Derin Clark

Derin Clark

Online Reporter
Published: 06/07/2019

ISAs turned 20 in April this year and the good news for savers is that during 2019, they have been offering competitive rates while allowing up to £20,000 tax-free savings each tax year. In 2019, the best ISA rate overall could be found in the five-year and over fixed rate ISA chart, but attractive rates could be found across all fixed-rate ISA charts.

Best fixed rate ISAs in 2019

These are the best ISA rates in 2019 so far, but savers should be aware that some of these accounts are no longer available.

Term Provider Account Rate AER
One year Kent Reliance Cash ISA 1 Year Fixed Rate – Issue 30 1.80%
Two years Wesleyan Bank Internet Only Cash ISA 1.96%
Three years State Bank of India 3 Year Cash ISA Fixed Deposit 2.05%
Five years Shawbrook Bank 5 Year Fixed Rate Cash ISA Bond Issue 16 2.30%
Seven years United Trust Bank ISA 7 Year Bond 2.50%

Top rates for seven-year ISAs cools in 2019

United Trust Bank offered the best ISA rate in 2019 so far with its ISA 7 Year Bond paying 2.50% on a £15,000 deposit. While this ISA is still available and currently tops the ISA fixed rate chart, the rate has been reduced to 2.35%. It accepts transfers in but, once opened, further additions are not allowed. Withdrawals are permitted. It must be opened by post but can then be managed in branch as well.

The top five-year fixed ISA rate dropped from 2.30% to 2.15% so far

The best overall rate that was offered in the five-year fixed rate ISA chart came from Shawbrook Bank, which paid 2.30% on a £1,000 deposit on its 5 Year Fixed Rate Cash ISA Bond Issue 6. Again, this rate is no longer available – the best rate currently available in the chart is from State Bank of India, which pays 2.15% on its 5 Year Cash ISA Fixed Deposit. This ISA requires an opening deposit of £5,000. It allows transfers in from cash ISAs only and, once opened, does not permit further additions or withdrawals. Early access is allowed but on closure only and subject to 30 days’ notice. No interest is paid if the account is closed before the first anniversary and there is a 1% loss of interest if closed after the first anniversary. This ISA can only be opened in branch, but then managed online and by post as well. To open this account, savers also require a New Current or Savings Account.

The best rate for a three-year fixed ISA has held all year at 2.05%

State Bank of India also tops the three-year fixed rate ISA chart with a rate that has been the best offered in this chart all year so far. The bank is offering 2.05% on a £5,000 deposit with its 3 Year Cash ISA Fixed Deposit. The terms and requirements are the same as the five-year version above.

The best 2019 two-year ISA rate didn’t reach 2%

The best rate in the two-year fixed rate ISA charts came from Wesleyan Bank, which was offering 1.96% on its Internet Only Cash ISA, a two-year fixed rate ISA that required a £20,000 deposit. While this rate is no longer available the two-year fixed rate ISA chart remains highly competitive, with State Bank of India currently topping the chart with a slightly lower rate of 1.90% on its 2 Year Bond that requires a £5,000 opening deposit. This ISA accepts transfers in from cash ISAs, but once opened further additions are not allowed. Withdrawals are also not permitted, but earlier access is allowed on closure subject to 30 days’ notice. If the account is closed before the first anniversary no interest is paid, if it is closed after the first anniversary there is a 1% loss of interest. It can only be opened in branch, but then managed online and by post as well.

Best one-year ISAs in 2019 paid 1.80%

In the one-year fixed rate ISA chart, the best rate this year so far was 1.80%, which was being offered by Kent Reliance on its Cash ISA 1 Year Fixed Rate – Issue 30 for a deposit of £1,000. This rate is no longer available and the rate currently topping the chart is 1.61% (expected profit rate)offered by Al Rayan Bank on its Fixed Term Deposit Cash ISA for a £1,000 deposit. This ISA pays interest quarterly and allows transfers in, as well as further additions for 30 days of account opening, but withdrawals are not allowed. It can be both opened and managed online, in branch, by post, by phone and through its mobile app. Cynergy Bank is also offering a rate of 1.61% on its Fixed Rate Cash ISA for a £500 deposit. This ISA allows transfers in, as well as further additions. Early access is permitted subject to 180 days’ loss of interest. It can be both opened online then managed online, in branch, by post and by phone.

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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