Introduction to Fixed ISA Rates
Many of the best fixed ISA rates have remained steady this week, providing savers with a range of competitive options. For those looking for a shorter term, there are some attractive deals available.
One-Year Fixed ISA Rates
The most competitive one-year fixed ISA rate is currently offered by Chetwood Bank’s HL Active Savings – 1 Year Fixed Rate Cash ISA, at 4.35% AER. This account can be operated online via the Hargreaves Lansdown Active Savings platform, with a minimum deposit of £1,000. However, it’s essential to consider this amount carefully, as further additions are not permitted, and early access is only available upon account closure, subject to 120 days’ loss of interest.
Two-Year Fixed ISA Rates
In contrast, the top two-year fixed ISA rate has dipped slightly following a number of reductions. The best rate is now offered by Vanquis Bank and Castle Trust Bank, at 4.18% AER. Vanquis Bank’s 2 Year Fixed Rate Cash ISA operates solely online, with a £1,000 minimum deposit, and pays interest monthly or on anniversary. The account accepts further contributions for 30 days via a nominated account, and early access can be gained using a nominated account, subject to 180 days’ loss of interest.
Three and Five-Year Fixed ISA Rates
Castle Trust Bank’s two-year Fixed Rate e-Cash ISA offers the same rate as Vanquis Bank, and the provider also leads the five-year fixed ISA chart with its five-year Fixed Rate e-Cash ISA, paying 4.24% AER. Both accounts can be operated online or via mobile app, with a £1,000 minimum deposit, and accept further additions for 14 days from opening. Early access is subject to account closure, as well as 180 and 360 days’ loss of interest, respectively. Additionally, Castle Trust Bank offers a ‘green’ reward, where a tree is planted for each of these accounts opened and funded within the given timeframe.
Other Competitive Fixed ISA Rates
UBL UK’s 3 Year Fixed Rate Cash ISA is another competitive option, offering a rate of 4.22% AER, paid monthly, quarterly, on anniversary, or on maturity. This account can be opened online, in branch, by post, or via mobile app, with a £2,000 minimum deposit, and can be managed over the phone. However, contributions are not permitted, and early access is only available upon account closure, subject to 270 days’ loss of interest.
Conclusion
In conclusion, there are several competitive fixed ISA rates available, offering savers a range of options to choose from. Whether you’re looking for a shorter or longer term, there’s a fixed ISA rate that can help you make the most of your savings. It’s essential to consider the terms and conditions of each account carefully, including minimum deposits, contribution rules, and early access penalties, to ensure you find the best option for your needs.
