The best last-minute cash Isas for the 2014/15 tax year
If you still haven't used your Isa allowance, here are the top rates right now.
Time is fast running out to use your 2014/15 cash Isa allowance. But if you're still looking for a home for your cash, here are the best last-minute interest rates.
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. |
|
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. They mean that your interest rate can’t fall below a certain level for a set period.
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
[Related story: Premium Bonds big prize-winning numbers for April]
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 |
|---|---|---|---|---|
|
Virgin Money Fixed Rate Cash E-Isa |
2.35% |
£1 |
Five years |
Transfers and new subscriptions. |
|
Coventry BS Fixed Rate Cash Isa |
2.25% |
£1 |
Four years |
New subscriptions. |
|
Yorkshire/Clydesdale Bank Cash Isa |
2.10% |
£2,000 |
Until 28th April 2017 |
Transfers and new subscriptions. |
|
Al Rayan Bank Fixed Term Isa |
1.90% | £1,000 | 12 months | 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.
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