The best cash ISAs – April 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
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 this spring. 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.
ACCOUNT | AER | MINIMUM INVESTMENT | FLEXIBLE ISA |
Plum Cash ISA | 5.17% | £100 | Y (maximum 3 withdrawals permitted) |
Moneybox Cash ISA | 5.16% | £500 | Y (maximum 3 withdrawals permitted) |
Chip Cash ISA | 5.1% | £1 | Y |
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.
ACCOUNT | AER | MINIMUM INVESTMENT | NOTES |
OakNorth Bank Fixed Rate Cash ISAs | 4.71% | £1 | Open online |
Shawbrook Bank 1 Year Fixed Rate Cash ISA | 4.71% | £5,000 | Open online |
Cynergy Bank one year Fixed Rate ISA | 4.7% | £500 | Open 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.
ACCOUNT | AER | MINIMUM INVESTMENT | NOTES |
OakNorth Bank 2 Year Fixed Rate Cash ISA | 4.62% | £1 | Open online |
Shawbrook Bank 2 Year Fixed Rate Cash ISA | 4.61% | £1,000 | Open online |
Zopa 2 Year Fixed Term ISA | 4.5% | £1 | Open online |
The best cash ISAs: three-year fixed rate
ACCOUNT | AER | MINIMUM INVESTMENT | NOTES |
OakNorth Bank 3 Year Fixed Rate ISA | 4.4% | £1 | Open online |
Shawbrook Bank 3 Year Fixed Rate Cash ISA | 4.4% | £1,000 | Open online |
Castle Trust Bank 3 year Fixed Rate e-Cash ISA | 4.25% | £1,000 | Open 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 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
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