Principality Building Society has topped the Which? Best Rate cash Isa table with its account paying 2.8% Gross/AER.
This new instant access variable-rate cash Isa offers a rate of 2.8%, which includes a 1% bonus payable for one year. It is available to new and existing customers and is managed entirely online. Customers can open the account from £1 up to the yearly cash Isa limit of £5,100, with the ability to transfer funds in from other cash Isa providers.
Keep track of the interest rate
Which? savings expert Jo Langenhan says: ‘Although this account currently pays a top rate, you should keep an eye on it and switch if it becomes uncompetitive, for example if Principality BS cuts the interest rate or other providers put up their own rates. Also, after the first year, the interest rate drops to 1.8%, so be prepared to move your money.’
Protecting your money
Principality BS is authorised and regulated by the Financial Services Authority and is fully covered by the Financial Services Compensation Scheme (FSCS).
For more information regarding the Financial Services Compensation Scheme (FSCS) and how to ensure your savings are safe, read the Which? guide.
Which? Best Rate savings accounts
Which? compares savings accounts based on stringent criteria in order to help you make the most of your money. We look at standard savings accounts as well as fixed rate savings accounts and cash Isas.
For more information on savings accounts and how to choose the right one for you, read the Which? advice guide.
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