA that pays interest monthly at a slightly lower gross rate.

Four accounts continue to pay the third-best rate of 1.30% gross in the easy access chart this week. Leeds Building Society pays 1.30% gross yearly on its Double Access ISA, which requires a minimum opening deposit of £5,000. This ISA allows unlimited further additions while the issue remains open, but withdrawals are restricted to two withdrawals per calendar year and then 30 days’ loss of interest on all withdrawals thereafter. Transfers in are allowed.

The ISA must be opened in branch, but can then be managed in branch and by post. Leeds Building Society also pays 1.30% gross on maturity on its Limited Issue Online Access ISA (Issue 17), which requires a minimum opening deposit of £1,000. This ISA allows unlimited further additions while the issue remains open and permits withdrawals. It also accepts transfers in. The ISA can only be opened and managed online. The ISA matures on 3 May 2021 into an Instant Access Cash ISA maturity account.

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. Both these ISAs require a minimum opening deposit of £1,000, which must be new money to the institution, and allow unlimited further additions. Withdrawals are restricted to one withdrawal day per account year. Transfers in are allowed on both ISAs. 1 Year Limited Access Saver ISA Issue 3 can only be opened and managed online and reverts to a Limited Access Saver ISA Issue 1 after 12 months, while Annual Access Account ISA can be opened in branch or by post and then managed online, in branch and by post, and reverts to Easy ISA after 12 months.

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%

Teachers Building Society’s highly restrictive Education ISA (Issue 1) continued to offer the best notice ISA rate of 1.40% gross yearly this week. This ISA is only available to teachers and other education professionals. It requires a minimum opening deposit of £100 and allows unlimited further additions. Withdrawals are permitted by subject to 90 days’ notice. External transfers in are accepted. This ISA can be both opened and managed online and by post.

On a longer notice term, Paragon Bank offers the next best rate of 1.31% gross on anniversary on its 120 Day Notice Cash ISA – Issue 1. This ISA requires a minimum opening deposit of £500 and allows unlimited further additions. Withdrawals are permitted subject to 120 days’ notice and earlier access is permitted on 120 days’ loss of interest. Transfers in are allowed. This ISA can only be opened and managed online. There is a version of this ISA that pays interest monthly at a slightly lower gross rate.

Aldermore offered the third-best notice ISA rate this week, with its 30 Day Notice Cash ISA Issue 7 paying 1.30% gross on anniversary. This ISA requires a minimum opening deposit of £1,000 and allows unlimited further additions. Withdrawals are permitted subject to 30 days’ notice and earlier access is allowed on 30 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.

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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