Best Fixed Rate Cash ISAs
The table below helps you find the best fixed rate cash ISA available at the moment. You can see a roundup of the best variable rate cash ISAs here. For the 2013/14 tax year you can invest up to £5,760 into a cash ISA
6 things to check when looking for the Best Fixed Rate Cash ISA
Besides the headline interest rate there are a number of other factors you should check when determining the best fixed rate cash ISA for you.
1. The fixed period - a fixed rate cash ISA account normally requires you to tie up your money for a period of time, the longer the time period the higher the rate. If you need to get access to your money in this ‘tie-in’ period then a penalty will be applied normally a reduction or loss of the interest already earned. Check the 'notes' section in the table below for details.
2. Minimum and maximum investment limits – all savings accounts will have a minimum and maximum investment amount (which is £5,760 for the 2013/14 tax year).
3. Managing your account - once your savings account is open you will need to keep an eye on your cash and maybe withdraw money or add to your savings from time to time. Most savings accounts offer a variety of ways to manage your money – online, branch, telephone – but some offer an ‘in branch’ only service which can be very inconvenient. Check that you are happy with how you can manage the account.
4. Whether transfers in are allowed - if you are looking for a home for your existing cash ISAs then make sure the new ISA will accept transfers.
5. Protection - one of the main reasons for putting your cash in a savings account, rather than investing in the stock market, is security. Check whether the deposits with the bank or building society in question are covered under the Financial Services Compensation Scheme (FSCS). If they are then 100% of the first £85,000 you have in a savings account (£170,000 on a jointly held account) is protected. I highlight this in the table below.
6. Compatibility with your other accounts – You need to be aware that the aforementioned FSCS limit is per banking licence and many banking brands share the same licence. Check here before opening an account to see which brands shares licences and make sure that all your savings, if over £85,000 in total, are protected.
Best Fixed Rate Cash ISAs
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