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Rory McGrellis Staff Photo

Rory McGrellis

Content Writer
Published: 16/07/2024
ISA document

Last Updated: 16 July 2024 at 14:40

 

Leading ISA rates maintain stability as product choice reaches record high.

 

The number of Cash ISAs has risen month-on-month, to 571 deals, the highest count on Moneyfacts’ electronic records.

 

This is according to data from the Moneyfacts UK Savings Trends Treasury Report, which also saw average rates increase across all sectors since June.

 

For example, the average easy access rate rose from 3.31% to 3.32%, while one-year fixed ISAs saw an increase of 4.40% to 4.44%.

 

“Cash ISAs have seen enormous growth since the start of 2024, with a rise of 114 options over the past six months alone,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

 

“The average one-year fixed ISA rate has surpassed the longer-term equivalent since the start of August 2023, but a guaranteed return over the next few years may become more appealing should interest rates fall in the coming months,” she continued.

 

While the top returns on our charts remain the same as last week, savers now have more opportunities to find suitable deals, with the number of savings providers also surpassing Moneyfacts’ electronic records.

 

Read More: ‘Optimistic view’ for savings market as number of deals hits 12-year high

 

Below are the providers that currently offer the best returns on easy access, fixed and notice ISAs.

 

These products are available to new customers with a deposit of £10,000. Note that higher rates may be available to existing customers or those who are willing to save more than £10,000.

 

To compare the top rates on the ISA market, you can visit our charts.

The best easy access cash ISA rates

  • Trading 212

    Account: Cash ISA

    Notice: None

    Rate: 5.20% AER

    Transfers In: Cash ISA, Stocks and Shares ISA, Cash APS ISA, Stocks and Shares APS ISA

  • Plum

    Account: Plum Cash ISA

    Notice: None

    Rate: 5.17% AER (Includes a bonus)

    Transfers In: Cash ISA, Stocks and Shares ISA, Cash APS ISA, Stocks and Shares APS ISA, Help to Buy ISA, Innovative Finance ISA, Cash LISA, Stocks and Shares LISA

  • Chip

    Account: Chip Cash ISA (powered by ClearBank)

    Notice: None

    Rate: 5.10% AER

    Transfers In: N/A

With no changes on our easy access ISA chart this week, Trading 212 continues to offer the best returns with its Cash ISA. This account pays 5.20% AER daily and doesn’t require a minimum deposit. You can open and manage this ISA online or via the Trading 212 app, and unlimited penalty-free withdrawals are also permitted. You’ll need to check this provider’s partner banks to ensure your pot is covered by the UK Depositor Protection Scheme.

 

Plum’s app-based Plum Cash ISA offers the next best rate at 5.17% AER monthly, which includes a 12-month bonus of 0.86% that is applied on anniversary. Though this account can be opened from £1, balances under £100 or making over three withdrawals a year will mean receiving a lower rate of 3.00% AER instead. The bonus rate will also be removed when opening via transferring an existing ISA.

 

Another app-based provider to consider, Chip still offers competitive returns on its Chip Cash ISA (powered by ClearBank). This account pays 5.10% AER monthly on an initial investment of £1, which can be added to without restriction, as is typical for an easy access ISA. While you won’t be able to transfer in from other ISAs flexible rules do apply, allowing you to withdraw and replace funds without it affecting your ISA allowance.

Compare the best easy access ISAs

Compare the best easy access ISAs on our charts.

The best fixed cash ISA rates

  • Virgin Money

    Account: 1 Year Fixed Rate Cash ISA Exclusive Issue 13

    Notice/Term: 30 June 2025

    Rate: 5.05% AER

    Transfers In: Cash ISA, Stocks and Shares ISA

  • Nottingham BS

    Account: Fixed Rate ISA Issue 190

    Notice/Term: 31 July 2026

    Rate: 4.70% AER 

    Transfers In: Cash ISA, Stocks and Shares ISA

  • Beehive Money

    Account: Two Year Fixed ISA Issue 3

    Notice/Term: 31 July 2026

    Rate: 4.70% AER 

    Transfers In: Cash ISA

  • Principality BS

    Account: 3 Year Fixed Rate Cash ISA (Issue 344)

    Notice/Term: 3 Year Bond

    Rate: 4.60% AER 

    Transfers In: Cash ISA, Stocks and Shares ISA, Cash APS ISA, Stocks and Shares APS ISA

