Best UK ISA Rates This Week (2022) | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

Advertisement

Michael Brown

Content Writer
Published: 18/08/2022

Last updated: 11th August 2022 at 12:00pm 

Fixed rate market sees stiff competition.

It is no secret that rates have been on the rise. All average savings rates saw a sixth consecutive rise for the first time on Moneyfacts’ records.

However, it is the ISA market which has seen notable rises in the latest Moneyfacts UK Savings Trends Treasury Report.

For those who are looking to take advantage of these rate increases we have highlighted some of the top rates on the market.

Compare the best fixed rate ISAs

Savers should be aware that the accounts highlighted below are the top-paying accounts available to new customers, and higher rates may be available to existing customers only. Savers can compare the best savings rates available to existing customers by visiting our savings charts and selecting these accounts in the refine search section.

Compare the best fixed rate ISAs on our charts.

The best easy access ISA rates

The top rates on the easy access ISA chart remain the same as last week. As a reminder, these are the accounts on offer:

Paragon Bank sits at the top of the easy access chart. As the name suggests, with the Triple Access Cash ISA (Issue 9) savers can make up to three withdrawals per 12-month period before their interest rate is reduced to 0.25%. Interest payments can occur monthly or on anniversary, with users deciding whether to have it compounded or paid away. To start earning interest on this flexible ISA, a single pound is required and applications must be made via Paragon Bank’s website here. Managing the account can be done online too.

In second position, Marcus by Goldman Sachs® and SAGA include a 0.25% bonus for the first 12 months on their offers. This means, based on current information, at the end of this period the rate will be reduced to 1.24% gross. These accounts pay interest monthly and compound it. While further additions and withdrawals are allowed at any time via a nominated account, transfers in from other ISAs are not permitted. To open these accounts, a minimum deposit is not required.

Where these accounts differ is in the options to open and manage them. Marcus by Goldman Sachs® requires its customers to open this account online or via its app, while SAGA’s Cash ISA can only be opened online. When opening your account with Marcus by Goldman Sachs®, a UK mobile phone number is needed. For account management, Marcus by Goldman Sachs® allows its users to manage their account online, via phone or mobile app, while SAGA permits its users to manage their account online or via the telephone.

Also in second position is the Newcastle BS Triple Access ISA (Issue 2), which pays away or compounds its interest on the anniversary of account opening on balances of £1 or more. If savers make more than three withdrawals per year their rate will halve to 0.75%. In addition, savers will be pleased to note that this is a flexible ISA which can be opened online or in one of Newcastle’s branches, which are all currently located in the North East of England. Managing this account, meanwhile, is more flexible and can be done online, in branch, via post or telephone.

Scottish BS also holds second position with its respective Cash ISA and E-ISA. The only difference between these two options is in how they can be accessed and managed. The Cash ISA can be opened in branch or via the post and can be managed online, in branch or via the post. The E-ISA, meanwhile, is purely internet-operated. Both accounts can compound or pay away interest yearly and require a minimum opening deposit of £100.

The last provider to match the rate of 1.50% AER this week is Shawbrook Bank. It pays away or compounds interest earned monthly or on anniversary. To start earning this interest, savers require a minimum deposit of £1,000, can only access their funds via a nominated account and must withdraw a minimum of £500. Users must apply online to access this offer, but can manage their account online or via the telephone.

Finally, Tesco Bank completes the roundup in third position with its Instant Access Cash ISA. Like Marcus by Goldman Sachs® and SAGA, this account comes with a bonus for 12 months. The bonus is 1.20% which means, based on current information, when this period expires the interest will revert to the underlying rate of 0.25%. Still, interest is compounded on anniversary for this flexible ISA, and earned on balances of £1 or more. For withdrawals, online transfers are capped at a maximum of £10,000 to non-Tesco Bank accounts and £100,000 to Tesco Bank accounts. In order to open this account, applications must be made online or via the phone. Managing this account, meanwhile, can be done via the same means or Tesco Bank’s mobile app.

Compare the best easy access ISAs

The best fixed rate ISA savings rates

For fixed rate deals this week, Close Brothers Savings tops the one year chart with its 1 Year Fixed Rate Cash ISA. The account will compound its rate on maturity, and requires a minimum opening balance of £10,000. If you require early access to your funds, this will be subject to a 90-day loss of interest and is only allowed on account closure. Meanwhile, further additions are permitted for 10 days from the account opening. To open this account, all applications must take place online while managing it can be done online, via the post, or telephone.

