The best ISA rates this week 23.04.20 | moneyfacts.co.uk
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 It is now over 6 months old so the content may be out of date.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: 23/04/2020

This week saw rates being reduced or withdrawn on many of the charts. This is particularly noticeable in the fixed rate ISA chart when last week’s top rates in the five, three, two and one year charts are no longer available. Saying this, the fixed rate ISA chart continues to offer the most competitive ISA rates available to consumers.

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%
Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 22 Five years 1.51%
Shawbrook Bank 3 Year Fixed Rate Cash ISA Bond Issue 21 Three years 1.38%
Al Rayan Bank Fixed Term Deposit Cash ISA 24 months 1.41% (expected profit rate)
Post Office Money® Online ISA – Fixed Rate Issue 21 One year 1.30%

Shawbrook Bank dominated the fixed rate ISA chart this week, not only offering the best rate overall but also the top five and three year rates as well. Its 7 Year Fixed Rate Cash ISA Bond Issue 1 continued to top the chart overall, offering a rate of 1.65% gross, while its 5 Year Fixed Rate Cash ISA Bond Issue 22 topped the five year chart offering 1.51% gross and its 3 Year Fixed Rate Cash ISA Bond Issue 21 topped the three year chart offering 1.38% gross. All these ISAs pay interest on anniversary and require a minimum deposit of £1,000 to open. They all accept transfers in. These ISAs can only be opened online but can then be managed online and by phone. There are also versions of all these ISAs that pay interest monthly at a slightly lower gross rate.

New to the top of the two year fixed rate ISA chart this week was Al Rayan Bank, which pays an expected profit rate of 1.40% gross on its Fixed Term Deposit Cash ISA. This ISA pays interest quarterly and requires a minimum opening deposit of £1,000. It accepts transfers in for up to 30 days from account opening. This ISA can be both opened and managed online, in branch, by post, by phone and via mobile app.

Post Office Money® offered the top rate in the one year fixed rate ISA chart this week, paying 1.30% gross on its Online ISA – Fixed Rate Issue 21. This ISA pays interest on anniversary and a minimum deposit of £500 is needed to open the account. Transfers in are accepted for initial deposits only. This ISA can only be opened and managed online.

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
Penrith Building Society ISA Issue 2 Instant 1.25%
Shawbrook Bank Easy Access Cash ISA – Issue 11 None 1.19%
Family Building Society Market Tracker Cash ISA (2) Instant 1.18%

The top rate in the easy access ISA chart this week came from Penrith Building Society, which offers 1.25% gross yearly on its ISA Issue 2. To open this ISA, a minimum deposit of £100 is needed. It allows unlimited further additions and withdrawals. Transfers in are not accepted. This ISA can be both opened and managed in branch and by post.

Shawbrook Bank offered the second-best easy access ISA rate this week. Its Easy Access Cash ISA – Issue 11 pays 1.19% gross on anniversary. A £1,000 minimum deposit is needed to open this ISA, which allows unlimited further additions. Withdrawals can be made at any time but must be made via a nominated account. Transfers in are accepted. This ISA 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.

The third-best easy access ISA rate this week came from Family Building Society, which pays 1.18% gross yearly on its Market Tracker Cash ISA (2). This ISA requires a minimum deposit of £500 to open. It permits unlimited further additions and withdrawals. Transfers in are only accepted from cash ISAs. This ISA can be opened online, in branch or by post and then managed online, in branch, by post and by phone.

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
Bank and Clients 90 Day Cash ISA 90 days 1.25%
Family Building Society 35 Day Notice Cash ISA (1) 35 days 1.25%
Monmouthshire Building Society 30 Day Notice Cash ISA – Issue 2 30 days 1.25%

Three providers offered the best notice ISA rate this week. Bank and Client pays 1.25% gross yearly on its 90 Day Cash ISA, which requires a minimum deposit of £1,000 to open. This ISA allows unlimited further additions. Withdrawals are allowed subject to 90 days’ notice and if notice is not given, earlier access is permitted but subject to 90 days’ loss of interest. Transfers in are accepted. This ISA can only be opened and managed by post.

Family Building Society pays 1.25% gross yearly on its 35 Day Notice Cash ISA (1) on an opening minimum deposit of £15,000. It should be noted that a lower gross rate of 1.15% is paid on deposits of £3,000, while a higher gross rate of 1.35% is paid on deposits of £30,000. This ISA allows unlimited further additions and withdrawals are permitted subject to 35 days’ notice. Transfers in from cash ISAs are accepted. It can be opened online, in branch or by post and then managed online, in branch, by post and by phone.

Monmouthshire Building Society also pays 1.25% gross yearly on its 30 Day Notice Cash ISA – Issue 2. To open this ISA, a minimum deposit of £10 is needed. It allows unlimited further additions. Withdrawals are allowed subject to 30 days’ notice, and if notice is not given earlier access is permitted but subject to 30 days’ loss of interest. Transfers in from cash ISAs are accepted. This ISA can be both opened and managed online, in branch 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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