  • Nottingham BS

    Account: Fixed Rate ISA Issue 192

    Notice/Term: 31 July 2029

    Rate: 4.25% AER 

    Transfers In: Cash ISA, Stocks and Shares ISA

  • Beehive Money

    Account: Five Year Fixed ISA Issue 4

    Notice/Term: 31 July 2029

    Rate: 4.25% AER 

    Transfers In: Cash ISA

  • Principality BS

    Account: 5 Year Fixed Rate Cash ISA (Issue 345)

    Notice/Term: 5 Year Bond

    Rate: 4.25% AER 

    Transfers In: Cash ISA, Stocks and Shares ISA, Cash APS ISA, Stocks and Shares APS ISA

Continuing to face little challenge to its position this week, Virgin Money retains its leading position on our one-year fixed ISA chart. Its 1 Year Fixed Rate Cash ISA Exclusive Issue 13 pays 5.05% AER upon maturity on 30 June 2025 and can be opened with no deposit online or in branch, and additionally managed by post, phone or app. Note that to be eligible, you’ll need to open a new current account with Virgin Money or have been an existing customer since 4 December 2019. Otherwise, you’ll need to have originally opened a Clydesdale Bank, Yorkshire Bank or B current account. Keep in mind that while you’ll be able to add to your savings while the issue remains open, early access will incur a 60-day loss of interest penalty.

 

Having taken the top spots last week, Nottingham BS and Beehive Money again offer top returns this week on our two- and five-year fixed ISA charts.

 

Offering interest yearly, Nottingham BS pays 4.70% AER and 4.25% AER respectively on its two-year Fixed Rate ISA Issue 190 and five-year Issue 192. If you prefer more conventional ways to do your banking, these accounts operate exclusively in branch.

 

Meanwhile, its subsidiary Beehive Money, offers the same rates (paid yearly) across its Two Year Fixed ISA Issue 3, and Five Year Fixed ISA Issue 4, which can both be opened and managed online or via app.

 

All four accounts require a minimum opening amount of £500 and allow further contributions while the issues remain open. Note early access penalties apply, with 180 and 365 days’ loss of interest for the two- and five-year accounts.

 

Holding its leading positions on our three-year fixed ISA chart, as well as in the five-year sector, Principality BS is also worth considering for high returns. Its 3 Year Fixed Rate Cash ISA (Issue 344) pays 4.60% AER, while its 5 Year Fixed Rate Cash ISA (Issue 345) pays 4.25% AER. Both offer interest either monthly or on anniversary, on initial investments of £500 which you’ll be able to add to while the issues remain available. These ISAs can be opened online, in branch or by post, and managed through the same means. Bear in mind early access is subject to 270- and 360-days’ loss of interest and account closure for the three- and five-year variants.

Compare the best fixed rate ISAs

Compare the best fixed rate ISAs on our charts.

The best notice cash ISA rates

  • Tipton & Coseley BS

    Account: 30 Day Notice ISA (Mobile App Account)

    Notice: 30 Days

    Rate: 4.65% AER

    Transfers In: Cash ISA

  • West Brom BS

    Account: WeBSave 60 Day Notice ISA (Issue 2)

    Notice: 60 Days

    Rate: 5.10% AER

    Transfers In: Cash ISA, Stocks and Shares ISA, LISA, Stocks and Shares LISA, Help to Buy ISA, Innovative Finance ISA, Cash APS ISA, Stocks and Shares APS ISA

Digital accounts again top our notice ISA chart this week, with Tipton & Coseley BS offering a headline rate of 4.65% AER yearly. As the name suggests, its 30 Day Notice ISA (Mobile App Account) is entirely app-based and needs £1,000 to open. This amount can then be added to via a nominated account. Any withdrawals from the account must be a minimum of £500, and attempting to access your money early will cost you 30 days’ worth of interest.

 

In the 60-day notice bracket, West Brom BS’ WeBSave 60 Day Notice ISA (Issue 2) offers high rates that challenge the easy access sector. Paying 5.10% AER either monthly or yearly, this ISA can be opened from just £1 online and is managed the same way. With no restrictions for adding to your pot, keep in mind that a 60-day loss of interest penalty applies for early withdrawals.

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Disclaimer

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.

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.