The Best ISA Rates This Week 22.10.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 22/10/2020

Although some top rates were withdrawn or reduced during the week, on the whole ISA savers will be pleased to see that many of last week’s chart-topping rates are still available. Overall, UBL UK continued to offer the best rate, with its long-term fixed rate ISA paying 1.40% AER. Savers looking for the flexibility of an easy access ISA will be disappointed to see that the top rate in this chart is only available to existing customers, while last week’s second-best rate is no longer available, resulting in Yorkshire Building Society offering the best rate on an easy access ISA without opening restrictions. 

It should be noted that the rates below are the best rates available at 11am on Thursday 22 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)
Marsden Building Society Fixed Rate Cash ISA (Issue 129) 31.01.23 1.00%

Gatehouse Bank

Newcastle Building Society

1 Year Fixed Term Cash ISA
One Year Fixed Rate ISA (Issue 37)

One year


22.12.21

0.85% (expected profit rate)

0.85%

 

UBL UK continued to offer the top-paying fixed rate ISA this week, with its 5 Year Fixed Rate Cash ISA paying 1.44% gross on maturity. There are versions of this ISA that pay 1.40% gross on anniversary, and 1.39% gross quarterly and monthly. All options require a £2,000 minimum deposit to open. Transfers in from cash ISAs are accepted. These ISAs can be opened in branch or by post, but must then be managed by post.

The best rate in the three year fixed rate ISA chart came from Gatehouse Bank, which pays an expected profit rate of 1.12% gross on anniversary on its 3 Year Fixed Term Cash ISA. Gatehouse Bank also had the best-paying one year fixed rate ISA this week, paying an expected profit rate of 0.85% gross on anniversary. Both these ISAs require a £1,000 minimum deposit to open. They accept transfers in. These ISAs can only be opened and managed online.

Along with Gatehouse Bank, Newcastle Building Society also paid the top one year fixed ISA rate. Its One Year Fixed Rate ISA (Issue 37) pays 0.85% gross yearly or monthly on a £500 opening minimum deposit. This ISA accepts transfers in. It must be opened in branch, but can then be managed online, in branch, by post and by phone. This ISA also has the benefit of flexible ISA status, allowing money to be withdrawn and replaced in the same tax year without it counting any further towards your annual ISA allowance.

A rate reduction in the two year fixed rate ISA chart during the week saw Marsden Building Society taking the top spot. Marsden Building Society pays 1.00% gross yearly on its Fixed Rate Cash ISA (Issue 129). A minimum deposit of £5,000 is needed to open this ISA. It accepts transfers in within 30 days of account opening from cash ISAs only. This ISA must be opened and managed in branch.

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%
Yorkshire Building Society Six Access e-Saver ISA None 0.91%

Leeds Building Society

 

Principality Building Society

Double Access Cash ISA
Limited Issue Online Access ISA (Issue 27)

Web ISA Issue 4

Instant

None


None

0.80%

0.80%


0.80%

 

Cynergy Bank continued to top the easy access ISA chart this week, with its Online ISA (Issue 5) paying 1.00% gross yearly. This ISA is only available to existing customers and requires a £1 minimum deposit to open. As well as this, a Cynergy Bank Authenticator App or Digipass is needed to open and manage the account. It allows further additions and withdrawals can be made at any time. Transfers in are only permitted on account opening from cash ISAs. This ISA must be opened and managed online.

The second-best easy access ISA rate came from Yorkshire Building Society this week. Its Six Access e-Saver ISA pays 0.91% gross yearly on deposits of £10,000 or more. A higher rate of 0.94% gross is paid on deposits of £50,000 and over. Lower rates of 0.55% gross are paid at £1,000 and 0.20% gross at £1. All interest is paid yearly. It allows unlimited further additions. Withdrawals are restricted to six withdrawal days per anniversary year. Transfers in are accepted. The ISA can only be opened and managed online. This ISA also has the benefit of flexible ISA status, allowing money to be withdrawn and replaced in the same tax year without it counting any further towards your annual ISA allowance.

Three ISAs offer the third-best easy access ISA rate of 0.80% gross this week. Leeds Building Society pays 0.80% gross yearly on its Double Access Cash ISA, which requires a £5,000 minimum deposit to open. Further additions are allowed while the issue remains open. Withdrawals are restricted to two per calendar year, then there is a 30 days’ loss of interest penalty on all further withdrawals. Transfers in are allowed. This ISA can be both opened and managed in branch and by post. Leeds Building Society also pays 0.80% gross on maturity on its Limited Issue Online Access ISA (Issue 27). A £1,000 minimum deposit is needed to open this ISA, which matures on 30 November 2021, after which it becomes an Instant Access Cash ISA maturity account. Unlimited further additions are allowed while the issue remains open, and withdrawals can be made at any time. Transfers in are accepted. This ISA must be opened and managed online. Principality Building Society pays 0.80% gross yearly on its Web ISA Issue 4, which requires a £1 minimum deposit to open. This ISA allows further additions. Withdrawals can be made at any time via a nominated account. Transfers in are accepted. The ISA can only be opened and managed online. This ISA also has the benefit of flexible ISA status, allowing money to be withdrawn and replaced in the same tax year without it counting any further towards your annual ISA allowance.

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, which pays 1.00% gross yearly on its Education ISA (Issue 1). This ISA is only available to teachers and other education professionals. A minimum deposit of £100 is needed to open this ISA. It allows unlimited further additions and withdrawals are permitted 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’ chart comes from Kent Reliance, paying 0.65% gross yearly or monthly on its Cash ISA – 60 Day Notice – Issue 23. Unlimited further additions are allowed. Withdrawals can be made subject to 60 days’ notice, or if notice is not given, earlier access is permitted subject to 60 days’ loss of interest. The withdrawal method is dependent on how the ISA is opened. Transfers in are accepted. This ISA can be opened online, in branch or by post, and can then be managed online, in branch, by post and by phone.

Aldermore topped the up to 30 days’ ISA chart this week paying 0.55% gross on anniversary on its 30 Day Notice Cash ISA Issue 10. There is also a version of this ISA that pays interest monthly at the same gross rate. Both versions require a £1,000 minimum deposit to open. Further additions are allowed. Withdrawals can be made subject to 30 days’ notice. If notice is not given, earlier access is permitted subject to 30 days’ loss of interest. Transfers in are accepted. It must 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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