With lenders galore removing and reducing savings rates, there is plenty of movement at the top of ISA table this week.
The easy access chart has a new leading deal for the second consecutive week, as does the fixed rate market, but the usual providers dominate the notice account sector.
Generally, while the biggest month-on-month rates dip in 15 years happened in January, there are still much higher rates now for savers to cash in on than back in 2022.
Using data from Moneyfacts, here are the rates offering the most generous returns on your funds.
Easy access accounts
Harpenden Building Society is the best provider in the easy access chart this week, nipping ahead of Moneybox. The mutual relaunched its Online ISA (Issue 1) offer with a rate of 5.10% AER. Perks include a small deposit (£1) to get started while you can add or withdraw from the account with no penalties. However, this account can only be opened and managed online.
Moneybox Cash ISA’s 5.09% AER is the next best option, which has a bonus (0.94%) for 12 months too. It’s an app-only offer that needs at least £500 to open. Money coming into the account has no penalties included but account holders can only make three withdrawals within a year, anymore after that see the interest rate slip to 0.75% AER.
Zopa boasts a 5.08% AER offer on its app-only Smart ISA – Access ISA, which has a 0.50% bonus until 6 April 2025. This requires a deposit of £1 to open, but an open Smart Saver account is also needed, which is available through the provider’s Smart Savings Hub.
Fixed-rate bonds
Once again, Virgin Money leads the pack with its 1 Year Fixed Rate Cash ISA Exclusive Issue 10 thanks to a rate of 5.25% AER. To take advantage of that rate you need to be an existing Virgin Money current account holder since 4 December 2019. Alternatively, you could previously have a Clydesdale Bank, Yorkshire Bank, or B current account.
There is an element of flexibility with this deal, as there is no minimum deposit and you can deposit funds for as long as the account is open. You can withdraw money from the ISA before the fixed term ends, but this comes with a 60-day loss of interest on the amount released.
Zopa and Post Office Money offer the best two-year fixed rate priced at 4.70% AER. The main differences come with the minimum deposit and additional deposits. Zopa’s Smart ISA – 2 Year Fixed Term ISA needs just £1 and the Fixed Rate Cash ISA (Issue 43) from Post Office Money requires £500. Zopa also allows money to be added to the post for 30 days after opening, whereas the Post Office Money alternative does not permit any additional funds at all. Both come with an early access penalty of 180 days’ loss of interest, but the Post Office requires the account to be closed too.
The Sharia Law-compliant UBL UK scoops the prize for best fixes for longer terms with its 3 Year Fixed Rate Cash ISA and 5 Year Fixed Rate Cash ISA, offering 4.41% AER and 2.26% AER respectively. Both need a deposit of £2,000 to open and you cannot add to your savings pot once the account is open. Early withdrawals will lead to the account being closed and a loss of interest worth 270 days for the three-year deal and 365 days’ worth for the five-year version.
Notice ISA accounts
It’s very much the same as last week’s top ISA rates in the notice sector, as Aldermore, Harpenden Building Society and Furness Building Society lead the short, medium, and long-term accounts.
Aldermore’s 30 Day Notice Cash ISA Issue 12 offers 4.50% AER, paid monthly or on anniversary. You’ll need a sizeable £1,000 to open the account, which can only be opened and managed online. As the name suggests, 30 days’ notice is required before taking money from the account, but if you cannot wait you’ll feel a 30 days’ loss of interest.
With a longer notice comes a higher rate from Harpenden BS which offers 4.55% AER. The 45 Days’ Notice ISA Account (Issue 1) can also be managed and opened with a smaller deposit of £1,000 and can be done through a branch, by post, or online. There are no restrictions on the amount of funds going into the account, but to withdraw, savers need to give the provider 45 days’ notice.
The 90-day winner from Furness Building Society pays 5.01% AER and needs £1,000 to open. Restrictions are minimal on the 90 Day Notice Cash ISA (Issue 1) but as is standard, you’ll need to let the mutual know 90 days before making any withdrawals. If you cannot wait that long, then a penalty of 90 days’ interest is slapped onto the account.
