The best cash ISAs – February 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.

Seedling growing out of a jar of coins
(Image credit: © Getty Images)

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 as we approach the end of the tax year. 

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

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While MoneyWeek readers know too well a stocks and shares ISA may serve you well for long-term savings, for anyone looking to hold on to cash for the short-term or held back by the market volatility, a cash ISA may make good sense.

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 ISANOTES
Moneybox Cash ISA5.09%£500Y (maximum 3 withdrawals permitted)Open on the app
Zopa Access ISA5.08%£1Y Open on the app
Virgin Money Defined Access Cash E‑ISA5.06%£1Y (maximum 3 penalty-free withdrawals permitted)Open online

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 can earn a higher rate – in most cases, you’ll also need at least £1,000 to open these ISAs. Here are the best one-year fixed-rate ISAs available now.

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ACCOUNTAERMINIMUM INVESTMENTNOTES
Virgin Money 1 Year Fixed Rate Cash ISA Exclusive5.25%No minimum amountOpen online or in branch
OakNorth Bank 1 Year Fixed Rate Cash ISA5.02%£1Open online
Shawbrook Bank 1 Year Fixed Rate Cash ISA5.01%£1,000Open 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 - but you will need to act fast as cash ISA rates are falling.  

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ACCOUNTAERMINIMUM INVESTMENTNOTES
UBL UK 2 Year Fixed Rate Cash ISA 4.68%£2,000Open online, via post or in branch
Zopa 2 Year Fixed Term ISA 4.67%£1Open online
Close Brothers Savings 2 Year Fixed Rate Cash ISA 4.65%£10,000Open online

The best cash ISAs: three-year fixed rate

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ACCOUNTAERMINIMUM INVESTMENTNOTES
UBL UK 3 Year Fixed Rate ISA 4.37%£2,000Open online, via post or in branch
Hodge Bank 3 Year Fixed Rate Cash ISA 4.36%£1,000Open online
Hampshire Trust Bank 3 Year ISA Bond 4.3%£1Open 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

Vaishali graduated in journalism from Leeds University and she has experience working with the likes of Leicester Mercury, Inews and The Week. She also comes from a marketing background, where she has done copywriting and content creation for businesses. 

Currently writing about all things personal finance, Vaishali is passionate about finding the best deals around, whether it's the best credit cards or the cheapest personal loans, as well as sharing top money hacks to help people save and better manage their money. 

With contributions from