Updated 27th August 2022
As at August 27th 2022, the below represent the the best cash ISA rates currently available for instant access Cash ISA accounts. Note, you may other providers are offering slightly higher rates, but with certain restrictions on where you live and if you are an existing customer.
These are Cash ISA’s which allow immediate access to your money, i.e., your money is not locked in for a specific period or require a notice period for withdrawals. Fixed rate Cash ISA accounts will offer better interest rates but will also demand your money is not withdrawn for a set period of time, e.g., 1 – 5 years. Generally, the longer the lock-in period, the better the interest rate.
Beware, once you subscribe to a Cash ISA, you will not be able to open or subscribe to another Cash ISA account in the same tax year, unless you transfer the original account to the new provider.
To open a Cash ISA account, you must a UK resident and at least 16 years old.
Explanation of terms
For clarity, I’ll provide a quick explanation of some of the terms that I’ll be using below:
Flexible ? – ISA accounts can be flexible, this means you can withdraw cash from the ISA account and then replace it back into the same ISA account within the same tax year, without affecting your yearly allowance of £20,000.00.
Transfer in ? – Can you transfer in the cash held in another ISA account ? Providers are under no obligation to allow transfer in’s.
Cash ISA account list
Skipton BS Cash eISA Saver Issue 12
Skipton are currently offering the best instant access interest rate of 1.60 % AER variable.
This account can be opened and managed online only with just £1, and does allow withdrawals and does it allow transfer ins.
This account is flexible, hence money can be withdrawn and replaced into the ISA within the same tax year, without affecting your annual ISA allowance.
Provider: Skipton
Interest rate: 1.60 % Variable
Flexible? Yes
Transfer in allowed? Yes
Min Initial Deposit: £ 1
When is interest paid?: Anniversary of account opening
Paragon Bank Triple Access Cash ISA (Issue 9)
Paragon are currently offering an interest rate of 1.55 % AER variable.
This account can be opened and managed online only with just £1, and does allow withdrawals and does it allow transfer ins.
Note, although unlimited withdrawals are allowed, your interest rate will drop to 0.25% after 4 or more withdrawals for the year.
Provider: Paragon
Interest rate: 1.55 % Variable
Flexible? Yes
Transfer in allowed? Yes
Min Initial Deposit: £ 1
When is interest paid?: Annually
Marcus Cash ISA
Marcus offers a rate of 1.50% AER variable. Note, this rate includes a bonus of 0.25% for the first year only.
This account can be opened and managed online.
This account is not flexible, hence withdrawals cannot be replaced. Transfer in’s from another ISA are also not allowed.
Provider: Marcus
Interest rates: 1.50%
Flexible? No
Transfer in allowed? No
Min Initial Deposit: F 1
When is interest paid: Monthly
Shawbrook Bank Easy Access Cash ISA – Issue 20
Shawbrook currently offers a rate of 1.50 % AER variable.
This account can only be opened online and managed online or by telephone.
This account is not flexible, but does allows transfer in’s.
Note, the interest drops to 0.25% if your balance falls below £ 1,000.00
Provider: Shawbrook
Interest rate/AER: 1.50 % Variable.
Flexible? No
Transfer in allowed? Yes
Min Initial Deposit: £ 1,000.00
When is interest paid?: Annually