Cash Isa deals of the week 20 November 2014Introduction of Nisas boosts tax-free allowances

20 November 2014

pink piggy bank

Which? Money provides our weekly look at the best deals on the market to help you invest your cash Isa allowance for 2014/15.

Cash Isa allowance for 2014/15

The overall annual limit for a tax-free Isa increased to £15,000 on 1 July. This limit for new Isas, or 'Nisas', can now be made up of cash, or stocks and shares, or a mixture of both.

Under the old rules, you could place only half of your annual allowance into a cash Isa. The remainder had to go into stocks and shares. But savers can now deposit the full £15,000 into cash or stocks and shares, or into any mix of both.

Here, we take a look at some of the best cash Isa deals currently available. For the Best Rate cash Isas, we've also included a link to the Which? Money Compare tables where you can find out more details.

The best cash Isas

Instant-access cash Isa 

Currently topping the best instant-access cash Isa tables is BM Savings, paying 1.55%. Click here to find out more about this Isa.

NS&I offers the next highest rate of 1.50%. However, it's worth noting that this account doesn't allow transfers in from other Isa providers.

Notice cash Isa

Notice cash Isa accounts used to pay a higher rate for locking up your money, but at the moment there aren't any notice account Isas paying more than the top instant-access cash Isa rate.

Bank of Cyprus UK, Charity Bank and Dudley Building Society all offer the top rate, at 1.50%, but you'll need to give around a month's notice to get at your cash. 

One-year fixed-rate cash Isa

Julian Hodge Bank currently tops the table with a 1.75% market-leading one-year fixed-rate cash Isa. You can find out more here

The Post Office follows closely behind, paying 1.70% from initial opening balances of £500.

Two-year fixed-rate cash Isa

The two-year fixed-rate cash Isa deal from Barclays, paying 2.02%, is the best product if you're happy to tie up your money for two years. Click here for more information. 

Following closely behind are the deals from The AA and Julian Hodge Bank, paying 2.00% from an initial opening balance of £1 and £5,000 respectively. 

Three-year fixed-rate cash Isa 

Virgin Money currently tops the three-year fixed-rate cash Isa table, paying 2.15%. For more details about this Isa, click here. 

The fixed rate Isa from Julian Hodge Bank and the Post Office aren't far behind, both paying 2.10%. 

Four-year fixed-rate cash Isa 

Coventry Building Society's Fixed Rate Isa is offering a rate of 2.40%, and is the best four-year fixed-rate cash Isa deal at the moment. However, this account doesn't accept transfers in from other providers. Click here to find out more about this Isa.

Five-year fixed-rate cash Isa 

Julian Hodge Bank, United Trust Bank and Virgin Money currently lead the five-year fixed-rate cash Isa table, all paying 2.50%. 

The Isa from Virgin Money requires an initial deposit of just £1. More information can be found here.

Which? Comparison Table: Best Rate fixed-term cash Isas - compare the best deals on the market

Cash Isa tip of the week

It’s been tough to find the best rate on your savings and cash Isa in recent years, but Which? is here to help. 

You can search the new Which? Money Compare tables, which let you search all available savings accounts and cash Isa deals from all providers so that you can find a great home for your nest egg. We also combine this with our unique customer scores that show you how well the provider you pick will treat you in the long run.

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