If you're a UK taxpayer it's always worth considering a Cash Isa, even though most people can now get some savings interest tax-free.
The personal savings allowance means basic rate taxpayers can earn £1,000 interest tax free without using their Isa, and people who pay the 40% rate can get £500. Read our round-up of the best savings rates to find out more.
But remember that wrapping your money in an Isa means you won't need to worry about a future tax bill because your savings pot has grown and you're earning more than the tax-free threshold.
Everyone aged over 16 can save up to £20,000 in an Isa during the 2017/18 tax year.
Unless otherwise specified, all these banks are individually licenced by the FCA, so your savings will be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. All interest rates are AER - the annual equivalent rate.
Each week we select our Moneywise Best Buys, highlighting the best Cash Isas on the market.
Top easy access Isas
When picking an Isa, the first thing to decide is whether you want to fix your interest rate or opt for more flexibility with a variable rate. If you want to make additional deposits beyond the upfront opening deposit, or make withdrawals, then a variable rate Isa with easy access is probably most suitable for you.
Coventry Building Society Easy Access Isa 1.50%
Open this account online with a deposit of £1. Rate includes a 0.35% bonus until 31 July 2020.
OakNorth Easy Access Cash Isa 1.45%
Open this account online with £1,000.
Virgin Money Double Take E-Isa Issue 4 1.45%
This Isa from Virgin Money can be opened online with a low initial deposit of £1. Warning though as this account limits withdrawals to two per year. More than this and the bank will cut your rate.
Tesco Bank Instant Access Cash Isa 1.44%
Open this account online with an initial investment of £1. Inlcudes a 0.79% bonus for 12 months.
Shawbrook Bank Easy Access Cash Isa - Issue 5 1.43%
This account pays 1.43% to savers and can opened online. You must have a balance of £1,000 or more.
Best notice account Isas
Notice accounts need you to plan withdrawals in advance, but the rates can be higher than those offered by instant access in some cases.
Charter Savings Bank 95 Day Notice Issue 3 1.45%
This account pays the best rate for tax-free savings with notice access with an interest rate of 1.45% Open online with an initial deposit of £1,000.
Kent Reliance Cash Isa - 60 Day Notice - Issue 16 1.45%
Open this account with an initial deposit of £1,000.
Aldermore 30 Day Notice Cash Isa Issue 7 1.30%
Open this account online with a deposit of £1,000.
Top fixed rate Isas
If you want to secure the interest rate you earn on your savings, and are happy to lock your money away for a set period, then a fixed rate Cash Isa might be for you.
Best one-year Isas
Charter Savings Bank 1 Year Fixed Rate Cash Isa 1.75%
Open this account online for £1.
Shawbrook Bank 1 Year Fixed Rate Cash Isa Bond 1.74%
Open this account online with a deposit of £1,000.
Cynergy Bank Fixed Rate Cash Isa 1.73%
Open this account with a deposit of £500.
Top two-year Isas
Charter Savings Bank 2 Year Fixed rate Cash Isa 1.95%
Open this account online with an initital investment of £1,000.
Shawbrook Bank 2 Year Fixed Rate Isa 1.91%
Open this account online with an initital deposit of £1,000.
Coventry Building Society Fixed Rate Isa (77) 1.90%
Open this account online for £1. The term ends on 31 May 2021.
Best three-year Isas
Coventry Building Society Fixed Rate Cash Isa 2.05%
Open this account online with an initial deposit of £1. Fixed until 31 May 2022.
Charter Savings Bank Three Year Fixed Rate Isa 2.05%
This account can only be opened online and requires an initial minimum deposit of £1. The rate is fixed for 36 months at 2.05%.
Shawbrook Bank Three Year Fixed Rate Cash Isa 1.96%
Open this account online with an initital deposit of £1,000.
Top five-year Isas
Principality Building Society Five Year Fixed Rate Cash Isa 2.13%
This account can be opened online or in-branch and requires an initial deposit of £500. It has a fixed rate of 2.13% for five years.
Shawbrook Bank Five Year Fixed Rate Cash Isa 2.13%
Open this account online for a five-year fixed rate tax-free. Requires an initial deposit of £1,000.
The Family Building Society 5 Year Fixed Rate Cash Isa 2.10%
This account can be opened online for a five-year fixed rate of 2.10%. The account requires a minimum initial deposit of £1,000.
Best Junior Isas
If you're looking to put some cash aside for your kids, Junior Isas are a great way of doing so. These accounts are available to anyone under 18 and tend to offer much higher rates than adult accounts, but there are some restrictions. Read the Moneywise guide to Junior Cash Isas to find out more.
Coventry Building Society Junior Cash Isa 3.6%
Accounts can be opened with a pound in branch, over the phone, online or by post. Interest is paid annually on 30 September. Minimum balance is £1.
Danske Bank Junior Cash Isa 3.45%
Minimum balance is £1. This account is available to all and can be opened over the phone or in Danske Bank's branches across Northern Ireland. Savings are fully protected up to £85,000 by the FSCS.
How are Moneywise Best Buys selected?
We look across as much of the market as possible to find the best deals using industry data from Defaqto.
All our picks are nationally available - online, by post or by phone. We try and pick products that are available to both new and existing customers, but we’ll highlight some offers for existing customers if they’re much better than what else is on offer.
Unless rates are significantly higher than on other accounts, we avoid products that pay an initial bonus (which is normally a euphemism for a rate cut after 12 months), or those with tiered rates (these may not pay the advertised interest rate if your balance rises above or falls below a set amount).
Deals only available to particular age groups or for “additional subscriptions” are also not included.
All these savings accounts are covered by the FSCS unless otherwise specified. We will prioritise deals from UK-based banks. If your bank is licenced by another European country, savings up to €100,000 will be protected, but by the government where the bank is headquartered, rather than the UK authorities.
We reserve the right to use our discretion at all times.
This article was first published on 12 May 2008
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