The best ISA Rates This Week 22.04.21 | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 22/04/2021

Researched published this week showed that average easy access and fixed rate ISA rates have fallen between March and April. This fall resulted in the average easy access ISA rate standing at 0.22% on the 1 April, while the average one year ISA rate was 0.36%, and the average longer-term (550 days+) ISA rate stood at 0.57%. Although these average rates will be a disappointment to ISA savers, as the top rates below highlight, there are above-average rates available across the ISA charts.

Savers should note that the rates below are the best rates available at 12pm on Thursday 22 April 2021 and, although correct at the time of publishing, they may not be available after this time.

An alternative to a cash ISA could be a stocks and shares ISA, which offers the same tax-free allowance, although savers should be aware these are a much riskier option and are normally only suited to long-term investors. More information about this type of investment can be found on our stocks and shares ISA page.

The best fixed rate ISA savings rates

Provider Account Notice Rate AER  
Shawbrook Bank 7 Year Fixed Rate Cash ISA Bond Issue 3 Seven years 1.25% Find out more
Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 25 Five years 1.10% Find out more
Close Brothers Savings 3 Year Fixed Rate Cash ISA Three years 0.70% Find out more
State Bank of India 2 Year Cash ISA Fixed Deposit Two years 0.65% Find out more
Monmouthshire Building Society 1 Year Fixed Rate Cash ISA - Issue 13 One year 0.49% Find out more

 

Shawbrook Bank topped the fixed rate ISA chart overall this week with its 7 Year Fixed Rate Cash ISA Bond Issue 3 paying 1.25% gross on anniversary. Shawbrook Bank also had the top rate in the five year fixed ISA chart, paying 1.10% gross on anniversary on its 5 Year Fixed Rate Cash ISA Bond Issue 25. Both ISAs require a £1,000 minimum deposit to open. They allow earlier access subject to 360 days’ loss of interest. Transfers in are accepted. The ISAs must be opened online but can then be managed online and by phone. There are also versions of both these ISAs that pay interest monthly at a slightly lower gross rate of 1.24% on the seven-year version and 1.09% on the five-year option.

Close Brothers Savings had the top rate in the three year fixed ISA chart, paying 0.70% gross on anniversary on its 3 Year Fixed Rate Cash ISA. This ISA requires a £10,000 minimum deposit to open. Earlier access is permitted on closure only and subject to 270 days’ loss of interest. The ISA accepts transfers in but transfer instructions must be received within 10 days of account opening. It can only be opened online and then managed online, by post and by phone.

The top two year fixed ISA rate this week came from State Bank of India, which pays 0.65% gross on maturity on its 2 Year Cash ISA Fixed Deposit. A minimum deposit of £5,000 is needed to open this ISA, along with a State Bank of India Current or Savings Account. It allows earlier access on closure only and on 30 days’ notice; no interest is paid if the account is closed before the first anniversary, and there is a 1% loss of interest if the ISA is closed after the first anniversary. Transfers in from cash ISAs are accepted. The ISA can be both opened and managed online, in branch and by post.

Topping the one year fixed ISA chart was Monmouthshire Building Society, which pays 0.49% gross on maturity on its 1 Year Fixed Rate Cash ISA – Issue 13. This ISA requires a £3,000 minimum deposit to open, but savers should be aware that this ISA is only available to those living in England and Wales. Earlier access is permitted on closure only and subject to 90 days’ loss of interest. Transfers in from cash ISAs are accepted. It must be opened in branch but can be managed online, in branch and by post.

Compare the best fixed rate ISAs

The best easy access ISA rates

Provider Account Notice Rate AER  
Kent Reliance Cash ISA - Easy Access - Issue 28 Instant 0.45% Find out more
Yorkshire Building Society Annual Access Account ISA Issue 4 Instant 0.45% Find out more
Paragon Bank Limited Edition Easy Access ISA (Issue 6) None 0.41% Go to provider’s site

 

Both Kent Reliance and Yorkshire Building Society paid the top rate in the easy access ISA chart this week. Kent Reliance pays 0.45% gross yearly on its Cash ISA – Easy Access – Issue 28. This ISA requires a £1,000 minimum deposit to open. It allows further additions and withdrawals can be made. Transfers in are accepted but transfer requests must be made within 30 days of account opening. It can be opened online, in branch or by post and then managed online, in branch, by post and by phone. There is also a version of this ISA that pays interest monthly at the same gross rate.

Yorkshire Building Society pays 0.45% gross on anniversary on its Annual Access Account ISA Issue 4, which reverts to an Easy ISA after 12 months. The ISA requires a £100 minimum deposit to open, which must be new money to the institution. Further additions can be made. Withdrawals are restricted to one withdrawal day per account year. It accepts transfers in. The ISA can be opened in branch or by post and can then be managed online, in branch and by post.

The next-best rate comes from Paragon Bank, which pays 0.41% gross on anniversary on its Limited Edition Easy Access ISA (Issue 6), and requires a £1 minimum deposit to open. Further additions are allowed and withdrawals can be made. Transfers in are accepted. This ISA must be opened and managed online. There is also a version of this ISA that pays interest monthly at the same gross rate.

Compare the best easy access ISAs

The best notice ISA rates

Provider Account Notice Rate AER  
Aldermore 30 Day Notice Cash ISA Issue 11 30 days 0.40% Find out more
Buckinghamshire Building Society 30 Day Cash ISA 30 days 0.30% Find out more

 

The best rate in the notice ISA chart on an ISA without opening restrictions came from Aldermore, which pays 0.40% gross on anniversary on its 30 Day Notice Cash ISA Issue 11. This ISA requires a £1,000 minimum deposit to open. It allows further additions. Withdrawals can be made subject to 30 days’ notice, or if notice is not given, earlier access is permitted on 30 days’ loss of interest. It accepts transfers in. The ISA must be opened and managed online. There is a version of this ISA that pays interest monthly at the same gross rate.

Buckinghamshire Building Society had the next-best rate of 0.30% gross yearly on its 30 Day Cash ISA. This ISA requires a £100 minimum deposit to open. Further additions are allowed. Withdrawals are permitted subject to 30 days’ notice, or alternatively, earlier access is allowed subject to 30 days’ loss of interest. The ISA does not accept transfers in. It can be both opened and managed in branch and by post. There is also a version of this ISA that pays interest monthly at the same gross rate.

Compare the best notice ISAs

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