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Best Cash Isas 2020: Where To Get The Best Cash Isa Rates And Deals

Our Savings: These are Money’s Five Favorite Cash Isas – There are NO easy-access deals now that pay 1%

Our assistant editor Lee Boyce will choose his five favorite cash dispensers for savers in 2020 – essential to help you choose a top savings account for your money.

This top Isa summary keeps our readers up to date on the best savings deals since 2014 – and is kept up to date all year round – as a favorite for the latest developments.

How an Isa works and why you should have one

Every April, savers receive a new Isa benefit that is eligible for tax-free interest.

For fiscal year 2020/21 starting on April 6, 2020, the limit is £ 20,000.

Piggy Five: We're rounding up the best tax-free deals - and they're small choices right now

Piggy Five: We’re rounding up the best tax-free deals – and they’re small choices right now

You can transfer Isa money any way from an investment account to a savings account, while previously you could only shift it from saving to investing.

While cash transactions don’t currently offer fantastic rates, it’s still worth opening one to shield money from the tax authorities.

The Isa Rules state that you can only contribute to one Isa per tax year.

You can also transfer an old Isa for a better return. Here’s one quick guide to storing Isa.

It’s possible to swap your current year’s cash Isa if you move the entire amount, but it’s much easier to get your pick right in the first place.

The rates are low which makes the best Isa more important

Banks and building associations should apologize to savers for the limited choices offered here. The best buy easy-access rate on a tax-free account has fallen below 1 percent for the first time.

Savings rates are really harrowing at the moment, and institutions are unfortunately doing little to protect savers from the onslaught of low interest rates.

The crisis in the coronavirus has been reduced to 0.1 percent for the base rate, the launch of a new funding scheme to pump cheap money to banks and the expansion of quantitative easing have made matters worse.

Many now wonder why bother?

But when rates are low, it becomes even more important to make sure you get the most out of your savings.

We also think an Isa is still worth it, despite the new tax-free savings rate of £ 1,000 a year for base rate taxpayers and £ 500 for higher rate taxpayers.

It is difficult to get so much interest now, but daily rates will rise.

Money housed in an Isa yields tax-free income, even above that £ 1,000 level, and building up a long-term pot can make you very thankful one day.

And who knows if the personal savings will last forever – it’s much more likely to disappear than the Isa wrap.

You may also want to look at the stock and stock version of an Isa – how to choose the best (and cheapest) do-it-yourself investment Isa.


Lee Boyce: This is Money's savings expert

Lee Boyce: This is Money's savings expert

Lee Boyce: This is Money’s savings expert

Our five favorite Isas collection is a permanent feature of This is Money.

It comes complete with an explanation of why we like to choose each account.

This page will be kept up to date when new deals appear or old ones are deleted.

Our team works tirelessly to keep up to date with the latest rate changes, but banks and construction associations can close deals without telling us.

If you see a deal here that is no longer available, send us an email at editor@thisismoney.co.uk

Remember that you can open an Isa or transfer at any time of the year (provided you are not tied to a fixed period).

Keep in mind that we not only copy the best rates from the savings tables, but we search the market for all-round winners.

This is a taste of the best deals. For the best rates, visit our savings rate tables, which are composed completely and independently.

Our five favorite Isas:

– Facts: £ 1 to open

– Transfers in: No

– This is Money says: Unfortunately, we have now reached a point where an easily accessible account that pays less than 1 percent interest is considered the best buy. This top deal also does not allow bank transfers, which most other accounts do. It is offered by National Savings and Investments and can only be accessed and executed online and by phone.

Metro Bank one-year fix, 0.9% [full details]

– Facts: £ 1 to open

– Transfers in: Yes

– This is Money says: This is the best fare you can get for 12 months – and it only matches the NS&I deal above. It is a protected financial services compensation plan and is offered by Metro Bank, which is present in the shopping district. Can be opened online, by phone or in the office.

Metro Bank fix for two years, 1% [full details]

– Facts: £ 1 to open

– Transfers in: Yes

– This is Money says: Same as above – Metro Bank offers a little bit more interest in an extra 12 months fix.

Cynergy Bank, easily accessible, 0.9% [full details]

– Facts: £ 1 to open

– Transfers in: Yes

– This is Money says: This account from challenger bank Cynergy, formerly known as Bank of Cyprus UK, matches the top NS&I deal – but crucially it allows for transfers. It is FSCS protected.

Metro Bank fix for five years, 1.1% [full details]

– Facts: £ 1 to open

– Transfers in: Yes

– This is Money says: Metro Bank makes a trio of accounts on this list because it offers the best overall tax-free rate of 1.1 percent, but it needs to be repaired until the summer of 2025.

What you need to know about Isas

Listen to our special Isa podcast – we’ll tackle the basics and have tips for experienced Isa savers or investors.

We also take a look at why investing is the best way to achieve inflation-proof returns in the long term, how savers can get precious extra interest from accounts and why an Isa is worth it.

Press play to listen to the show above, or listen (and subscribe if you like the podcast) on Apple Podcasts, Acast and Audio tree or visit our This is Money Podcast page.