If you want to put your money into a cash ISA, which accounts pay the highest rates?

Cash ISAs work in much the same way as standard savings accounts, but the interest you earn is always tax-free. You can learn more about how they work and whether this type of account is suitable for you in our article How cash ISAs work.

Fixed rate cash ISAs

You usually, but not always, get a higher rate of interest on fixed rate cash ISAs, which as the name suggests pay a fixed return for a set period of time. You normally can’t take money out of these accounts until the end of the term.

More importantly, you often only have a month or so to pay money into these accounts. You can’t normally top them up or pay into them on a monthly basis.

Current best buys, according to savings website SavingsChampion.co.uk are as follows:

1 Year:

Secure Trust Bank

1 Year Fixed Rate Cash ISA (03.Oct.2022)

Pays: 0.95%

Min investment: £1,000

The small print: Access on closure only, subject to 90 days’ loss of interest. Cash ISA transfers in are allowed. This is not a flexible ISA. Interest is paid annually on the 31st December. Maturity date is the 03/10/2022

Find out more at: Secure Trust Bank

2 Year:

Secure Trust Bank

2 Year Fixed Rate Cash ISA (03.Oct.2023)

Pays: 1.15%

Min investment: £1,000

The small print: Access on closure only, subject to 180 days’ loss of interest. Cash ISA transfers in are allowed. This is not a flexible ISA. Interest is paid annually on the 31st December. Maturity date is 03/10/2023.

Find out more at: Secure Trust Bank

3 Year:

Secure Trust Bank

3 Year Fixed Rate Cash ISA (03.Oct.2024)

Pays: 1.25%

Min investment: £1,000

The small print: Access on closure only, subject to 210 days’ loss of interest. Cash ISA transfers in are allowed. This is not a flexible ISA. Interest is paid annually on the 31st December. Maturity date is 03/10/2024.

Find out more at: Secure Trust Bank

5 Year:

UBL UK

5 Year Fixed Rate Cash ISA

Pays: 1.46%

Min investment: £2,000

The small print: Access on closure or full transfer out only, subject to 365 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. Interest is paid on maturity, annually, quarterly or monthly. Interest must be paid to a nominated account, it cannot be added to the account unless it is paid on maturity.

Find out more at: UBL UK

Rates correct as at 13.09.21

Variable rate cash ISAs

If you’d rather not tie up your cash savings, and prefer to have your money readily accessible in the event of an emergency, a variable rate cash ISA is likely to be your best bet.

Current best buy instant access cash ISAs include:

Cynergy Bank

Online ISA (Issue 16)

Pays: 0.60%

Min investment: £1

The small print: Easy access. Transfers in accepted from other cash ISAs at the time of application. This is not a Flexible ISA. Interest is paid annually on the last working day of March.

Find out more at: Cynergy Bank

Paragon

Limited Edition Easy Access Cash ISA (Issue 8)

Pays: 0.55%

Min investment: £1

The small print: Easy access. Transfers in are allowed. This is a flexible ISA. Interest is paid annually or monthly.

Find out more at: Paragon

Leeds Building Society

Limited Issue Online Access ISA (Issue 37)

Pays: 0.55%

Min investment: £1,000

The small print: Easy access. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA. The maturity date is 31/10/2022. On maturity, the account is transferred to the Maturity Access ISA. Interest is paid on maturity.

Find out more at: Leeds Building Society

Coventry Building Society

Limited Access ISA (Online) (2)

Pays: 0.55%

Min investment: £1

The small print: A maximum of six easy access withdrawals can be made each year. Any additional withdrawals in that year are subject to 50 days’ loss of interest on the amount withdrawn. Transfers in are allowed. This is a flexible ISA. This is not a portfolio ISA. Interest is paid annually on the anniversary of the account opening or monthly on the last day of each month.

Find out more at: Coventry Building Society

Tesco Bank

Instant Access Cash ISA

Pays: 0.51%

Min investment: £1

The small print: Easy access. Rate includes a 0.41% bonus for the first 12 months. Transfers in are allowed. This is a flexible ISA. This is not a portfolio ISA. Interest is paid annually.

Find out more at: Tesco Bank 

Rates correct as at 13.09.21

Remember…

Once you’ve chosen a cash ISA account, you can’t simply deposit your money and forget about it. Rates change constantly, so you’ll need to keep an eye on how much interest you’re earning and move your money if you can find better returns elsewhere.

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