Best 15 Cash ISA Rates for August 2019

If you’re based in the UK and looking for a place to stash your savings, it is well worth considering a Cash ISA.  

Why? Well, if you’re currently paying the basic tax rate, then you’ll be able to earn up to £1,000 in interest on your savings without paying any tax. Even if you’re on the higher tax band, you still earn up to £500 in interest before you start paying any tax. 

As deals come and go in the ISA space, we’ve listed the top 15 Cash ISAs available this month.

Cash ISAs: Best Notice Accounts 

If you don’t see yourself needing to access your savings at a moment’s notice, then you are probably best off putting your cash in a notice account. All this means is that you will need to give a certain amount of notice before you can make a withdrawal – which usually ranges from 30-90 days.  

Kent Reliance

• 1.20% interest
• £1,000 minimum deposit
• 60 days notice

Earl Shilton Building Society 

• 1.30% interest
• £10 minimum deposit
• 90 days

Aldermore 

• 1.30% interest
• £1,000 minimum deposit
• 30 days

Of the above, we’d have to recommend Aldermore. Not only does it have a notice period of just 30 days, but it’s paying the highest interest rate of 1.30%.

Cash ISAs: Best Instant Access Accounts 

Unlike notice accounts, an Instant Access Cash ISA (sometimes referred to as Easy Access) allows you to withdraw funds as and when you please. If you do, you’ll likely lose your introductory interest rate.

Moreover, we should also note that Instant Access accounts will usually offer a variable rate of interest. This is likely to be in-line with any changes that the Bank of England makes on its base rate.

Interestingly, although Notice Cash ISAs typically offer better rates than its Instant Access counterpart, at the time of writing you can actually get some better deals on the latter. 

Shawbrook Bank

• 1.43% interest 
• £1,000 minimum deposit

Virgin Money Double Take

• 1.43% interest 
• £1 minimum deposit

OakNorth

• 1.44% interest 
• £1 minimum deposit

There is very little to separate the above three deals. However, going purely on the fundamentals, we’d have to go with OakNorth on this one. With a minimum deposit of just £1, you can earn yourself 1.44% in tax-free interest.

Cash ISAs: Best Fixed-Rate Accounts 

If you’re happy to lock away your savings for a set period of time, then your best chance of earning the highest interest will be via fixed-rate savings accounts. 

The terminology on these accounts is a bit confusing at times, as in our view, these operate just like savings bonds. As such, you won’t be able to cash your savings out until the maturity date. Even if the institution does permit an early withdrawal, then you’ll likely lose all of the interest that you accrued, which kind of defeats the object.

1 Year Fixed-Rate

Cynergy Bank Bank Fixed Rate 

• 1.62% interest
• £500 minimum deposit  

Al Rayan Bank Fixed Term Deposit 

• 1.61% interest  
• £500 minimum 

OakNorth 12 Month Fixed

• 1.61% interest  
• £51 minimum 

Although OakNorth is just short on the other two providers by a mere percentage point, we like the fact that you can get started with a deposit of just £1. This essentially gives you the chance to figure out how savings bonds work before you decide to increase your investment. 

3 Year Fixed-Rate

OakNorth 36 Month

• 1.86% interest
• £1 minimum deposit  

5 Year Fixed-Rate

Metro Bank 5 Year Fixed Rate

• 2.10% interest
• £1 minimum deposit  

Secure Trust Bank Fixed Rate

• 2.02% interest  
• £1,000 minimum 

Newcastle Building Society 

• 2.12% interest
• £500 minimum deposit  

If you’re happy to lock your money away for a total of five years, then you’ll be able to make your way into 2%+ territory. We like the looks of the Newcastle Building Society’s 5 year fixed-rate option, which is currently paying 2.12% interest. If you can’t quite make the £500 minimum, then you’ll be best off going with Metro Bank, albeit, at 0.2% less interest.

Junior ISAs: Best Fixed-Rate Accounts 

Junior ISAs are an excellent way to put some money away for when your children turn 18. In fact, this particular branch of the ISA space typically pays a higher rate of interest in comparison to a standard ISA. However, it is important to remember that Junior ISAs usually come with more restrictions, so do check this out thoroughly before parting with your cash. 

Coventry Building Society Junior Cash ISA

• 3.60% interest
• Variable interest
• Minimum balance of £1
• Interest paid once per year
• No access to fund until your child turns 18

The Coventry Building Society is offering a rather juicy 3.60% on its Junior Cash ISA. Even better, you’re only required to have a minimum account balance of £1, and interest is paid annually.

On the other hand, you need to remember that you will not be able to make a withdrawal until your child turns 18. Moreover, the 3.60% headline interest rate is variable, meaning that it can go both up or down.

Danske Bank Junior Cash ISA 

• 3.45% interest
• Variable interest
• Minimum balance of £25
• Interest paid once per year
• No access to fund until your child turns 18

As an alternative to Coventry Building Society, you might also want to consider the Junior Cash ISA offered by Danske Bank. Although the institution is German-owned, your savings are still protected by up to £85,000 via the UK’s FSCS. 

Much like in the case of Coventry Building Society, Danske Bank also restricts access prior to the child’s 18th birthday, however, you can transfer the money to an alternative Junior Cash ISA at any given time.

The Bottom Line

In summary, Cash ISA rates are still nothing to write home about – especially in comparison to other investment options like shares and corporate bonds. However, you do need to remember that in the vast majority of cases, your Cash ISA account is going to be protected by the FSCS deposit scheme. As such, your investment is virtually risk-free.

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