The highest paying tax-free savings accounts
Individual Savings Accounts, or ISAs, let you earn interest without paying tax. Though they aren’t the only way to do this, they can still be worth looking at to get the best rates on your cash.
In this best buys guide we’ve listed the top paying option across both easy access and fixed ISAs.
Best easy access Cash ISA
When looking at easy access Cash ISAs, a “Flexible” ISA means you can withdraw money and pay it back without it impacting that year’s £20,000 allowance.
Best limited access Cash ISA
Limited access ISAs still give you access to your money when you need it, but you might be restricted how may times you can make those withdrawals. If you exceed these limits you might have to close the account and withdraw the entire balance.
Best fixed Cash ISA
Unlike fixed savings accounts you can withdraw money from a fixed ISA, though you'll pay a penalty to do so. For a one-year fix that's normally 90 days interest.
Best one year fixed Cash ISAs
Best 18 month fixed Cash ISAs
Best two year fixed Cash ISAs
Best three year fixed Cash ISAs
Best four year fixed Cash ISAs
Best five year fixed Cash ISAs
Best seven year fixed Cash ISAs
Best limited access fixed ISAs
These are a little different as they're a mix of access and fixed ISAs. As with a fix, your money is locked away for the duration of the fix (though as with any ISA you can take the whole lot out for an interest penalty).
The key difference is you can access up to 10% of the balance up to three times each year. You can also add to the ISA throughout the year (though transfers are only in the first month). So they're good options for higher rates if you want some but not all access.
Andy's Top ISA rules
It's worth remembering these key ISA rules.
- You can only pay into one of each type of ISA in a financial year
- There's a combined £20,000 annual limit of new money across all ISA types
- Alwasy transfer to a new ISA rather than withdraw and redeposit
- Flexible ISAs let you put back in money withdrawn without impacting your annual allowance
Best Lifetime ISAs
Lifetime ISAs are available as cash savings or as investment products. You can open on up to the age of 40 and save up to £4,000 a year into one and get a 25% bonus. Here are the leading Cash Lifetime ISAs:
Occasionally you can get a better rate of interest by holding cash in a Stocks & Shares ISA. However, you'll need to watch out for any charges, which can sometimes be avoided if none of the money is invested via the same ISA.
This type of account could also be an option if you have already paid into a Cash ISA in the current financial year, though bear in mind you won't be able to do this if you have already contributed to another Stocks & Shares ISA in the same period.
ISA special offers
Sometimes it's possible to get a bonus or special rate on top of your ISA. We go into more detail on these in our savings special offers page, but here are the latest ones to consider.