Best Buy Cash ISAs
If you are looking to stash away some of your hard-earned money this year, a cash ISA could be an ideal product for you. Because every eligible UK resident has a tax-free ISA allowance of up to £15,000, cash ISAs can offer higher returns than many other types of savings accounts.
As you can see from our cash ISA best buy tables above, ISAs come in a range of different shapes and sizes, all offering varying features that could suit different people’s saving requirements.
Here is a brief overview of some of the different types of cash ISA:
- Instant access cash ISAs tend to allow you to withdraw funds as and when you like, with little or no notice. If you need frequent access to your savings, this account may be well worth considering, although the trade-off for this easy access is that you're unlikely to get a particularly high rate of interest.
- Fixed rate cash ISAs offer an interest rate that is fixed for a set term, often ranging from 1 to 5 years. Generally speaking, the longer you lock away your money, the better the rate you'll receive. However, this is not always the case, especially in the current financial climate, so you may wish to consider alternatives to fixed rate cash ISAs.
- Structured cash ISAs involve investing your money for a set period which can vary depending on the deal selected. Returns on structured cash ISAs are less predictable as they will rely on a certain financial index, but your initial deposit is protected.
When searching for a suitable offer, it is always worth comparing cash ISA deals from different providers in order to effectively weigh up the pros and cons of different deals. Use our cash ISA best buy tables to compare deals and find the right one for you.