This week’s best easy access, fixed and notice ISA rates
While only one provider, Yorkshire Building Society (YBS), offered a top rate of 3.35% on its easy access ISA last week, this has trebled this week.
Meanwhile, there has been a burst of activity on the fixed rate charts, as all one-year, two-year and three-year rates are better than last week.
Easy access ISAs
Yorkshire Building Society, Cynergy Bank and Chorley Building Society all share top spot with a rate of 3.35%
YBS’s Limited Access ISA, and its online counterpart, the Limited Access Saver e-ISA both paying 3.35%. Both accounts can be opened with a minimum of £1, and both pay interest yearly. The only difference between the two accounts is how they’re opened and managed.
Cynergy Bank’s Online ISA (Issue 35) pays the same rate with a minimum deposit of just £1. You may find that this account allows you greater access to your funds, as an unlimited number of withdrawals are permitted so long as they are made via a nominated account. To access online banking with Cynergy, you’ll need to have the Cynergy Bank Authenticator App downloaded or use a Digipass.
The final easy access ISA which offers 3.35% AER is the Easy Access Cash ISA (3 Withdrawals) from Chorley Building Society. This account will pay a lower rate of 1.60% AER if you make more than three withdrawals per calendar year. It can be opened online, in branch, or by post with a minimum deposit of £1.
Fixed rate cash ISAs
There are joint leaders at the top of the one-year fixed tables – Close Brothers Savings (see more from them in the two-year fixed rate chart) and Castle Trust Bank, both of which pay a rate of 4.25%.
For the Close Brothers account, you will need to deposit a £10,000 minimum within 10 days of account opening. You can make further additions and transfer in funds from other ISAs. Meanwhile, for earlier access to your cash you’ll face either a 90-day or 150-day loss of interest penalty respectively, and your account will be closed.
With a smaller initial deposit of £1,000, you’ll be able to access the same one-year fixed rate from Castle Trust. Early access is permitted subject to 90 days’ loss of interest and account closure, while you’ll have 14 days from opening this account to make further additions.
In the two-year table, the best rate available is from Shawbrook Bank and Close Brothers Savings, which both pay 4.31%.
Shawbrook Bank’s 2 Year Fixed Rate Cash ISA Bond Issue 70 needs an opening amount at £1,000. While earlier access will cost you 180 days’ loss of interest, further additions and transfers into this account can be made without restriction.
Close Brothers’ 2 Year Fixed Rate Cash ISA has the same conditions on the account as the one-year fixed rate noted above.
Virgin Money takes top position on the three-year chart after increasing the rate on its 3 Year Fixed Rate Cash E-ISA Issue 569 paying 4.30% AER either monthly or yearly.
This account can be opened online with as little as £1. Further additions to your pot can be made for 30 days from account opening, but to gain earlier access to your cash will cost you 120 days’ loss of interest.
Despite an increase, the market-leading three-year rate is still less than the best two-year rates available, meaning it’s possible to get a higher interest rate for a shorter term.
Gatehouse Bank once again tops the five-year fixed rate charts with its Woodland Cash ISA, paying an expected profit rate of 4.20% AER.
A minimum of £1,000 is needed to open either account but, as further additions aren’t permitted, you’ll need to carefully consider your initial deposit.
Earlier access is allowed, though subject to a 365-day loss of profit penalty.
For accounts that require 30 days or less notice, Aldermore still offers the best rate on its 30 Day Notice Cash ISA Issue 12 which pays 2.80% AER and has a minimum deposit of £1,000.
To gain access to the money in your account, you’ll need to provide 30 days’ notice or face a 30-day loss of interest penalty. Further additions are allowed without restrictions, while transfers in are permitted from cash ISAs, stocks and shares ISAs and Help to Buy ISAs.
Furness Building Society continues to offer the market-leading rate for accounts needing 60 days or less notice. Its 45 Day Notice Cash ISA, a flexible ISA, pays 3.55% AER yearly. To open, you’ll need an initial deposit of £1,000, while to access your cash you’ll need to provide 45 days’ notice. Earlier access without serving this notice period will incur a 45-day loss of interest penalty.