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This week's best ISA and savings rates

This week's best ISA and savings rates
Your Money
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Your Money

Despite National Savings and Investments scrapping its market-leading 6.2% interest rate, there are still plenty of appealing easy access and fixed rate ISAs from which savvy savers can benefit.

During a week where a study found that three in ten savers never move their money to an account with a higher interest, we’ve collected the best options using data from Moneyfacts.

When it comes to the best one-year fixed rate, Al Rayan Bank leads the way with its one-year fixed term deposit account, boasting 6.12% AER (as an expected profit rate) on maturity.

This new deal comes as the savings market has experienced a slowdown in the amount of decent deals following the pause in the Bank of England base rate.

Here are the best ISAs to keep your funds flourishing, with data from Moneyfacts.

The best easy access ISAs of the week

Ulster Bank is the current market-leader for easy access ISAs, thanks to its 5.20% AER on balances of £5,000 or more on a yearly basis, but this rate falls to 2.25% AER for smaller deposits.

The next best options are:

  1. The Coventry Building Society is a worthwhile option for smaller cash reserves, with deposits starting from a pound with interest paid either monthly or on anniversary.
  2. The Online Easy Access Account (Issue 68) from Cynergy Bank offers a rate of 5.15% paid on anniversary and an introductory bonus for 12 months of 1.15% and also only requires a £1 investment to begin saving.
  3. Virgin Money’s Defined Access E-Saver Issue 19 pays 5.12% AER on a monthly or yearly basis and also has a minimum deposit of £1.

The best fixed rate ISAs of the week

Proving to be the winner of the fixed rates is Virgin Money’s One Year Fixed Rate Cash ISA Exclusive Issue 6 with a 5.85% AER on maturity. But this deal is only on offer for current account holders with the lender since 4 December 2019, or for savers who previously had a Clydesdale Bank, Yorkshire Bank or B Current Account.

The other top deals are:

  1. For two-year fixes Marsden Building Society, NatWest and RBS are all tied with a 5.65% rate on similar accounts. Marsden requires a minimum of £5,000 in the account whereas the other two need £1,000 for the savings to begin.
  2. Zopa tops the charts with its three-year Fixed Term ISA at 5.51% AER and this deal requires you to open a Smart Saver on the Smart Savings Hub on the bank’s app.
  3.  For five-year fixes, the West Brom Building Society leads the way with 5.05% AER yearly basis pay and only requires £1 to open the account.

The best notice ISAs of the week

If you’re wanting to keep your saving options open and wish to potentially withdraw your funds in the future, a notice ISA may be for you.

The best notice ISA for accounts that require 30 days’ notice before withdrawing, comes from Aldermore and its 30 Day Notice Cash ISA Issue 12, which pays 4.50% AER either monthly or on anniversary.

Alternatively, Stafford Railway Building Society has a 5.25% AER yearly rate 60 days’ notice ISA. It can be opened online, by post or in branch with a minimum of £100 – but any deposits, withdrawals or actions regarding the account need to be made in branch or by post.