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Top cash ISAs 2023/24
Up to 4.9% easy access or up to 5.86% fixed
A cash ISA is just a savings account where you'll never pay tax on the interest – and in the 2023/24 tax year, you can put up to £20,000 into one if you're 16 or over. This guide helps you decide if you need an ISA, plus has all the top picks.
Top-pick cash ISAs

Other MSE savings guides...
Top savings accounts: The top-paying normal savings
Regular savings: Up to 7.5% interest if you can save monthly
Children's savings: Earn 5.8% on kids' savings
Current accounts: Get up to 5.12% on smaller sums
What is a cash ISA?

Cash ISAs are just savings accounts you NEVER pay tax on. Everyone in the UK aged 16 or over gets an ISA allowance at the start of each tax year – for 2023/24, which ends on 5 April 2024, it's £20,000.
Just like normal savings, cash ISAs come in different types. There's easy access, where you withdraw whenever you want, and fixed rate, where you get a guaranteed rate but are supposed to lock cash in for a set time.
Who are ISAs best for?
Since 2016, the personal savings allowance (PSA) means you get a tax-free amount of interest, earnable in any savings...
- Basic 20% rate taxpayers can earn up to £1,000/year interest tax-free
- Higher (40%) rate taxpayers can earn £500/year tax-free
- Top (45%) rate taxpayers don't get a PSA
Remember, that's the interest you can earn, so you need a lot of savings to generate it. And with very low savings interest rates between 2016 and 2022, very few paid tax on savings interest. At one point, you needed around £250,000 in top easy-access savings to generate it.
But, now rates have risen, basic rate taxpayers only need around £20,000 in normal savings to pay tax on it, and higher-rate around £10,000...
If you don't have this much, then as cash ISAs usually pay less interest than normal savings, you should opt for a standard savings account. Those who should consider opening (or keeping) a cash ISA are those who:
- Already pay tax on savings interest. Here opening a cash ISA rather than saving in normal savings is a no brainer.
- Are near the limit where you'll earn enough interest to pay tax on interest. If that's the case, money in cash ISAs now could protect you from future tax.
- Are happy to lock cash away but may just need to access it. Fixed cash ISAs must let you withdraw money (for a big interest penalty). Normal savings accounts lock your money away with no access.
Might I still be better off in normal savings even if I pay tax?
Some simple maths can help you compare. Take the rate on the ISA you're looking at and multiply it by:
- 1.25 if you're a basic-rate taxpayer
- 1.66 if you're higher-rate taxpayer
- 1.82 if you're a top-rate taxpayer
The result of that sum is the rate you need to get on normal savings for it to be the winner. If normal savings don't pay more than that, then you're better off in the cash ISA.
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Cash ISA need-to-knows
To help you work out if opening a cash ISA is right for you, it's worth getting your head around the following need-to-knows...
Top easy-access cash ISAs
Easy-access cash ISAs let you take out your money when you want, without penalty – so are a good option if you know you'll be dipping into your savings, or you're not sure. But if you're unlikely to need access in the short term, consider a fixed-rate ISA – many of these pay more and still let you withdraw (for a fee).
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Easy-access cash ISAs – what we'd go for
If you don't need the tax benefits of an ISA, normal easy-access savings currently pay higher rates across the board.
Want the top rate? Coventry BS pays the top rate of 4.9% and can be opened online with as little as £1. However, it only allows four penalty-free withdrawals per year – from the fifth withdrawal onwards there's an interest penalty each time you withdraw (50 days' interest on the amount withdrawn).
This is a flexible ISA, meaning if you withdraw from the account, you can redeposit that money within the same tax year without impacting your £20,000 per year ISA allowance.
Want unlimited withdrawals? Shawbrook Bank offers unlimited withdrawals at a slightly lower 4.81% (min £1,000). Though note, there's a minimum withdrawal of £500 each time and, while you could redeposit what you don't need, it's not a flexible ISA, which means each redeposit will count towards your £20,000 yearly ISA allowance.
If this doesn't work for you, Leeds BS also offers unlimited withdrawals at 4.8% (min £1,000). The account's term is fixed until 30 November 2025, however, at which point you can transfer your deposit to a different account or it will be moved into a maturity account (usually paying a very low interest rate).
Want a high-street name? Virgin Money pays 4.76% (min £1), though the rate does plummet if you withdraw more than three times per calendar year.
Want to boost your rate? It's possible to get rates of up to 5%, though the account requires you to give a large period of notice to withdraw – full info is in the table.
Provider | Rate (AER variable) & any withdrawal restrictions | Flexible? | How to open & any transfer limitations | When can I access interest? |
(min £1) |
4.9% (max four penalty-free withdrawals per year, from fifth onwards you will be charged 50 days' interest on amount withdrawn) |
Yes | Online | Monthly or annually |
---|---|---|---|---|
(min £1,000) |
4.81% (min withdrawal £500 each time, request before 2.30pm to receive funds next working day) |
No | Online | Monthly or annually |
(min £1,000) |
4.8% (account matures on 30 Nov 2025) |
No | Online | Annually |
(min £1) |
4.76% (max three withdrawals per calendar year, rate drops to 2% from fourth onwards) |
No | Online | Monthly or annually |
Ways to boost your interest. A higher rate, but you have to give notice to withdraw. | ||||
(min £1,000) |
5% (180 days' notice to withdraw) |
No | Online | Annually |
All have Financial Services Compensation Scheme savings protection of up to £85,000. Marcus and Saga share FSCS protection.
