The Best ISA Rates This Week 27.08.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 27/08/2020

ISA savers will be pleased to see a new higher rate is now topping the fixed rate ISA chart and savers can now get a rate of 1.40% AER on a five-year term. There was also a new higher rate available in the easy access chart this week, with Paragon Bank now offering the second-best rate of 0.80% AER. These new rates will be welcome news to ISA savers and may be an indication of some rate increases during the upcoming autumn ISA season.

Savers should note that the rates below are the best rates available at 3.30pm on Thursday 27 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
UBL UK 5 Year Fixed Rate Cash ISA Five years 1.40%

Gatehouse Bank

UBL UK

3 Year Fixed Term Cash ISA
3 Year Fixed Rate Cash ISA

Three years

Three years

1.10% expected profit rate
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%

 

The top-paying fixed rate ISA this week came from UBL UK, with its 5 Year Fixed Rate Cash ISA paying 1.44% gross on maturity. There are also 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. They accept transfers in from cash ISAs. These ISAs can be opened in branch or by post, but can then only be managed by post. UBL UK also had one of the top rates in the three year fixed rate chart, offering 1.11% gross on maturity on its 3 Year Fixed Rate Cash ISA. There are also versions of this ISA that pay 1.10% gross on anniversary and quarterly, and 1.09% gross monthly. These ISAs have the same terms and conditions as the five-year ISA.

Also topping the three year fixed rate chart this week was Gatehouse Bank, with its 3 Year Fixed Term Cash ISA paying an expected profit rate of 1.10% gross on anniversary. This ISA requires a £1,000 minimum deposit to open. Transfers in are accepted. It can only be opened and managed online.

Remaining at the top of the two year fixed rate ISA chart this week is Charter Savings Bank, which pays 0.92% gross on anniversary on its 2 Year Fixed Rate Cash ISA. A £5,000 minimum deposit is needed to open this ISA. It accepts transfers in. This ISA must be opened and managed online. There is also a version of this ISA that pays interest monthly also at a 0.92% gross rate.

The top-paying one year fixed rate ISA came from Paragon Bank, which pays 0.85% gross on anniversary on its 1 Year Fixed Rate Cash ISA. This ISA requires a £500 minimum deposit to open. Transfers in are accepted. This ISA can be both opened and managed online and by post. There is also a version of this ISA that pays interest monthly at a 0.85% gross rate.

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%
Paragon Bank Triple Access ISA (Issue 1) None 0.80%

 

Both Cynergy Bank and National Savings & Investments (NS&I) had the top-paying easy access ISAs this week. Cynergy Bank pays 0.90% gross yearly on its Online ISA (Issue 4), which requires a £1 minimum deposit to open. This ISA allows unlimited further additions and withdrawals can be made at any time. It accepts transfers in from cash ISAs. The ISA can only be opened and managed online. To open and manage this account, a Cynergy Bank Authenticator App or Digipass is required.

NS&I pays 0.90% gross yearly on its Direct ISA, which also requires a minimum opening deposit of £1. This ISA allows unlimited further additions. Withdrawals can be made at any time but must be made via a nominated account. Transfers in are not accepted. This ISA is 100% back by HM Treasury. It can be both opened and managed online and by phone.

The next-best easy access ISA rate this week came from Paragon Bank, which pays 0.80% gross on anniversary. A £1 minimum deposit is needed to open this ISA. It allows unlimited further additions. Withdrawals can be made at any time, but the rate drops to 0.25% if more than three withdrawals are made in a 12-month period. Transfers in are accepted. This ISA can only be opened and managed online. There is a version of this ISA that pays interest monthly at a 0.80% gross rate.

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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