The best ISA rates this week 30.01.20 | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 30/01/2020

Savers looking to put their money into an ISA this week will be pleased to see that many of last week’s top rates remain available this week. The ISA market overall remains slow, with few new rates or rate rises taking place and, as highlighted last week, many average ISA rates were at their lowest levels since 2018 during January.

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.

The best fixed rate ISA savings rates

Provider Account Term Rate AER
UBL UK 5 Year Fixed Rate Cash ISA Five years 1.91%
Marsden Building Society Fixed Rate Cash ISA (Issue 119) Three years 1.70%
Marsden Building Society Fixed Rate Cash ISA (Issue 118) Two years 1.55%
Cynergy Bank Loyalty Fixed Rate Cash ISA One year 1.45%

The best fixed ISA rate overall this week once again came from UBL UK, which pays 1.98% gross on maturity on its 5 Year Fixed Rate Cash ISA. This ISA requires an opening minimum deposit of £2,000 and only allows transfers in from cash ISAs. It can be opened in branch or by post and then managed only by post. There are also versions of this ISA that pay interest on anniversary, quarterly and monthly all at lower gross rates.

Marsden Building Society continued to offer the top rate in the three year chart this week with its Fixed Rate Cash ISA (Issue 119) paying 1.70% gross yearly until 31.02.2023. As well as this, with last week’s top two year rate from Hampshire Trust Bank no longer available, Marsden Building Society also topped this chart, paying 1.55% gross yearly until 31.01.2022 on its Fixed Rate Cash ISA (Issue 118). Both ISAs require a minimum opening deposit of £5,000 and only allow transfers in from cash ISAs. They can be opened in branch and then managed in branch, by post and by phone.

Topping the one year chart this week was Cynergy Bank with its Loyalty Fixed Rate Cash ISA paying 1.45% gross on anniversary. This ISA is only available to existing customers of six months or more and requires a £500 minimum deposit. It allows transfers in and can only be opened online. Once opened it can be managed online, by post and by phone.

The best easy access ISA rates

Provider Account Notice Rate AER
Al Rayan Bank Instant Access Cash ISA Instant 1.36% (expected profit rate)
Cynergy Bank Online ISA (Issue 1) None 1.31%

Leeds Building Society


Yorkshire Building Society

Double Access ISA
Limited Issue Online Access ISA (Issue 16)
1 Year Limited Access Saver ISA Issue 3
Annual Access Account ISA

Instant
None

None

Instant

1.30%
1.30%

1.30%

1.30%

There was no movement at the top of the easy access chart this week with Al Rayan Bank continuing to offer the best rate. Al Rayan Bank pays an expected profit rate of 1.35% gross monthly on its Instant Access Cash ISA. This ISA requires a minimum opening deposit of £50 and allows unlimited further additions and withdrawals. Transfers in are also permitted. It can be both opened and managed online, in branch, by post, by phone and via mobile app.

The next-best rate in the chart came from Cynergy Bank, which pays 1.31% gross yearly on its Online ISA (Issue 1). This ISA requires an opening minimum deposit of just £1. It allows unlimited further additions and withdrawals, as well as permitting transfers in. It can only be opened and managed online.

Both Leeds Building Society and Yorkshire Building Society continued to offer the third top rate in the chart this week. Leeds Building Society pays 1.30% gross yearly on its Double Access ISA and pays the same gross rate on maturity on its Limited Issue Online Access ISA (Issue 16). The Double Access ISA requires an opening minimum deposit of £5,000 and allows unlimited further additions while the issue remains open. Withdrawals are restricted to two withdrawals per calendar year, then 30 days’ loss of interest on all withdrawals thereafter. Transfers in are also allowed. This ISA can be opened in branch and then managed by post as well. Limited Issue Online Access ISA (Issue 16) requires a minimum deposit of £1,000 to open. It permits unlimited further additions while the issue remains open, and withdrawals. Transfers in are also permitted. It can be opened and managed online.

Yorkshire Building Society pays 1.30% gross on anniversary on its 1 Year Limited Access Saver Issue 3 and its Annual Access Account ISA. Both ISAs require a £100 opening minimum deposit and allow unlimited further additions. Withdrawals on both ISAs are restricted to one withdrawal day per account year. Both permit transfers in. 1 Year Limited Access Saver ISA Issue 3 can only be opened and managed online, while Annual Access Account ISA can be opened in branch or by post and then managed online, in branch and by post.

The best notice ISA rates

Provider Account Notice Rate AER
Teachers Building Society Education ISA (Issue 1) 90 days 1.40%
Paragon Bank 120 Day Notice Cash ISA – Issue 1 120 days 1.31%
Aldermore 30 Day Notice Cash ISA Issue 7 30 days 1.30%

Topping the notice ISA chart again this week is the highly restrictive account from Teachers Building Society. This ISA is only available to teachers and other educational professionals, but offers a competitive rate of 1.40% gross yearly. It requires an opening minimum deposit of £100 and allows unlimited further additions and withdrawals, although withdrawals are subject to 90 days’ notice. Transfers in are also permitted.

The best rate on an unrestricted account came from Paragon Bank this week, with its 120 Day Notice Cash ISA – Issue 1 paying 1.31% gross on anniversary. An opening minimum deposit of £500 is required to open this ISA, which allows unlimited further additions. Withdrawals are permitted on 120 days’ notice, but if notice is not given there is a 120-day loss of interest penalty. Transfers in are allowed. It can only be opened and managed online and there is also a version of this ISA that pays interest monthly at a slightly lower gross rate.

The best short-term notice account came from Aldermore this week with its 30 Day Notice Cash ISA Issue 7, which pays 1.30% gross on anniversary. This ISA requires an opening minimum deposit of £1,000. It allows unlimited further additions, while withdrawals are also allowed but subject to 30 days’ notice or incur a 30-day loss of interest penalty. Transfers in are allowed. 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.

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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