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Cash Isa deals of the week 06 November 2014

Introduction of Nisas boosts tax-free allowances

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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.

Which? Comparison Table: Best Rate Cash Isas – compare the best deals on the market

The best cash Isas

Instant-access cash Isa 

Currently topping our best instant-access cash Isa tables is BM Savings, paying 1.60%. Click here to find out more about this Isa.

NS&I and Skipton Building Society both offer the next highest rate of 1.50%. However, it’s worth noting that these accounts don’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

The Post Office currently tops the table with a 1.70% market-leading one-year fixed-rate cash Isa. You can find out more here

Julian Hodge Bank and Tesco Bank follow closely behind, both paying 1.65%. However, it’s worth noting that Julian Hodge Bank requires a minimum deposit of £5,000 at account opening.

Two-year fixed-rate cash Isa

The two-year fixed-rate cash Isa deal from Virgin Money, paying 2.10%, is the best product if you’re happy to tie up your money for two years. Click here for more information. 

Following closely behind is a deal from Barclays, paying 2.02% from an initial opening balance of just £1. 

Three-year fixed-rate cash Isa 

Virgin Money currently tops our three-year fixed-rate cash Isa table, paying 2.25%. For more details about this Isa, click here. 

The fixed rate Isa from Skipton Building Society isn’t far behind, at 2.20%. This account can be operated in-branch or over the phone.

Four-year fixed-rate cash Isa 

Coventry Building Society’s Fixed Rate Isa is offering a rate of 2.60%, 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, Principality Building Society, Skipton Building Society and United Trust Bank currently lead our five-year fixed-rate cash Isa table, all paying 2.50%. 

Principality Building Society achieved an impressive score of 60% in our recent customer satisfaction survey. 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 our new comparison tables, which let you search all available savings accounts and cash Isa deals from all providers so that you can find the perfect 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.

More on this… 

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