The best cash ISAs – June 2024

The rates on the best cash ISAs – including easy access and notice ISAs – are now at their highest since 2009. We list the best rates on the market

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The rates on the best cash ISAs – including easy access and notice ISAs – have improved alongside savings accounts as of late thanks to a series of interest rate hikes by the Bank of England (BoE) last year, as well as increased competition in the sector. 

So it's worth checking if you're making full use of your £20,000 ISA allowance.

The BoE has frozen interest rates at 5.25% again, and some analysts predict that we could see interest rate cuts in August. If so, you will need to act fast to get the top rates, before they get pulled.

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A stocks and shares ISA is a good option for long-term savings, but a cash ISA may make good sense for short-term savings.

To help you, we have rounded up the best cash ISA rates on the market today.

The best cash ISAs: easy access

Easy access cash ISAs do what they say on the tin, letting you access your savings without penalty.

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ACCOUNTAERMINIMUM INVESTMENTFLEXIBLE ISA
Trading 212 Cash ISA5.2%£1Y
Plum Cash ISA5.17%£100Y (maximum 3 withdrawals permitted)
Chip Cash ISA5.1%£1Y

The best cash ISAs: one-year fixed rate

If you’re happy to lock your cash away without any withdrawals for a year, then you're guaranteed that return for one year until your fixed term ends. 

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ACCOUNTAERMINIMUM INVESTMENTNOTES
Virgin Money 1 Year Fixed Rate Cash ISA Exclusive5.05%£1Open online or in branch
Castle Trust Bank 1 year Fixed Rate e-Cash ISA4.91%£1,000Open online
Cynergy Bank 1 Year Fixed Rate ISA4.91%£500Open online

The best cash ISAs: two-year fixed rate

If you have savings you’re happy to lock away for at least two years, you’ll find rates on cash ISAs in the 4% region.

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ACCOUNTAERMINIMUM INVESTMENTNOTES
United Trust Bank Cash ISA 2 Year Bond 4.67%£5,000Open online
Cynergy Bank 2 Year Fixed ISA 4.66%£500Open online
Secure Trust Bank 2 Year Fixed Rate Cash ISA 4.66%£1,000Open online

The best cash ISAs: three-year fixed rate

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ACCOUNTAERMINIMUM INVESTMENTNOTES
Principality BS 3 Year Fixed Rate Cash ISA 4.5%£500Open online or in branch
Cynergy Bank 3 Year Fixed ISA 4.5%£500Open online
United Trust Bank Cash ISA 3 Year Bond 4.5%£5,000Open online

What you need to know about the best cash ISAs

When choosing a cash ISA, there are two main factors to look out for: how long you are comfortable locking your cash up for and the interest rate.

  • Easy access ISA accounts allow you to withdraw funds without incurring a penalty.
  • Fixed-rate cash ISAs offer a fixed rate of return – usually higher the longer you are prepared to lock your money away. But note: if you withdraw money before the end of the term, then you are likely to be penalised, usually with a reduction in the rate of interest. 

Generally speaking, the longer you leave the money untouched, the more interest you can earn. Many ISAs are classed as ‘flexible’, meaning you can replace any funds you withdraw in the same tax year without affecting your annual ISA allowance – which is currently £20,000. 

Vaishali Varu
Staff Writer

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury

Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites

With contributions from