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Cash Isa deals of the week: 23 June 2016

Top savings rates of the week

Coin being put into a green piggy bank on grass

Discover the best cash Isa deals currently available with the Which? Money weekly roundup.

Cash Isa allowance for 2016-17

Each year you can deposit your savings into a cash or stocks and shares Isa, or both. The overall limit for the 2016-17 tax year for both cash and stocks and shares Isas is £15,240.

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 these deals we’ve also included links to Which? Money Compare, the comparison site which lets you see banks’ customer scores as well as their rates, where you’ll find more details about each Isa.

Find out more: lifetime Isas explained read about the new tax-free savings vehicle available from April 2017

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 1.45% AER. This Isa must be opened in branch. Click on the link to see more about the Punjab National Bank Instant-Access Cash Isa.

Notice cash Isa

Notice cash Isa accounts used to pay a higher rate than instant-access Isas, but at the moment this isn’t the case.

The 30 Day Notice Isa from Beverley Building Society tops the table, paying 1.3% AER on balances from just £1. Click on the link for more on the Beverley Building Society 30 Day Cash Isa.

One-year fixed-rate cash Isa

Currently topping the one-year fixed-rate cash Isa table is Al Rayan Bank, paying 1.51% AER. 

Yorkshire Bank offers the next best rate in our table, at 1.35% AER.

Two-year fixed-rate cash Isa

Nottingham Building Society offers the best rate in our table for this category, paying 1.5% AER. Click on the link for more about the Nottingham Building Society 2-year fixed Cash Isa

Shawbrook Bank and Virgin Money both offer the next best rates at 1.4% AER. 

Three-year fixed-rate cash Isa  

Saga offers the best rate in this category, paying 1.8% AER. Click on the link for more on the Saga 3-Year Fixed Cash Isa.

Shawbrook Bank offers the next best rate in our table, paying 1.7% AER.

Four-year fixed-rate cash Isa 

Punjab National Bank offers the best rate in our table, paying 1.5% AER. Click on the link to find out more about the Punjab National Bank 4-Year Fixed Cash Isa.

Julian Hodge Bank offers the next best rate in our table, paying 1.4% AER. 

Five-year fixed-rate cash Isa 

Skipton Building Society comes top in our five-year fixed-rate table, paying 2.01% AER. Click on the link for more information about the Skipton Building Society 5-year fixed Cash Isa.

Nationwide offers the next best rate in our table, at 2.0% AER.

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

Help to Buy Isa – first-time buyers

If you’re saving for your first home, you can now open a Help to Buy Isa, which is designed to help first-time buyers get onto the property ladder.

You can deposit up to £200 a month in a Help To Buy Isa (plus an additional initial deposit of £1,000), with the government topping up these savings by 25% up to a maximum of £3,000.

Your Help To Buy Isa savings can be used to buy a home worth up to £250,000, or £450,000 in London. And if you’re buying with someone else, you can open separate accounts and jointly earn a bonus of up to £6,000.

Virgin Money’s Help to Buy Isa currently offers the best deal, paying 3% AER. 

You can’t contribute to a cash Isa in the same tax year as a Help to Buy Isa, so if you want to open a Help to Buy Isa in 2016-17, make sure you don’t deposit new funds into another 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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