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

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Michael Brown

Content Writer
Published: 19/05/2022

Last updated: 19th May 2022 at 12:00pm 

Marcus by Goldman Sachs® and SAGA set the bar for top easy access rates.

While not as volatile as in previous weeks, the ISA market continues to see an uplift in rates. On the fixed rate market, Castle Trust Bank is now the market-leading provider across the two and three year fixed-rate ISA charts. Meanwhile, Marcus by Goldman Sachs® and SAGA now occupy top spot on the easy access chart themselves. On the notice market, we have finally seen a change with Teachers BS equalling Melton BS’s 100 Day Notice Cash ISA rate.

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

  • Account: Cash ISA

    Notice: None

    Rate: 1.00% (including a 0.10% bonus for 12 months)

    Transfers in from other cash ISAs: No 

  • Account: 1 Year Triple Access Online ISA 12

    Notice: None

    Rate: 0.80%

    Transfers in from other cash ISAs: No

  • Account: 1 Year Triple Access Online ISA 13

    Notice: None

    Rate: 1.00%

    Transfers in from other cash ISAs: Yes

  • Account: Instant Access Cash ISA (Issue 3) 

    Notice: Instant 

    Rate: 1.00% (Expected profit rate)

    Transfers in from other cash ISAs: Yes

  • Account: Instant Access Cash ISA

    Notice: None

    Rate: 0.95% (including a 0.70% bonus for 12 months)

    Transfers in from other cash ISAs: Yes

After Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA on Friday we had four different providers at the top of the easy access chart. Since then, Marcus by Goldman Sachs® and SAGA have upped their rates to distinguish themselves from the competition.

Both providers offer a 0.10% bonus on their interest rate for the first 12 months which means, based on current information, at the end of this period the rate will be reduced to 1.05%. This is paid and compounded on a monthly basis. While neither account needs a minimum deposit to open, a UK mobile phone number is needed to open the Marcus by Goldman Sachs® ISA. Further additions and withdrawals are allowed at any time via a nominated account.

Where these accounts differ is in the options to open and manage the account. 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. 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.

In second position are previous market-leading offers from Nationwide BS and Al Rayan Bank. Nationwide BS’s flexible ISA comes with an important note. While withdrawals can be made at any time savers will start receiving a reduced interest rate of 0.10% if more than three withdrawals are made during the one-year term. Interest is paid and compounded on anniversary for balances of £1 or more.  Both opening and managing this account must be done by digital means, either online or via the high-street building society’s app.

Al Rayan Bank, on the other hand, pays an expected profit rate in accordance with Islamic finance principles. This is paid monthly, and savers can choose whether to have it paid away or compounded. To open this account and earn the expected profit, users will have to apply online, via post, telephone or the mobile app Managing this account can be done by the same means.

Tesco Bank finishes this week’s easy access round-up in third place. Like Marcus by Goldman Sachs® and SAGA, the Instant Access Cash ISA offer includes a bonus rate, which stands at 0.70%, for the first 12 months. However, savers should be aware that this offer caps the amount you can transfer online to non-Tesco Bank accounts at £10,000. Online transfers to other Tesco Bank products are capped at £100,000. In order to start earning this interest, users are required to deposit a minimum of £1 and can open their account online or via telephone. Interest is paid on anniversary and must be compounded. This flexible ISA does allow transfers in from other cash ISAs and savers can manage their funds online, via the telephone, or mobile app.  

Compare the best easy access ISAs

The best fixed rate ISA savings rates

  • Account: 5 Year Fixed Rate ISA

    Notice: Five years 

    Rate: 2.20% 

    Transfers in from other cash ISAs: Yes

  • Account: 5 Year Fixed Rate Cash ISA

    Notice: Until 14 June 2027

    Rate: 2.15% 

    Transfers in from other cash ISAs: Yes

  • Account: 5 Year Fixed Rate Cash ISA

    Notice: Five years 

    Rate: 2.20% 

    Transfers in from other cash ISAs: Yes

  • Account: ISA 5 Year Bond

    Notice: Five years 

    Rate: 2.20% 

    Transfers in from other cash ISAs: Yes

  • Account: Fixed Rate e-Cash ISA

    Notice: Three years

    Rate: 2.23% 

    Transfers in from other cash ISAs: Yes

  • Account: Fixed Rate e-Cash ISA

    Notice: Two years

    Rate: 2.12% 

    Transfers in from other cash ISAs: Yes

  • Account: 1 Year Fixed Rate Cash ISA Exclusive Issue 2

    Notice: One year

    Rate: 1.76% 

    Transfers in from other cash ISAs: Yes

For a second consecutive week, the top of the five year fixed chart remains unchanged.

Furness BS will pay its interest on anniversary and allow its customers to choose whether it should be compounded or paid away. Further additions are not allowed, so savers should take extra precautions when choosing how much to deposit into this account. Once your account is up and running withdrawals will not be permitted. Instead, the only way to gain access to your funds is to close the account and incur a 180-day loss of interest. The account must be opened with a minimum of £1,000 either online, in branch, or via the post. Managing this account can also be done online, in branch, or via the post.

