JamesCaldwell

Best Cash ISAs

Compare the Best Cash ISA Deals

See our selection of the best cash ISAs available for the 2014/15 tax year. Remember, you have until 5th April 2015 to use your cash ISA allowance, so make sure you take advantage of your tax free allowance before it's too late.

  

James Caldwell, Director

Cash ISA Selection
ProviderPlan NameDeposit TakerISA OptionTermMaximum Potential ReturnMore Info

Kick Out DepositInvestec Bank plcyesUp to
6 years
4.75%
per annum
More Info >
  • 4.75% for each year if the FTSE 100 finishes higher than its starting value
  • Opportunity to mature early at year 3, 4 or 5
  • Capital protected
  • Short/medium term alternative to fixed rates
  • Also available for Cash NISAs & NISA transfers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Limited offer - deadlines apply. May close early if oversubscribed
  • Plan designed to be held for full term
  • Arrangement fee applies
  • Returns not guaranteed. You may only receive a return of your original capital 

5 Year Deposit Plus PlanInvestec Bank plcyes5 years20% fixed or 100% of FTSE 100 growth (no limit)More Info >
  • Target return of 20% gross or 100% of any growth in the Index if higher
  • Capital protected
  • Low minimum - £3,000
  • Short/medium alternative to fixed rates
  • Also available for Cash NISA & NISA Transfers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Limited offer - deadlines apply. May close early if oversubscribed
  • Plan designed to be held for full term
  • Arrangement fee applies
  • Returns not guaranteed. You may only recieve a return of your original capital
Important Information: Structured deposits offer you the potential to earn higher returns than you would with a regular savings account. Your returns are based on the performance of an index or commodity. If the investment does not perform well you may receive no income or capital growth, but you can be confident that your capital will be repaid. You have no access to your deposit during the term of the account, typically 3 to 6 years but your original capital will be repaid in full at the end of the term. In the event that the deposit taker is unable to repay your initial investment and any returns stated you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) depending on your individual circumstances.
Instant Access Cash ISA Selection
Fund ManagerAccountRateTermMore Info

E-Cash ISA 21.00%Instant AccessMore Info >
  • No bonus included in the rate
  • No notice period or loss of interest for withdrawals
  • Transfers accepted
  • Minimum balance £10
  • Access – online, telephone and post
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be 16 or older
  • Annual interest
  • Variable interest rate

Natwest Instant Access Cash ISAUp to 1.00%Instant AccessMore Info >
  • Earn 1.00% AER (variable) on balances over £25,000 (0.75% AER (variable) on balances below £25,000)
  • Transfers allowed in – bring all your cash ISAs together in one place
  • Instant access – manage your account by phone, in-branch and online
  • Tax free interest means interest payable is exempt from UK income tax
  • Must be 16 or over
  • Must be a UK resident

RBS Instant Access Cash ISAUp to 1.00%Instant AccessMore Info >
  • Earn 1.00% AER (variable) on balances above £25,000 (0.75% AER (variable) on balances below £25,000)
  • Transfers allowed in – bring all your cash ISAs together in one place
  • Instant access – manage your account by phone, in-branch and online
  • Tax free interest means interest payable is exempt from UK income tax
  • Must be 16 or over
  • Must be a UK resident
Fixed Rate Cash ISA Selection
Fund ManagerAccountRateTermMore Info

3 Year Fixed Rate Cash ISA2.20%3 YearMore Info >
  • Manage your account online, by phone or post
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 18 or older
  • Minimum opening balance of £1,000

2 Year Fixed Rate Cash ISA1.85%2 YearMore Info >
  • Manage your account online, by phone or post
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 18 or older
  • Minimum opening balance of £1,000

1 Year Fixed Rate Cash ISA1.50%1 YearMore Info >
  • Manage your account online, by phone or post
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 18 or older
  • Minimum opening balance of £1,000


Benefits of a cash ISA

  • Tax-free - you won't be asked to pay any tax on the interest you earn from the cash in your ISA.
  • No need to declare - you don't need to declare your cash ISA on your tax return.
  • Easy access - instant access cash ISAs offer a convenient way to save at a good interest rate while retaining easy access to your cash.
  • Straightforward transfers - you can transfer your cash ISA to a different provider to get a better rate of interest.

A cash ISA is a simple way get a good return on your money through tax-free interest, particularly if you're a novice when it comes to choosing savings accounts. In the current economic climate it's more important than ever to have some money stashed away for a rainy day.


Choosing the best deal for you

There are several factors to consider when choosing a cash ISA:

Do you want easy access to your money? An instant access ISA might be the right choice for you, as long as you're willing to accept a slightly lower rate of interest.

Are you happy to lock away cash for a set period of time? Fixed-rate cash ISAs might be a better option as they have the potential to offer a greater return long-term.

Do you have a lump sum to invest, or are you planning to make small regular payments? Different ISA providers offer different minimum deposits ranging from just one pound to several thousand pounds.

There is no single 'right' cash ISA choice for everyone - it's a case of weighing up the different factors and considering which product and provider best meets your overall needs. Use our cash ISA rates tables for 2014/15 to compare different providers, research your options, and ensure you get a good savings rate.


How much tax will I save through a cash ISA?

Using your cash ISA allowance saves you money by allowing you to keep 100% of any interest you earn. Compare this to the usual tax rates on savings:

  • Saving rate taxpayers - you would usually pay 10% tax on interest earned from your savings. In a cash ISA this savings interest is tax-free.
  • Basic rate taxpayers - you would usually pay 20% tax on interest earned from savings. In a cash ISA this savings interest is tax-free.
  • Higher rate taxpayers - you would usually pay 40% tax on interest earned from savings. In a cash ISA this savings interest is tax-free.
  • Additional higher rate taxpayers - you would usually pay 50% tax on interest earned from savings. In a cash ISA this savings interest is tax-free.

The above information gives you a general idea of what you could save - remember that it depends on your individual circumstances and may be subject to change in the future.


Can I transfer my cash ISA to a new provider for a better deal?

You are free to transfer your cash ISA at any time, making it easy to move your money around providers and ensure the most competitive rates. Bear in mind that if you try to do this by withdrawing your cash and then opening another ISA, you will lose all your tax-free benefits. To transfer an ISA without losing out, speak to your new provider, who will arrange the transfer of funds from your old cash ISA provider.

 

Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

www.isa.co.uk is a trading name of Fair Investment Company Ltd which is authorised and regulated by the Financial Conduct Authority.