The best cash ISA rates this week

The best easy access cash ISA rates

Plum retains its lead over our easy access ISA chart for another week, with its Plum Cash ISA paying 5.17% AER monthly on balances over £100 (inclusive of a 0.86% AER bonus for the first 12 months applied on anniversary). While this app-based account can be opened with as little as £1, it should be noted a lower rate of 3.00% AER will be paid on any balances that fall below the £100 threshold. You’ll also receive this lower rate for making more than the three permitted penalty-free withdrawals per year. Furthermore, despite this account accepting transfers in from a wide range of different ISAs, moving across money from another ISA will result in the removal of the introductory bonus and you receiving the underlying rate of 4.29% AER.

If you have funds you’re looking to transfer, you may therefore want to consider other options. The Moneybox Cash ISA from fellow app-based provider, Moneybox, still offers a marginally lower rate of 5.16% AER on anniversary when considering the 0.91% bonus included for the first 12 months. This account can be opened with a minimum deposit of £500 and accepts transfers in from various types of ISAs, including other cash ISAs, stocks and shares ISAs and Lifetime ISAs. However, when it comes to accessing the cash in your account, only three penalty-free withdrawals are allowed per year before a lower rate of 0.75% AER is applied. Similarly, this lower rate will also be received whenever your account balance drops below £500.

Otherwise, another app-based easy access ISA from Chip continues to pay the third best rate of 5.10% AER monthly on just a single pound deposit. Although it doesn’t allow any transfers in, unlike the other accounts mentioned, the Chip Cash ISA (powered by ClearBank) permits unlimited penalty-free withdrawals. What’s more, as a flexible ISA, you can replace any withdrawn funds without it counting towards your annual ISA allowance.

With digital providers leading the way for yet another week, if you’d prefer an ISA that can be operated by more traditional means, you can filter accounts by opening and management methods by selecting ‘full search’ on our charts.

The best fixed cash ISA rates

It’s a similar picture in the fixed rate ISA market, where Virgin Money holds onto top spot on our one-year chart. The 1 Year Fixed Rate Cash ISA Exclusive Issue 12, paying 5.05% AER when it matures on 30 April 2025, is available to new and existing Virgin Money current account customers from 4 December 2019, or existing customers who originally opened a Clydesdale Bank, Yorkshire Bank or B current account. There’s no minimum deposit specified to open this account online or in branch; it can then additionally be managed by post, over the phone or by mobile app, with further contributions allowed while the issue remains open. As for making withdrawals from your pot, earlier access is permitted subject to 60 days’ loss of interest.

Similarly, State Bank of India continues to offer the best two-year fixed returns on its 2 Year Cash ISA Fixed Deposit at 4.65% AER compounded annually and paid on maturity. To apply in branch or by post, you’ll need a minimum deposit of at least £1,000, as well as a new current or savings account with the provider. Once opened, the account can additionally be managed online but prohibits further additions. Earlier access, though, can be gained upon account closure after serving 30 days’ notice. However, it should be noted no interest will be paid out if the account is closed before its first anniversary, while closing the account after this milestone will incur a 1% loss of interest.

OakNorth Bank, meanwhile, retains its joint market-leading position on our three-year fixed ISA chart with its 36-month Fixed Rate Cash ISA paying 4.40% AER monthly. This digital account operates online or via mobile app following an initial deposit of just £1 – further additions to which are permitted for 30 days from opening. When it comes to accessing your cash in this account before term ends, earlier access can be granted subject to a 270-day loss of interest penalty.

Alternatively, Shawbrook Bank provides the same returns on its 3 Year Fixed Rate Cash ISA Bond Issue 54, while also topping our five-year chart with its 5 Year Fixed Rate Cash ISA Bond Issue 45 offering 4.17% AER. Both accounts are available to open online with a minimum deposit of £1,000, after which they can also be managed over the phone and pay interest either monthly or on anniversary. Further additions to your initial investment are permitted without restriction, while earlier access to these funds will result in 270 and 360 days’ loss of interest, respectively.

The best notice cash ISA rates

As for notice ISAs, the 30 Day Notice Cash ISA Issue 12 from Aldermore continues to offer the best rate for an account with a notice period of its length. Paying 4.50% AER either monthly or on anniversary, it can be both opened and managed online with a minimum deposit of £1,000. Withdrawals from this flexible ISA are then permitted following 30 days’ notice, but earlier access can also be gained subject to 30 days’ loss of interest.

While a higher rate can be secured if you’re willing to provide more notice before making a withdrawal, it’s important to note there are currently no notice ISAs available that can better the returns offered by the market-leading easy access ISA. Nevertheless, at 5.10% AER, West Brom BS’s WeBSave 60 Day Notice ISA (Issue 2) offers the best rate for an account requiring up to 60 days’ notice. As its name suggests, this account operates solely online following an initial investment of just £1. Once opened, early access without serving the 60-day notice period can also be gained subject to 60 days’ loss of interest.