Secure Trust Bank’s offer will hold your funds until 28 June 2027 while paying its interest yearly. Savers are given the choice to have their interest paid away or compounded. Further additions to funds are allowed for 30 days from the account opening from a minimum of £1,000 while early access is permitted on account closure, subject to a 365-day loss of interest. Opening this account must be done online and a £1,000 minimum deposit must be made. Once opened, the account can be managed online and by telephone.

Alternatively, UBL UK offers its customers great flexibility when it comes to their interest pay-out. Interest can be paid on maturity, on anniversary, quarterly, or monthly and it must always be paid away. The 5 Year Fixed Rate Cash ISA requires a £2,000 minimum to open and can be opened in branch, online, via post and by telephone. Managing the account can be done via the same means and via mobile app. When it comes to deciding how to manage your account, further additions are not allowed, and early access is subject to account closure and a 365-day loss of interest.

Then there is United Trust Bank, which encourages its savers to earn their interest on a once-off lump sum with its set-up. Further additions are not allowed on this account and opening it requires a minimum of £15,000. Savers should also note that withdrawals are subject to a loss of interest determined by United Trust Bank. The interest pay-out can also affect these calculated earnings, which can be paid away or compounded on anniversary. Interested savers can open this account via the post, but once it is up and running savers will be able to manage it online, via the post, or telephone.

On the three year fixed chart, Castle Trust Bank’s latest rate increase means it leapfrogs Hampshire Trust Bank’s 3 Year ISA Bond (Issue 4).To access this rate, applications must be submitted online or via Castle Trust Bank’s app alongside a £1,000 minimum deposit. New customers can only open an account via an online self-service portal, after which they will gain access to the mobile app and can open subsequent accounts using either the mobile app or self-service portal. If you require access to your funds for whatever reason, early access can only take place on account closure, subject to a 270-day loss of interest. The good news is that further additions can be made for 14 days from the account opening. Managing your account can be done online or via the app.

Castle Trust Bank’s Fixed Rate e-Cash ISA also tops the two year ISA chart this week. Again, interest needs to be paid on maturity to access this market-leading AER. Opting for your interest to be paid away on anniversary will force your AER to drop 0.01% and will still be better than what other competitors are offering on the marketThe minimum initial deposit, means of opening and managing the account and further additions conditions are all the same as its three year option. This ISA also allows earlier access on account closure, and this is subject to a 180-day loss of interest.

To conclude the top fixed rates this week, Virgin Money’s 1 Year Fixed Rate Cash ISA Exclusive Issue 2 tops the one year fixed chart. It is, however, only available to new and existing Virgin Money current account customers. Existing customers must have opened this account after 4 December 2019 or customers who originally held a Yorkshire Bank, Clydesdale Bank or B current account can also open this account. If you are eligible for this offer, then you can expect interest to be paid on maturity, 28 April 2023. There is no minimum opening deposit required, and savers can open this account online or in branch. This account can be managed in branch or via the post. Further additions are permitted while the issue remains open and within 30 days of the issue closing, but withdrawals are subject to a 60-day loss of interest.

The best notice ISA rates

  • Account: 100 Day Notice Cash ISA

    Notice: 100 days

    Rate: 1.00%

    Transfer in from other cash ISAs: No

  • Account: Cash ISA Notice 90 (Issue 10)

    Notice: 90 days

    Rate: 1.00% 

    Transfer in from other cash ISAs: Yes

  • Account: 30 Day Notice Cash ISA Issue 12

    Notice: 30 days

    Rate: 0.90%

    Transfer in from other cash ISAs: Yes

After staying top of our charts for weeks, Melton BS’s 100 Day Notice Cash ISA is now joined by Teachers BS’s Cash ISA Notice 90 (Issue 10).

This week’s new entry compounds or pays away its interest yearly on balances of £100 or more. When it comes to accessing your funds, further additions are allowed at any time and withdrawals can only be made via a nominated account after serving the 90-day notice period. Early access is not permitted, and this account can be opened online or via the post. Managing this account can be done online or via the phone.

It is worth noting that someone working as an educational professional can access a better rate of 1.05% through Teacher BS’s Education ISA (Issue 2). More information on this offer can be found on our charts.

Melton BS’s 100 Day Notice Cash ISA, meanwhile, pays its interest yearly and compounds it. A minimum £25 opening deposit is required, and further additions are allowed at your convenience. Moreover, withdrawals are allowed subject to 100 days’ notice being In addition, early access to your funds is permitted but savers will incur a 100-day loss of interest. This account can be opened and managed in branch and by post. Aldermore’s 30 Day Notice Cash ISA Issue 12 pays its interest according to the user’s discretion, either monthly or on anniversary, and if it is compounded or paid away. There is a £1,000 minimum deposit to open, and further additions are allowed at any time. Transfers out and 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.

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.

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