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 just £1. Note rate includes a 0.32% bonus until 31 August 2020.
Virgin Money Double Take E-Isa Issue 6 1.50%
Open this account online with £1. Note - you are limited to two withdrawals per year.
Shawbrook Bank Easy Access Cash Isa 1.43%
Open this account online with a deposit of £1,000.
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.
Earl Shilton Building Society 90 Day Notice Cash Isa 1.30%
You can open this account online with a minimum investment of £10.
Kent Reliance Cash Isa - 60 Day Notice - Issue 18 1.20%
Open this account with an initial deposit of £1,000.
Aldermore 30 Day Notice Cash Isa 1.3%
Open this account online with a £1,000 minimum deposit. 30 days notice required to withdraw cash.
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
Al Rayan Bank Fixed Term Deposit Cash Isa 1.61%
Open this account with a minimum deposit of £500. Can be opened online. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.
Aldermore 1 Year Fixed Rate Cash Isa 1.60%
Open this account online with a deposit of £100.
Secure Trust Bank 1 Year Fixed Rate Cash Isa 1.60%
Open this account with an initial deposit of £1,000.
Top two-year Isas
Virgin Money 2 Year Fixed Rate Cash E-Isa Issue 379 1.82%
Can be opend online with a minimum initial investment of £1.
Al Rayan Bank Fixed Term Deposit Cash Isa 1.81%
Open this account online with a minimum deposit of £1,000. Note, this account's rate is an expected profit rate (EPR). Find out what this means in our guide.
AA Isa Fixed Rate issue 14 1.80%
Open this account online with £500.
Best three-year Isas
Aldermore Three Year Fixed Rate Cash Isa 1.9%
This account can only be opened online and requires an initial minimum deposit of £1,000. The rate is fixed for 36 months at 1.91%.
Paragon 3 year fixed rate Cash Isa 1.86%
Open this account online with an initital deposit of £500.
Metro Bank 3 Year Fixed Rate Cash Isa 1.85%
Open this account online with a minimum deposit of £1.
Top five-year Isas
Metro Bank 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.
Coventry Building Society Fixed rate Cash Isa 2.10%
This account can be opened online or in-branch and requires an initial deposit of £1. It has a fixed rate of 2.1% and matures on 31 May 2024.
Newcastle Building Society Five Year Fixed Rate Isa 2.10%
Open this account online for a five-year fixed rate tax-free. Requires an initial deposit of £500.
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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