Quick question
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Top fixed-rate cash ISAs
Fixed-rate savings are designed to lock money away for a set period and offer rate security in return. Yet by law, cash ISA providers MUST allow you to access your money. However, some require you to close the account or transfer out to get your cash. And most will levy heavy penalties on withdrawals – anywhere between 60 and 365 days' worth of interest.
If you're opening a fixed cash ISA, you'll usually need to put the amount you're saving in it withing a couple of weeks. So if you want to use up your annual £20,000 ISA allowance each year, you'll need an easy-access ISA or to open additional fixed accounts each tax year.
Already have a fixed-rate ISA? Rates have shot up recently, and, since ISAs let you withdraw early for an interest penalty, it may be better to switch. Use our ISA switching calc to check.
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Fixed-rate cash ISAs – what we'd go for
Currently, one- and two-year fixed rates are decently higher than three- and five-year rates – so there's little incentive to lock in for longer, unless you want absolute certainty of returns over a longer period. And remember, if you don't need the tax benefits of an ISA, normal savings pay higher rates.
UBL UK currently offers the top one-year fix at 5.86% (min £2,000) and app-only Zopa pays the top two-year fix at 5.66% (min £1).
For longer fixes, Zopa also pays the top three- and five-year rates of 5.61% and 5.26%, respectively (both min £1).
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
UBL UK | 5.86% (min £2,000) |
Yes | 90 days' interest | Online/ app/ post/ branch | At maturity |
Charter Savings Bank | 5.78% (min £5,000) |
Yes | 90 days' interest | Online | Monthly or at maturity |
OakNorth | 5.75% (min £1) |
Yes | 90 days' interest | Online | At maturity |
A decent rate from an established name. Plus a £50 voucher if you transfer in £10k+. | |||||
(matures 1 Oct 24) |
5.6% (min £500) |
Yes + £50 voucher on £10k+ transfers | 120 days' interest | Online/ app/ branch | At maturity |
Have a Virgin Money current account? You can beat the rates above. | |||||
Virgin Money (matures 30 Sep 24) |
5.85% (no min) |
Yes | 60 days' interest | Online/ branch | At maturity |
All have Financial Services Compensation Scheme savings protection of up to £85,000.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
Zopa (must open its Smart Saver first) |
5.66% (min £1) |
No | 180 days' interest | App | At maturity |
(matures 31 Jan 26) |
5.65% (min £10,000) |
Yes, at application | 240 days' interest | Online/ post | Monthly, annually or at maturity |
UBL UK | 5.6% (min £2,000) |
Yes, at application | 180 days' interest, paid away | Online/ app/ post/ branch | Monthly, annually or at maturity |
All have Financial Services Compensation Scheme savings protection of up to £85,000.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
(must open its Smart Saver first) |
5.61% (min £1) |
No | 270 days' interest | App | At maturity |
---|---|---|---|---|---|
Principality BS | 5.5% (min £500) |
Yes | 270 days' interest | Online/ branch | Monthly, annually or at maturity |
United Trust Bank | 5.45% (min £5,000) |
Yes | Varies (1) | Online | Annually or at maturity |
All have Financial Services Compensation Scheme savings protection of up to £85,000. | (1) Interest penalty depends on the remaining term when you withdraw – full info in the yellow box on page five of the terms and conditions.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
(must open its Smart Saver first) |
5.26% (min £1) |
No | 365 days' interest | App | At maturity |
(matures 8 Nov 2028) |
5.01% (min £1,000) |
Yes, at application | 365 days' interest | Online | Annually or at maturity |
UBL UK | 5.01% (min £2,000) |
Yes, at application | 365 days' interest, paid away | Online/ app/ post | Monthly, quarterly, annually or at maturity |
All have Financial Services Compensation Scheme savings protection of up to £85,000.
The ISA Savings Calculator
No matter what you're saving for, this calculator can help you work out how much you'll save by a certain date, based on your account's interest rate, how long it'll take you to set aside your target amount, and what you need to put away each month to hit a certain figure.
When using the calculator, use the AER (annual equivalent rate) for increased accuracy. It should be listed on your statement. As most accounts' interest rates are variable, obviously the answers will change if the rate does, so only use the calculator to get a rough indication of your likely outcome.
The calculator assumes you put money in at the beginning of each month, so if this isn't how you do it, the answers will be ever-so-slightly out. If you don't make regular deposits but put in lump sums, figure out the monthly equivalent for a rough answer. Feel free to play with the results to see how your savings are affected.
Want to complain about your savings provider?
If your savings provider has given you the incorrect interest rate, or you haven't received your interest at all, then you don't have to suffer in silence.
It's always worth trying to call your provider first to see if it can help, but if not, you can use free complaints tool Resolver. The tool helps you manage your complaint, and if the company doesn't play ball, it also helps you escalate your complaint to the free Financial Ombudsman Service.
Cash ISA FAQs
Here are some common ISA-related queries. If you've got a question we've not answered below or in the text above, suggest a question in the MSE Forum.
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