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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
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Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
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In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
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Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
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Deposits into cash ISAs reached their highest level in 25 years.
Savers deposited a record £11.7 billion in cash Individual Savings Accounts (ISAs) in April 2024, according to the latest Money and Credit figures released by the Bank of England.
This is the highest amount deposited in cash ISAs in a single month since records began (and when ISAs were introduced) in April 1999.
Deposits into cash ISAs this April were approximately 30% higher than April 2023, when households saved £9.0 billion in these accounts.
A major reason for this increased demand is likely to be because of the rise in interest rates on savings accounts, as more people at risk of paying tax on their savings looked to take advantage of their tax-free ISA allowance.
The amount that savers deposited in ISAs in April was much higher than the month before, when just £3.2 billion was deposited.
It’s not surprising to see this uptick, as savers often try to use up any of their leftover ISA allowance before the end of the tax-year and make the most of their refreshed ISA allowance as the new tax-year begins.
“There was a flurry of activity among ISA providers during March and April, launching and increasing ISA rates to entice deposits, both for those rushing to get a deal for the 2023/24 tax year, and the current one,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, explained.
This activity led to an increase in rates, with the average easy access cash ISA rate rising from 3.32% at the start of March to 3.38% at the start of April. Meanwhile, the average one-year cash ISA rate rose from 4.49% to 4.52% over the same period.
The main benefit of ISAs is that you don’t need to pay tax on any interest you earn.
When interest rates on savings accounts were low, many people didn’t need to worry about paying tax as they were earning so little interest. However, as rates rose (without a similar rise in the Personal Savings Allowance thresholds), more people may have found themselves at risk of paying tax on their savings.
Because of this, ISAs have become an increasingly appealing option over standard savings accounts for savers looking to make their money more tax-efficient.
The Personal Savings Allowance (PSA) is the amount you can earn on interest without paying tax. The allowance is £1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers. Additional rate taxpayers don’t have an allowance.
“As interest rates rose sharply last year, those savers who decided to invest their cash outside of an ISA wrapper may have breached their Personal Savings Allowance. Cash ISAs can be a better option, particularly for higher rate taxpayers with a large nest egg,” Springall commented.
“The longer-term tax-free wrapper is the benefit of a Cash ISA, protecting returns regardless of interest rate rises,” she concluded.
Even though average ISA rates are now lower than they were at the peak of ISA season, it’s not too late to find a competitive account.
At the top of our charts, there are still several easy access ISAs paying in excess of 5.00% AER, as well as fixed ISAs paying more than 4.70% AER.
Our ISA charts are regularly updated throughout the day to help you to compare the top rates, whether you're looking for an easy access ISA, fixed ISA or notice ISA.
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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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
With savers depositing £3.1 billion in ISAs in October, make sure your hard-earned cash is receiving competitive returns.
Savers deposited £20.2 billion into savings in October, the highest level since the pandemic. With competitive rates still available, have you reviewed your savings?
Savers deposited £20.2 billion into savings in October, the highest level since the pandemic.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
With savers depositing £3.1 billion in ISAs in October, make sure your hard-earned cash is receiving competitive returns.
Savers deposited £20.2 billion into savings in October, the highest level since the pandemic. With competitive rates still available, have you reviewed your savings?
Savers deposited £20.2 billion into savings in October, the highest level since the pandemic.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.