Savings

Plum – Plum Cash ISA

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“The latest update from Plum sees it increase selected rates on its Plum Cash ISA, taking the top position in the Best Buy tables. Paying 4.66% AER it’s one of the most competitive deals currently available; savers can invest as little as £1. However, savers should be cautious of the underlying bonus rate, which is over 2%, so it’s crucial they review the deal after 12 months. Adding to its appeal, savers have unlimited withdrawals, making it ideal for those who may need to dip into their deposits frequently. Further additions are also permitted. Overall, this deal takes a position as a Moneyfacts ‘Best Buy’ and earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.62% gross / 4.66% AER paid monthly (new money only, includes 2.10% gross / 2.12% AER bonus for 12 months, paid to the account on the first anniversary from opening. Lower rate of 4.03% gross / 4.07% AER paid if transferring in.)
• Notice / term: None
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted, minimum withdrawal £1
• Further additions: Permitted, minimum addition £1
• Transfers in: Permitted, accepts Cash ISAs, Stocks & Shares ISAs, Help to Buy ISAs, Lifetime ISAs, Innovative Finance ISAs, and Stocks & Shares LISAs.
• Transfers out: Permitted
• Opening account: Via its mobile app
• Managing account: Via its mobile app
• Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Plum’s range.

Close Brothers Savings – 5 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“Close Brothers Savings has increased the rates across a selection of its Fixed Rate Cash ISAs. The five-year option now pays 4.27% and takes a prominent position in the top tables. Savers will need to deposit at least £10,000 but further additions are permitted for 10 days from the account opening, which may be a bonus for some. Earlier access is permitted; however, it should be carefully considered as savers will be hit with a 365-days’ loss of interest penalty and closure of the account. This deal may be an enticing option for savers wanting guaranteed returns and to maximise their tax-free savings over the next five years. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.27% gross / 4.27% AER payable yearly
• Notice / term: Five years
• Minimum opening amount: £10,000
• Maximum investment amount: £2 million
• Access: Permitted, on account closure and subject to a 365-day loss of interest penalty
• Further additions: Permitted, for 10 days from account opening
• Transfers in: Permitted, allows Cash and Stocks and Shares ISAs. Transfer instructions must be received within 10 days of account opening
• Transfers out: Permitted, subject to a 365-day loss of interest penalty and closure of the account
• Opening account: Online
• Managing account: Online, by phone and by post
• Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Close Brothers Savings’ range.

Coventry Building Society – Fixed Rate ISA (321) 31.05.2027

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“Coventry Building Society has launched a new Fixed Rate ISA this week. It pays a market-leading 4.21% AER until 31 May 2027 yearly but there is a monthly version available to savers wanting a more regular boost. To open the account investors only need £1 and further additions are permitted for 14 days or while the issue is open, depending on whichever is longer, which will add to its appeal. While earlier access is permitted, as is the case with many Cash ISAs, savers will be subject to an interest paid penalty and closure of the account, which should be taken into consideration. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.21% gross / 4.21% AER payable yearly / monthly interest option of 4.13% gross / 4.21% AER also available
• Notice / term: 31.5.27
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted, on closure only subject to 90-day loss of interest penalty
• Further additions: Permitted for 14 days from account opening or while issue remains open (whichever period is longer)
• Transfers in: Permitted. Accepts Cash, Stocks and Shares ISAs, Cash LISA, Stocks and Shares LISAs, Help to Buy ISA and Innovative Finance ISA.
• Transfers out: Permitted, on closure only subject to 90-day loss of interest penalty
• Opening account: Online, by phone, by post, in branch and via its mobile app
• Managing account: Online, by phone, by post and in branch
• Other information: Minimum applicant age 18. Mobile app opening only available to existing members with access to online services.

Furness Building Society – 2 Year Fixed Rate ISA

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“This week Furness Building Society has increased the rates on a selected range of its Fixed Rate ISAs. One deal to benefit from a boost is the two-year option which now pays a market-leading 4.20%. Savers will need to deposit at least £1,000, but further additions aren’t permitted, they must be comfortable with their final investment amount. If investors plan on accessing their cash early, they should note that doing so will result in account closure and a 180-day loss of interest penalty which will reduce their final sum. This account may appeal to those looking for fixed returns while the future of interest rates remains uncertain. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.20% gross / 4.20% AER payable on its anniversary
• Notice / term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Permitted, on closure only subject to 180-day loss of interest penalty
• Further additions: Not permitted
• Transfers in: Permitted. Accepts Cash ISAs
• Transfers out: Permitted, on closure only subject to 180-day loss of interest penalty
• Opening account: Online, by phone, by post, in branch and via its mobile app.
• Managing account: Online, by phone, by post, in branch and via its mobile app.
• Other information: Minimum applicant age 18.

Castle Trust Bank - 3 Year Fixed Rate e-Cash ISA

Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said:

“Castle Trust Bank has increased the return on its 3 Year Fixed Rate e-Cash ISA, and now pays a top 10 rate at 4.12%. The account is a good option for savers with at least £1,000 to save and comfortable with locking away their cash for the full term, otherwise they face a significant 270-day interest loss penalty and account closure. Adding to the account’s appeal, savers looking for some flexibility will find that further additions are permitted for 14 days from the account opening. On assessment, this receives an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.12% gross / 4.12% AER payable on maturity
• Notice / term: Three years
• Minimum opening amount: £1,000
• Maximum investment amount: £500,000
• Access: Earlier access on closure only subject to 270-day loss of interest
• Further additions: Permitted for 14 days from account opening
• Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
• Transfers out: Permitted, on closure only subject to 270-day loss of interest penalty
• Opening account: Online and via its mobile app
• Managing account: Online, and via its mobile app
• Other information: Minimum applicant age 18. Investors can choose to split their cash ISA savings across multiple ISAs within Castle Trust Bank’s range. A transfer out penalty may be applied. Castle Trust Bank will plant a tree when an e-Cash ISA is opened and funded within the 14-day funding window.