There’s not been much change in the best buy tables this week – but that doesn’t mean there aren’t some decent rates up for grabs.
Savers can earn more than 5% interest on easy access ISAs and fixed rate ISAs. But it pays to read the small print before signing up, as some of the table topping accounts come with various restrictions.
Easy access ISAs
Chorley Building Society tops the best buy easy access ISA chart, pipping Zopa to the post, according to Moneyfacts.
Chorley pays 5.15% on its Easy Access Cash ISA which allows one withdrawal per year. Any withdrawals beyond this will mean a lower rate of 2.50% AER will be paid for the remainder of that year. The account, which is available to set up with just £1, can be opened and managed in branch, online and via post.
Zopa’s Smart ISA – Access ISA pot pays slightly less at 5.08% but allows unlimited withdrawals. However, you need to also hold a Zopa Smart Saver to open this account. The account can be opened and managed by mobile banking app with a £1 minimum investment.
Cynergy Bank is in third place on the easy access ISA chart, with its Online ISA (Issue 43) paying 5.07%. But with this account there are no withdrawal restrictions or linked product requirements. The account can solely be opened and managed online but requires the Cynergy Bank Authenticator App or Digipass to do so.
One-year fixed rate ISAs
There are some familiar names at the top of Moneyfacts’ fixed rate ISA chart, with many of last week’s market leaders still jostling for position.
Virgin Money continues to top the one-year fixed ISA chart with its 1 Year Fixed Rate Cash ISA Exclusive Issue 6 which pays 5.85% AER on maturity.
This account is only available to new and existing Virgin Money current account customers from 4 December 2019, or existing customers who originally opened a Clydesdale Bank, Yorkshire Bank or B current account.
Early access to money in the account is available, although a penalty of 60 days’ loss of interest will be applied. The account can be opened online or in branch, and managed by those methods alongside post, phone and mobile app. Further additions are permitted while the issue remains open.
Two-year fixed rate ISAs
NatWest and Royal Bank of Scotland top the two-year ISA table, with both paying 5.65% AER on their respective two-year cash ISAs.
The NatWest 2 Year Fixed Rate ISA Issue 333 and the identical RBS equivalent have minimum investment levels of £1,000 and allow further additions until 24 November 2023. The accounts can be opened online, via mobile app or by phone, and managed in branch or over the phone.
Three and five-year fixed rate ISAs
Zopa holds top spot in Moneyfacts’ three-year and five-year ISA charts. The Smart ISA – 3 and 5 Year Fixed Term ISA currently pay rates of 5.51% AER and 5.05% AER respectively.
Further additions are permitted for the first 30 days, using a nominated account. However, Zopa does not allow transfers in.
Savers need a Zopa Smart Saver opened via the Smart Savings Hub on the Zopa app to be eligible for either of these ISA accounts.
Aldermore remains at the top of the 30 days’ notice chart with its 30 Day Notice Cash ISA Issue 12, paying 4.50% AER. A minimum initial deposit of £1,000 is required to open this flexible ISA; further additions are permitted, and earlier access is available.
A notice period of 30 days is required before making any withdrawals, which also come with 30 days’ loss of interest for early access.
Stafford Railway Building Society also maintains its market-leading position, with its Cash ISA 60 Day Notice Account which pays 5.25% AER. The account can be opened with a minimum of £100 online, in branch or by post. Further additions are permitted, as well as transfers in from other cash ISAs, but early access is not possible, and the account can’t be managed online.
If you’d prefer to manage your account online, the recently launched WeBSave 60 Day Notice ISA from West Brom Building Society operates online only. It pays 5.25% AER on either a monthly or yearly basis and permits access to your cash, subject to 60 days’ loss of interest.