The best ISA rates this week 20.08.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 20/08/2020

This week it was revealed that inflation during July had increased to 1.0%, while earlier in the week, our research found that savings rates are at their lowest levels on record . But it wasn’t all bad news for ISA savers, as the majority of last week’s top rates were still available in the charts this week. In addition to this, new higher rates on fixed ISAs entered the charts during the week.

Savers should note that the rates below are the best rates available at 12pm on Thursday 20 August 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
United Trust Bank ISA 7 Year Bond Seven years 1.30%
Coventry Building Society
United Trust Bank
Fixed Rate ISA (117) 30.11.2025
ISA 5 Year Bond

Five years

Five years

1.25%

1.25%

UBL UK 3 Year Fixed Rate Cash ISA Three years 1.10%
Charter Savings Bank 2 Year Fixed Rate Cash ISA Two years 0.92%
Paragon Bank 1 Year Fixed Rate Cash ISA One year 0.85%

 

United Trust Bank increased the rates on its seven year fixed rate ISA this week, resulting in it topping the ISA chart. ISA 7 Year Bond pays 1.30% gross on anniversary on a £15,000 minimum opening deposit. This ISA accepts transfers in. It can only be opened by post but can then be managed by post and by phone. United Trust Bank also increased the rate on its five year fixed ISA rate, which resulted in it paying the top rate for its term of 1.25%. ISA 5 Year Bond has the same terms and conditions as the seven-year version.

Also offering the top five year fixed ISA rate this week was Coventry Building Society, which pays 1.25% gross on its Fixed Rate ISA (117) 30.11.2025. This ISA requires a minimum opening deposit of just £1. It accepts transfers in within 14 days of account opening or while the issue remains open, whichever period is longer. It can be both opened and managed online, by post and by phone.

Remaining at the top of the three year fixed rate ISA chart this week is UBL UK, with its 3 Year Fixed Rate Cash ISA paying 1.11% gross on maturity. There are also versions of this ISA that pay 1.10% gross on anniversary or quarterly, and 1.09% gross monthly. It requires a £2,000 minimum deposit to open. This ISA accepts transfers in from cash ISAs. It can be opened in branch or by post and then only managed by post.

The top-paying two year fixed rate ISA this week was Charter Savings Bank’s 2 Year Fixed Rate Cash ISA, which pays 0.92% gross on anniversary or monthly. To open this ISA, a minimum deposit of £5,000 is needed. It accepts transfers in. This ISA can only be opened and managed online.

The best one year fixed ISA rate this week came from Paragon Bank, which pays 0.85% gross on anniversary or monthly on its 1 Year Fixed Rate Cash ISA. This ISA accepts transfers in. It can be opened online and by post.

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 4) None 0.90%
National Savings & Investments Direct ISA None 0.90%
Skipton Building Society Online Bonus Cash ISA Issue 12 None 0.70%, includes a 0.50% bonus for six months

 

Once again, two providers offered the top easy access ISA rate this week. Cynergy Bank pays 0.90% gross yearly on its Online ISA (Issue 4). This ISA requires a £1 minimum deposit to open. Unlimited further additions are allowed and withdrawals can be made at any time. Transfers in from cash ISAs are accepted. This ISA must be opened and managed online. In addition to this, to open and manage this account, a Cynergy Bank Authenticator App or Digipass is required.

National Savings & Investments also pays 0.90% gross yearly on its Direct ISA. A minimum deposit of £1 is needed to open this ISA. It allows unlimited further additions. Withdrawals can be made at any time but must be made via a nominated account. It does not accept transfers in. This ISA is 100% backed by HM Treasury and can be both opened and managed online and by phone.

Skipton Building Society continued to offer the second-best easy access ISA rate this week. It pays 0.95% gross, which includes a 0.50% bonus for six months, on anniversary on a £1 minimum opening deposit. The additional interest payment is made at the end of the bonus term and savers may want to review the account after the bonus period comes to an end. This ISA allows unlimited further additions and withdrawals can be made at any time. It accepts 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.

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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