If you’re looking to make the most of the £5,760 cash ISA allowance you only have 2 day to choose an account. Here are some options that could be best for your savings:
Although ISA rates a not as high as many savers were expecting, some deals are much better than others. One’s that have caught our eye include Halifax’s fixed rate ISA paying 2% and Nationwide’s three-year account offering a highly competitive 2.25%.
Easy Access ISAs
Banks are, unsurprisingly, reluctant to grant savers easy access to funds. However with current interest rates at such a low level, and rumours of an increase in future savings rates, it may be wise to choose an easy access account.
There is a slight loop hole you can employ that may allow you access to your cash when it is in a well-paying fixed-rate Isa, although the benefits are dependent on your circumstances. Read more about the loophole here.
Rumours of future interest rate increases may deter people from longer term commitments, however it is unlikely rates will change significantly over the next 18 months and many are pointing to Halifax’s 2% 18 Month Fixed-Rate ISA as a best buy.
If you are happy to keep money in the bank for an extra 6 months then Halifax are offering a 2 year fixed rate at 2.05%. Who ever said they don’t give you extra? Minimum deposit is £500.
A three year option is sometimes risky – you don’t want to miss out on rate increases. With Coventry BS you can get a solid 2.75% and if needs be, you can withdraw with a small penalty of 120 days interest. It could be worthwhile if you are happy to keep an eye on rates.
We keep a beady eye on Junior ISAs and savings accounts; you can find information on the highest paying rates in these savings tables. If you are unsure of what kind of account is best for your child, we run through the options available here.