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Cash Isa deals of the week 05 November 2015

Top savings rates of the week
Coin being put into a green piggy bank on grass

Which? Money provides our weekly roundup of the best cash Isa deals on the market to help you invest your tax-free allowance for 2015/2016.

Cash Isa allowance for 2015/2016

Each year you can deposit your savings into a cash or stocks and shares Isa, or both. The overall limit for the 2015/16 tax year for both cash and stocks and shares Isas is £15,240.

To maximise your tax-free allowance, remember to save in a cash Isa before putting your money in an ordinary taxable savings account.

Here, we take a look at some of the best cash Isa rates on the market. If you’re keen to find out more about any of the deals, we’ve also included links to Which? Money Compare, where you’ll find more details about each Isa.

Best-rate cash Isas

We have excluded Isas with certain qualifying conditions and restrictions on withdrawals.

Instant-access cash Isa 

The top rate meeting our criteria is from Punjab National Bank, offering 1.65% AER. This Isa must be opened in-branch. Click on the link to see more about the Punjab National Bank Cash Isa

The easy access Isa from Post Office Money is next in our table, paying 1.51% AER.

Notice cash Isa

Notice cash Isa accounts once paid a higher rate for locking up your money than instant access Isas but at the moment there aren’t any notice Isa accounts paying more than the top instant access cash Isa rate.

The 60 Day Notice Isa from Kent Reliance tops the table, paying 1.40% AER on balances from £1,000. Click on the link for more on the Kent Reliance Isa

One-year fixed-rate cash Isa

Currently topping the one-year fixed-rate cash Isa table is Al Rayan Bank, paying 1.90% AER. However, the rate from Al Rayan Bank is an ‘expected profit rate’ from its sharia-compliant investments, so returns are not guaranteed. Click on the link for more information about the Al Rayan Bank Fixed Term Deposit Cash Isa

Virgin Money offers the next best rate in our table at 1.81% AER. 

Two-year fixed-rate cash Isa

Mansfield Building Society tops this table, paying 2.10% AER. It’s worth noting that transfers in from other Isa providers are not allowed. Click on the link for more about this Mansfield Building Society Isa

Virgin Money offers the next best rate in our table at 2.06% AER from initial deposits of just £1. 

Three-year fixed-rate cash Isa  

Punjab National Bank and United Bank UK offer the best rates in our table in this category, both paying 2.30% AER. Click on the link for more on the Punjab National Bank 3 Year Fixed Rate Isa.

Virgin Money offers the next best rate in our table, paying 2.25% AER from initial deposits of just £1.

Four-year fixed-rate cash Isa 

Leeds Building Society and Punjab National Bank offer the best rates in our table, both paying 2.35% AER. Click on the link to find out more about the Leeds Building Society 4 Year Fixed Cash Isa.

Julian Hodge Bank offers the next best rate in our table, paying 2.15% AER. This account can only be opened and operated by post.

Five-year fixed-rate cash Isa 

United Bank UK pays a rate of 2.55% AER and comes top of our five-year fixed-rate table. Click on the link for more information about the United Bank UK 5 Year Fixed Isa.

Virgin Money offers the next best rate in our table, paying 2.51% AER from initial deposits of just £1.

Which? Money Compare table: Fixed-rate cash Isas – compare hundreds of deals

Help to Buy Isa – first-time buyers

On 1 December 2015 the new Help to Buy Isa will be launched, with the aim of helping would-be first-time buyers save a deposit for their first home.

You can’t contribute to a cash Isa in the same tax year as a Help to Buy Isa. Therefore, if you want to open a Help to Buy Isa in the 2015/2016 tax year, make sure you don’t add any money to a cash Isa in this tax year. 

The Which? Money Compare tables let you search hundreds of savings accounts and cash Isa deals from providers large and small so that you can find a good home for your nest egg. We also combine this with our unique customer scores that show you how well the providers featured are likely to treat you in the long run.

More on this… 

Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

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