The Best Cash ISAs – April 2024: Due to a series of interest rate hikes by the Bank of England (BoE) last year, along with increased competition, the rates on the best cash ISAs have improved alongside savings accounts.
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The end of the tax year is fast approaching, so it’s worth checking if you’re making full use of your £20,000 ISA allowance.
As the BoE has frozen interest rates at 5.25% again, some analysts predict that rates could be cut this spring. If that happens, you’ll need to act fast to get the top rates.
Stocks and shares ISAs are good for long-term savings, but cash ISAs are better for short-term savings.
Today, we have rounded up the best cash ISA rates available.
Also Read: New Multiple ISA Rule: Here’s How It Works, All You Need To Know
Easy access to cash ISAs
You can access your savings without penalty with easy access to cash ISAs.
| Provider | Account name |
Interest rate (AER) |
Min/max deposit |
Account access |
|
|---|---|---|---|---|---|
| PLUM | Plum Cash ISA * | 5.17% | £100 / £40,000 |
||
| Moneybox | Moneybox Cash ISA | 5.16% | £500 / £1,000,000 |
Mobile Banking / Mobile | |
| Chip Cash ISA | Flexible ISA | 5.1% | £500 | Online |
One-year fixed-rate cash ISAs are the best
Here are the best one-year fixed-rate ISAs you can open now if you’re happy to lock your cash away for a year without withdrawing.
| 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 |
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Two-year fixed-rate cash ISAs are the best
You’ll find cash ISA rates of 4% if you’re willing to lock away your savings for at least two years – but you’ll need to act fast as cash ISA rates are dropping.
| 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 |
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Three-year fixed-rate cash ISAs are the best
| 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 |
Best five-year fixed-rate cash Isa
| Provider | Account name |
Interest rate (AER) |
Min/max deposit |
Account access |
|
|---|---|---|---|---|---|
| Shawbrook Bank | 5 Year Fixed Rate Cash ISA Bond Issue 45 | 4.17% | £1,000 / £250,000 |
Email / Online / Telephone | |
| United Bank UK | 5-Year Fixed Rate Cash ISA | 4.16% | £2,000 / £1,000,000 |
Branch / Mobile Banking / Online / Post / Telephone / Mobile | |
| Secure Trust Bank | 5 Year Fixed Rate Cash ISA (06.Jun.29) | 4.05% | £1,000 / £1,000,000 |
Mobile Banking / Online / Telephone |
In general, the longer you leave the money untouched, the more interest you’ll earn.
You can replace any funds you withdraw in the same tax year without affecting your ISA allowance, which is currently £20,000.
Also Read: The Best Packaged Bank Accounts: A Comprehensive Comparison
