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The best Cash ISAs for the 2014/15 tax year

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Last updated on

30 March 2015

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If you want to use some or all of your ISA allowance for this tax year, here are the top Cash ISAs right now.

If you're looking to use your Cash ISA allowance then you're in the right place. However, there’s some bad news first: Cash ISA interest rates, like most savings rates, are pretty dire.

The good news is you're now able to save £15,000 this tax year into a Cash ISA.

Below we've picked out the best rates for new Cash ISAs for this tax year.

For the top ISAs that are only available to people who already have products with a financial institution or live in certain geographic areas, see The hidden best buy Cash ISAs. And if you're looking to transfer old ISA savings, you want Top Cash ISAs for transfers. If you're thinking about a stocks & shares ISA for the first time, have a read of Beginner's guide to stocks & shares ISAs.

Free ISA guides

Top instant-access Cash ISAs

The top high street instant-access rate right now is 1.50% available from NS&I, the Post Office and Nationwide (providing you bank with them). The Post Office ISA is different in that it allows you to spread your money between the easy-access ISA paying 1.50% and fixed rates paying more.

Account

Interest rate (AER)

Minimum deposit

Notes

NS&I Direct ISA

1.50%

£1

Transfers and new subscriptions.

Post Office Premier ISA

1.50% (0.85% bonus for first 18 months)

£10

Transfers and new subscriptions.

Post Office Online ISA

1.50% (0.85% bonus for first 12 months)

£100

Transfers and new subscriptions.

Skipton BS Bonus Cash ISA

1.50% (0.5% bonus for first 12 months)

£1

Transfers and new subscriptions.

Nationwide Flexclusive ISA*

1.50%

£1

New subscriptions only.

Santander Direct ISA Saver*

1.50%

£500

Transfers and new subscriptions.

Tipton BS Premier ISA

1.45%

£5,000

New subscriptions only.

*Must have current account to qualify

Sometimes instant-access accounts come with temporary bonuses. We’ve got no problem with fixed bonuses. They mean that your interest rate can’t fall below a certain level for a set period. That's not the case with a variable rate bonus though.

Just remember that the interest rate on your account will almost certainly crash once the bonus expires.

Top notice Cash ISAs

At the moment giving a little warning before making a withdrawal gets you a much higher interest rate with the top notice ISAs.

Account

Interest rate (AER)

Minimum deposit

Bonus

Notes

Al Rayan Bank Notice Cash ISA

2.02%*

£250

None

Transfers and new subscriptions.

120 days’ notice required for withdrawals.

Hinckley and Rugby BS 120-Day Notice Cash ISA

1.60%

£500

None

New subscriptions only.

120 days’ notice required for withdrawals. Account limited to those in certain areas.

*Anticipated profit rate

Top fixed rate ISAs

Moving onto fixed rate ISAs, which lock up your money for a certain period of time.

With the Bank of England indicating that interest rates aren't likely to rise rapidly in the short term, it might be worth opting for a 18-month or two-year fixed rate in order to get a better return with the option to exit in the not too distant future.

Here are the best buys ordered by interest rate.

Account

Interest rate (AER)

Minimum deposit

Length of fixed rate

 Notes

State Bank of India Online 5 Years Cash ISA Fixed Deposit    

2.50%

£15,000

Five years

Transfers and new subscriptions.

Virgin Money Fixed Rate Cash E-ISA

2.35%

£1

Five years

Transfers and new subscriptions.

State Bank of India Online 1000 Day Cash ISA Deposit

2.30%

£15,000

1,000 days

Transfers and new subscriptions.

Coventry BS Fixed Rate Cash ISA

2.25%

£1

Until 30th November 2018

Transfers and new subscriptions.

Yorkshire/Clydesdale Bank Cash ISA - Fixed Rate Bond

2.10%

£2,000

Until 28th April 2017

Transfers and new subscriptions.

Virgin Money Fixed Rate Cash E-ISA

1.65%

£1

Until 24th February 2016

Transfers and new subscriptions.

Even though they have significantly higher interest rates, beware of the risk that come from five year bonds. The danger with locking your money away for longer is that rates may rise in just a couple of years' time, leaving you stuck with an uncompetitive account.

Compare ISAs

This article is regularly updated with the latest rates

More on ISAs and savings:

Top Cash ISAs for transfers

The top fixed rate savings bonds 

Top instant access savings accounts

Beginner's guide to stocks & shares ISAs

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