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CASH ISAs

Cash ISA Comparison Service

If you're looking for the best cash ISA available, then you've come to the right place. With our quick and easy service here at Money Expert, you can compare cash ISAs completely free of charge and we'll make sure that you end up with a great deal that perfectly suits your needs.

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  • Notice
  • Interest
    • Paid
    • Gross Rate
  • Deposit
    • Minimum
    • Maximum
  • Apply
Provider:
Notice period:
Interest paid:
annually
Interest Rate:
2.25%
Minimum deposit:
£1,000
maximum deposit:
£500,000
Apply:
More Info

With our Fixed Rate Cash ISA you get a great return thanks to our guaranteed interest rate, and it's tax-free, too. Offers a rate of 2.25% AER/Gross p.a.

Aldermore | 3 Year Fixed Rate Cash ISA

Provider:
Notice period:
Interest paid:
annually
Interest Rate:
2.00%
Minimum deposit:
£1,000
maximum deposit:
£500,000
Apply:
More Info

With our Fixed Rate Cash ISA you get a great return thanks to our guaranteed interest rate, and it's tax-free, too. Offers a rate of 2.00% AER/Gross p.a.

Aldermore | 2 Year Fixed Rate Cash ISA

Provider:
Notice period:
Interest paid:
annually
Interest Rate:
1.65%
Minimum deposit:
£1,000
maximum deposit:
£500,000
Apply:
More Info

With our Fixed Rate Cash ISA you get a great return thanks to our guaranteed interest rate, and it's tax-free, too. Offers a rate of 1.65% AER/Gross p.a.

Aldermore | 1 Year Fixed Rate Cash ISA

Provider:
Notice period:
Interest paid:
annually
Interest Rate:
1.25%
Minimum deposit:
£1,000
maximum deposit:
£1,000,000
Apply:
More Info

With our Notice Cash ISA you can build up your funds over time, enjoy great tax-free rates - and as long as you give us notice, you can make as many withdrawals as you like.

Aldermore | 30 Day Notice Cash ISA (Issue 5)

Provider:
Notice period:
Interest paid:
annually
Interest Rate:
1.00%
Minimum deposit:
£10
maximum deposit:
£100,000
Apply:
More Info

Offers a rate of 1.00% AER (Variable). Minimum balance £10.

Scottish Widows Bank | E- Cash ISA 2

Provider:
Notice period:
Interest paid:
monthly
Interest Rate:
0.75%
Minimum deposit:
£1
maximum deposit:
£99,999,999
Apply:
More Info

Earn tax free interest of up to 1.00% AER (variable) on balances of at least £25,000. 0.75% AER (variable) on balances below £25,000. Transfers in allowed - bring all your cash ISAs together in one place. Instant access - manage your account by phone, post, in-branch and online. Interest paid monthly. Tax free interest means interest payable is exempt from UK income tax.

NatWest | Cash ISA

Provider:
Notice period:
Interest paid:
annually
Interest Rate:
0.75%
Minimum deposit:
£1
maximum deposit:
£1,000,000
Apply:
More Info

Instant Access ISA. Earn tax free interest of 1.00% AER (variable) on balances of at least £25,000. 0.75% AER (variable) on balances below £25,000. Transfers allowed in – bring all your cash ISAs together in one place. Instant access – manage your account by phone, in-branch and online. Tax free interest means interest payable is exempt from UK income tax.

Royal Bank of Scotland | Instant Access ISA

Cash ISAs Explained

A cash ISA (Individual Savings Account) is a savings account which allows interest to be paid tax-free. The government sets a limit on how much can be invested in a cash ISA each tax year. From 1st July 2014, the government announced that all ISAs will become New ISAs (NISAs). The main changes are that the total ISA allowance has changed from £11,880 to £15,000 and you can choose to invest all the allowance in Cash, Stocks and Shares or any combination of the two. Under the NISA rules, you will also be able to transfer previous years’ ISA savings freely between stocks and shares and cash if you wish.

Finding The Best Cash ISA For You

Here at MoneyExpert we're committed to finding the best deals for you personally. Whatever is most important to you, be it interest rates, accessibility, security or anything else, we'll help you find the best cash ISA for you.

Tax Free Saving With Cash ISA Accounts

The main benefit of a cash ISA is that you will earn tax-free interest on your savings. If your savings are deposited in a standard savings account, at least 20% of the interest you earn goes to the tax man. For those in higher tax brackets this goes up to 40%, and up to 45% for those in the highest bracket.

There is no question that putting as much of your savings as you can into a cash ISA is a good idea, protecting a portion of your money from tax.

Taking Advantage of the Best Cash ISA Rates

Take advantage of the vast benefits of a tax-free savings account by making sure that you get one with the best cash ISA rates available.

The huge variety of cash ISAs available mean that comparing different cash ISA rates with Money Expert is essential to make sure that you get the best deal. Whether you would prefer the potential gain of a variable rate or the security of a fixed rate ISA, we can help.

Your 2014/2015 Cash ISA Allowance Explained

Each tax year, you are allowed to deposit a certain amount of money in ISAs. For the tax year 2014-15, the ISA allowance from 6th April 2014 to 30th June 2014 was set at £11,880. Of this, £5,940 may be invested in a cash ISA, and the rest (up to the whole amount) can go in a stocks and shares ISA.From 1st July 2014, the government changed the allowance to £15,000. You will be able to split the amount you pay into an ISA between a Cash NISA and a Stocks and Shares NISA as you choose – up to the new overall annual NISA limit. Previously, it has only been possible to save up to half of the overall ISA subscription limit into a Cash ISA.

Examples,

  • On 10th April 2014, you pay the maximum amount allowed into a Cash ISA (£5,940). You do not want to pay into a Stocks and Shares ISA in this tax year. From 1st July the limit will increase and your account will become a Cash NISA. Subject to your account terms and conditions, you can add any amount to your account, up to the new limit of £15,000. Therefore, between 1st July 2014 and 5th April 2015, you can pay in a further £9,060 (£15,000 minus £5,940).

  • On 20th April 2014, you pay £100 into a Cash ISA and £500 into a Stocks and Shares ISA. From 1st July the limit will increase and your accounts will become NISAs. Subject to your account terms and conditions, you can add further amounts to either account, provided that your total payments for the tax year do not exceed the new limit of £15,000. Therefore, between 1st July 2014 and 5th April 2015 you can pay in a further £14,400 to your two NISAs (£15,000 minus £600) in any combination that you choose.

  • On 1st May 2014, you pay the maximum amount allowed into a Stocks and Shares ISA (£11,880). From 1 July the limit will increase and your account will become a Stocks and Shares NISA. Subject to your account terms and conditions, you can add any amount to your account up to the new limit of £15,000, or open a Cash NISA and pay into that account. Therefore, between 1st July 2014 and 5th April 2015, you can pay in a further £3,120 (£15,000 minus £11,880).

How does a Stocks & Shares

A Stocks & Shares ISA is used to invest in a wide range of stocks, shares and investment funds. The ISA wrapper allows any returns to be paid tax efficiently. Stocks & Shares ISAs are designed to be long term investments, as your money can either increase or decrease, rather than simply increasing steadily due to interest as in a cash ISA. The potential gain is greater than with a cash ISA but there is always the risk of losing some of your invested money.

At MoneyExpert we'll compare both cash ISAs and stocks and shares ISAs for you, so whichever option appeals to you best, head over to the appropriate section of our site and you'll be clearly instructed on what to do next.

Individual Savings Account (ISA)

ISAs are basically a tax-free wrapper for savings and investment products, which enable you to put away a set amount of money in any tax year to April. With other savings products, basic rate tax payers are looking at 20% tax, while high rate payers are looking at 40%. On 1st July 2014, the government changed ISAs to New ISAs (NISAs) to take into account of subscription limits and flexibility of how you can invest your money between cash, stocks and shares or a combination of both. New ISA annual allowances 2014/2015: For the tax year 2014-15, the ISA allowance from 6th April 2014 to 30th June 2014 was set at £11,880. Of this, £5,940 may be invested in a cash ISA, and the rest (up to the whole amount) can go in a stocks and shares ISA. From 1st July 2014, the government changed the allowance to £15,000. You will be able to split the amount you pay into an ISA between a Cash NISA and a Stocks and Shares NISA as you choose – up to the new overall annual NISA limit. Previously, it has only been possible to save up to half of the overall ISA subscription limit into a Cash ISA.

From 1st November 2011, the Government launched Junior ISAs for children under 18. To be eligible, the child must be a UK resident and not have a Child Trust Fund (CTF). For the tax year 2014/2015, the ISA allowance from 6th April 2014 to 30th June 2014 was set at £3,720. From 1st July, the government changed the allowance to £4,000. There are two types of junior ISA: a junior cash ISA, where the interest is not taxed, and a junior stocks and shares (investment) ISA, where the returns are mostly tax-free. Funds in a Junior ISA will be locked-in until age 18 and roll over into an adult ISA on maturity, meaning that the accounts will help to foster a long-term savings habit among young people. There are two types of ISA, these are: Cash ISA: These offer a safe way of saving money in the short-term and are usually taken through banks and building societies. You only need to be 16 years old to open one of these. Cash ISA savers can also transfer money saved in their Cash ISA to a Stocks and Shares ISA. Stocks and Shares ISA: These may involve investment funds; unit trusts, shares, bonds, as well as life insurance policies, and are usually taken through an investment company. As with any investment, there is a risk that you may not get all your money back. (Life insurance used to be a component in its own right, but became part of the stocks and shares component in April 2005). The new rules could also affect those of you with existing, old style ISAs or other tax free savings wrappers. If you have an old style Mini Cash ISA, TESSA only ISA or have cash components of a MAXI ISA, your account will have automatically switched to a Cash ISA. Also, old style Mini Stocks and Shares ISAs and the stocks and shares components of MAXI ISAs will have automatically become Stocks and Shares ISAs. Finally, if you have a Personal Equity Plan (PEP) it will have automatically become a Stocks and Shares ISA.

TIP: Remember that you can now invest in up to two ISAs each tax year.

TIP: Try not to withdraw money from your ISA. Once you have invested the limit, if you make a withdrawal, you cannot top it up again.

TIP: Look out for all the usual dos and don’ts when it comes to interest rates; there may be minimum withdrawals or a minimum on how much you need to deposit.

TIP: If you are switching ISAs do not just withdraw the cash – you will lose your tax-free element! Make sure the new bank or building society can set up the transfer for you.

TIP: Cash ISAs are safe and are good for short-term savings. Stocks and Shares are more risky and need to be invested for longer periods. Make sure you can live without the cash if you opt for the latter.

TIP: If you’re a taxpayer, try to make use of your annual ISA tax free allowance. The interest rates for cash ISAs are more generous than for many equivalent non-ISA accounts.

Please remember that the value of an investment and any income from it may fall as well as rise and is not guaranteed. You may get back less than you invest. Although there is no fixed term, you should consider an ISA to be medium to long term, ideally five years or more. The tax efficiency of ISAs is based on current rules. The current tax situation may not be maintained. The benefit of the tax treatment depends on individual circumstances

Other Savings products Which May Suit Your Needs:

Savings Accounts

A standard savings account is the same as an ISA except your interest will be subject to taxation. As such it is only ever worth saving what is left after your ISA allowance has been used up into one of these accounts.

The best savings account rates will rarely, if ever be better than the best cash ISA rates.

Fixed Rate Bonds

A fixed rate bond is one where, as the name suggests, the interest rate is set at a fixed level and stays at that rate until the bond's maturity. This comes with added security, avoiding the possibility of decreasing interest rates but also comes with a risk of losing value due to inflation.

Fixed Rate ISAs

As with a fixed rate bond, a fixed rate ISA is simply an ISA with a fixed interest rate. Many prefer the security of a fixed rate, while others prefer the potential for gain associated with a variable rate. Whichever your preference, we'll make sure that you find the best cash ISA rates possible.

Junior ISAs

A Junior ISA (JISA) is an ISA for anyone under the age of 18. It functions in the same way as a standard ISA, cash or otherwise. A child can only have one cash ISA and one stocks and shares ISA at any one time and the junior cash ISA limit is lower, at £3,720.

Between the ages of 16-18, a child may open their own ISA, below this age this must be done by someone with parental responsibility.

Frequently Asked Questions

How often is interest paid on my savings?

This will depend on the specific account. With some accounts, the interest is calculated daily but paid annually, sometimes it is both calculated and paid monthly. You'll be able to find out how often the account you choose pays its interest easily.

Why use Money Expert to find me the best savings rates?

Our free and impartial service is easy to use, trusted and gets results. We'll find you the best deals on the best savings accounts available without any obligation or fee required from you.

What are the top savings accounts available?

The range of accounts available is vast and will vary year in year out. Head over to our savings accounts comparison page and you'll be able to clearly see the best accounts available at the moment.

How do I achieve the best interest rates on savings?

The easiest way to make sure you get the best interest rates on your savings account is to shop around through Money Expert using our handy comparison service.

What is the minimum deposit for high interest saving accounts?

Again, this will change depending on the specific account you are looking at, but we'll show you clearly if there is a minimum deposit limit on the account you're after.

How much interest will I earn in one year?

This will depend on the account you choose, but is easy to find out, and by browsing accounts using our savings account comparison service you can be sure that you'll get the best annual interest rates available.

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