The two year chart becomes much more competitive, with four different providers matching the best rate.

First up is Close Brothers Savings with its 2 Year Fixed Rate Cash ISA that compounds its interest on anniversary. It requires £10,000 to start earning interest, and welcomes further additions for 10 days from the account opening. Alternatively, if you want earlier access to your funds, this is only permitted on account closure and you will be subject to a 150-day loss of interest. This account can be opened via the provider’s site and can be managed through this means, the post, or telephone.

The second provider to match the rate of 2.80% is Secure Trust Bank with its 2 Year Fixed Rate Cash ISA. Savers can expect their interest to be paid away or compounded yearly and, if they wish to gain early access to their funds, this will be subject to a 180-day loss of interest and closure of the account. Meanwhile, further additions are allowed for 30 days from the account opening from a minimum of £1,000. To open this account, potential users must also apply online with a £1,000 minimum opening deposit. Once the account is up and running, it can be managed via the same means or telephone. 

Next up is Shawbrook Bank and its 2 Year Fixed Rate Cash ISA Bond Issue 63. For this account, users can choose whether to enjoy an interest pay-out on anniversary or monthly, and whether this should be compounded or paid away. Withdrawals are subject to a 180-day loss of interest while further additions are permitted while the issue remains open. To open this account, users must apply online and provide a minimum opening deposit of £1,000. Once this is open, it can only be managed via the telephone.

Finally, there is UBL UK. Its customers can choose to have their interest paid away monthly, on anniversary, or on maturity. Further additions are not allowed and earlier access is permitted on closure only subject to a 180-day loss of interest. While the account requires a £2,000 minimum opening deposit, it offers a lot of flexibility when it comes to opening it. This ISA can be opened online, in branch, via post or mobile app. It can also be managed online, in branch, via post, telephone, or mobile app.

Otherwise, the three year chart is topped by two different providers.

First is Secure Trust Bank which compounds or pays away its interest yearly. Like some of the other providers in this week’s roundup, early access will result in account closure. It is also subject to a 270-day loss of interest, meaning savers should think carefully about withdrawing their funds. Further additions are allowed from a minimum of £1,000 for 30 days from the account opening, while the minimum opening deposit is set at £1,000. This ISA must be opened online and can be managed online or via the telephone.

UBL UK’s 3 Year Fixed Rate Cash ISA works in much the same as its two year fixed ISA. It has the same minimum deposit requirement, and can be opened and managed in the same ways too. It pays away its interest on anniversary, on maturity, monthly or quarterly. Notably, what differs is that earlier access is permitted on closure only subject to a 270-day loss of interest.

Finally, the five year chart also has two market-leading providers in Furness BS and West Brom BS.

Furness BS’s 5 Year Fixed Rate ISA pays away or compounds its interest on anniversary. Further additions are not allowed, so savers should consider their opening deposit carefully. The minimum opening deposit required for this offer is £1,000, while earlier access is permitted on account closure subject to a 180-day loss of interest. Opening and managing this account can be done online, in branch or via post. Managing this account can be done via the same means.

West Brom BS’s 5 Year Fixed Rate ISA and WeBSave 5 Year ISA, meanwhile, pay away or compound interest on a yearly basis. The account can be opened with a minimum deposit of just £1 and savers are also allowed to add further funds to their account while the issue remains open. Withdrawals are also permitted subject to a 240-day loss of interest. To open the 5 Year Fixed Rate ISA account savers must apply in branch or by post while the WeBSave 5 Year ISA must be opened online. When it comes to managing the 5 Year Fixed Rate ISA, it can be done in branch, via the post or telephone. The WeBSave 5 Year ISA can only be managed online.

The best notice ISA rates

Aldermore offers the best rate for accounts requiring a notice period of 30 days or under. Interest is earned according to the user’s discretion, either monthly or on the anniversary of the account being funded, and can be compounded or paid away. There is a £1,000 minimum deposit to open, and further additions are allowed at any time. Withdrawals are allowed subject to a 30-day notice period being served, and earlier access will be subject to 30 days’ loss of interest. This flexible ISA must be opened and managed online.

In this corner of the market, Furness BS enter the charts this week. The account pays away or compounds its interest yearly for balances of £1,000 or more. Further additions are allowed, while withdrawals must be made in accordance with its 45 day notice policy, or if notice is not given, earlier access will be subject to a 45 day loss of interest penalty. This ISA must be opened or managed in branch or via the post.

Compare the best notice ISAs

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy