The Best ISA Rates This Week 21.5.20 | moneyfacts.co.uk
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Derin Clark

Derin Clark

Online Reporter
Published: 21/05/2020

There was some good news for ISA savers this week as it was reported yesterday that inflation fell to 0.8% during April, which means that all the top rates available in the ISA charts are now able to beat inflation. Saying this, those looking for the flexibility that an easy access ISA offers will be disappointed to see that last week’s top rates are no longer available in the charts this week. There was better news in the fixed rate ISA charts, as these charts remained highly competitive this week and still offered the same top ISA rate overall of 1.65% AER.

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.

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)

Savers looking to deposit their money into a long-term fixed rate bond will be pleased to see that the top rate has remained at 1.65% gross this week. Shawbrook Bank pays this rate on its 7 Year Fixed Rate Cash ISA Bond Issue 1, which requires a £1,000 minimum deposit to open and pays interest on anniversary. This ISA accepts transfers in. It must 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.

For those looking for a five year fixed rate ISA, Gatehouse Bank once again offered the best rate in this chart. Its 5 Year Fixed Term Cash ISA pays an expected profit rate of 1.40% gross on anniversary. A £1,000 minimum deposit is needed to open this ISA and it accepts transfers in. It can only be opened and managed online.

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

Al Rayan Bank topped both the one and two year fixed rate ISA charts with versions of its Fixed Term Deposit Cash ISA. The two-year version pays an expected profit rate of 1.40% gross quarterly and the one-year version pays an expected profit rate of 1.21% gross quarterly. These ISAs require an opening minimum deposit of £1,000. They accept transfers in for up to 30 days from account opening. Both ISAs can be opened and managed online, in branch, by post, by phone and via 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 1.11% (expected profit rate)
Virgin Money Double Take E-ISA Issue 16 None 1.01%
Shawbrook Bank Easy Access Cash ISA – Issue 12 None 1.00%

Last week’s top easy access ISA rates are no longer available, which has resulted in Al Rayan Bank topping the chart this week. Al Rayan Bank pays an expected profit rate of 1.10% gross monthly on its Instant Access Cash ISA, which requires a £50 minimum deposit to open. This ISA allows unlimited further additions and withdrawals. It accepts transfers in. The ISA can be both opened and managed online, in branch, by post, by phone and via mobile app.

The second-best easy access ISA rate this week came from Virgin Money, which pays 1.01% gross yearly on its Double Take E-ISA Issue 16. A £1 minimum deposit is needed to open this ISA and it allows unlimited further additions. Withdrawals are restricted to two withdrawals per calendar year. Transfers in are accepted. 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.

Shawbrook Bank offered the third-best easy access ISA rate this week, with its Easy Access Cash ISA – Issue 12 paying 1.00% gross on anniversary. It requires a minimum deposit of £1,000 to open and allows unlimited further additions. Withdrawals are permitted via a nominated account. Transfers in are accepted. This ISA can only be opened online but then managed online and by phone. There is also a version of this ISA that pays interest monthly at a slightly lower gross rate.

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
Monmouthshire Building Society 30 Day Notice Cash ISA – Issue 2 30 day 1.25%
The Melton Building Society 60 Day Notice Cash ISA 60 days 1.15%

Paragon Bank


Teachers Building Society

120 Day Notice Cash ISA (Issue 3)

Education ISA (Issue 1)

120 days


90 days

1.00%


1.00%

Last week’s top notice ISA rate is no longer available, which has resulted in Monmouthshire Building Society topping the chart with its 30 Day Notice Cash ISA – Issue 2 paying 1.25% gross yearly. This ISA requires a minimum opening deposit of £10 and allows unlimited further additions. Withdrawals are permitted subject to 30 days’ notice, or if notice is not given, earlier access is allowed but with a 30 days’ loss of interest penalty. Transfers in from cash ISAs are accepted. This ISA can be both opened and managed online, in branch and by post.

The Melton Building Society offered the second-best rate in the notice ISA chart this week, paying 1.15% gross yearly on its 60 Day Notice Cash ISA. This ISA is only available to existing customers of five years or more and/or locals in the Leicestershire, Lincolnshire, Nottinghamshire or Rutland areas. It requires a minimum opening deposit of £25 and allows unlimited further additions. Withdrawals are permitted subject to 60 days’ notice, or if notice is not given, earlier access is allowed but with a 60 days’ loss of interest penalty. Transfers in are not accepted. This ISA can be both opened and managed in branch and by post.

Both Paragon Bank and Teachers Building Society offered a rate of 1.00% on notice ISAs this week. Paragon Bank pays 1.00% gross on anniversary on its 120 Day Notice Cash ISA (Issue 3). This ISA requires a minimum opening deposit of £500 and allows unlimited further additions. Withdrawals are permitted subject to 120 days’ notice or if notice is not given earlier access is allowed but on a 120 days’ loss of interest penalty. Transfers in are accepted. This ISA can only be opened and managed online. There is also a version that pays interest monthly at a slightly lower gross rate. Teachers Building Society pays 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 and withdrawals are permitted subject to 90 days’ notice. External transfers in are accepted. It can be both opened and managed online 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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