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Top cash ISAs 2022/23
Up to 1.55% easy access or up to 3.1% fixed
A cash ISA is a savings account where you'll never pay tax on the interest – and this tax year, if you're 16+, you can put up to £20,000 into one. With the top rates creeping up over recent months, if you do need an ISA's tax benefits, this guide has the top picks.
Top-pick cash ISAs

Other MSE savings guides...
Top savings accounts: The top paying standard accounts, plus help choosing
Regular savings: Up to 3.5% interest if you can save monthly
Children's savings: Earn 3% on kids' savings
Current accounts: Get up to 2% 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 2022/23, which ends on 5 April 2023, it's £20,000.
Just like normal savings, cash ISAs come in different flavours – there's easy access (withdraw whenever you want), fixed rate (where you get a guaranteed rate, but are supposed to lock cash in for a set time) and a variety of other types.
Do I need a cash ISA?
Since 2016 the personal savings allowance means few savers actually pay tax on interest, as all basic 20% rate taxpayers can earn up to £1,000 interest in savings before it's taxed (higher 40% taxpayers £500). Fewer than one in 20 people get close to that; for everyone else there's no practical cash ISA benefit.
Instead the interest rate is what counts, and cash ISAs usually pay less than normal savings. Yet there are a couple of caveats. You should consider opening (or keeping) a cash ISA if
- You're 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.
- If you're 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.
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Eight 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 if 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
Unless you need the tax benefits of an ISA, look at the top standard easy-access savings accounts instead, as these pay higher rates.
If you're still after an ISA, Paragon Bank pays the top rate of 1.55% (min £1), although it only allows up to three withdrawals per year – make more and the rate plummets. For unlimited withdrawals, Marcus* and Saga* are the top payers at 1.5% (both min £1).
We've also included other options in the table if you're looking for a flexible ISA and/or to transfer in from another provider – though the rates are slightly lower.
Provider | Rate – AER variable (min deposit) | Unlimited withdrawals? | Flexible? | Transfer in allowed? | How to open | When can I access interest? |
Paragon Bank* | 1.55% (min £1) | No, more than 3/yr drops rate to 0.25% | Yes | Yes | Online | Monthly or annually |
---|---|---|---|---|---|---|
Marcus* | 1.5% (min £1) (1) | Yes | No | No | Online | Monthly |
Saga* | 1.5% (min £1) (1) | Yes | No | No | Online | Monthly |
Shawbrook Bank | 1.5% (min £1,000) | Yes (2) | No | Yes, at application | Online | Monthly or annually |
Tesco Bank | 1.45% (min £1) (3) | Yes | Yes | Yes | Online/ phone | Annually |
(1) Includes a fixed 0.25% bonus for the first 12 months. (2) Min £500. (3) Includes a fixed 1.2% bonus for the first 12 months.
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, whenever you want it. However, some require you to close the account or transfer out to get your cash. And most will levy heavy penalties on withdrawals – up to 365 days' worth of interest.
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Fixed-rate cash ISAs – what we'd go for
If you don't need the tax benefits of an ISA, normal fixed-rate savings currently pay higher rates across the board. But if you do, we've some decent options in the tables below.
Close Brothers pays the top rate for one-year ISAs at 2.45% (min £10,000), while Shawbrook Bank pays the top rate for two-year ISAs at 2.8% (min £1,000).
For longer fixes, Secure Trust Bank offers the best rate for three-year ISAs at 2.9% (min £1,000), while West Brom BS is the top payer for five years at 3.1% (min £1).
For an alternative shorter term option, Leeds BS* pays 2.65% (min £1,000) on its 16-month ISA – we've featured it in our one-year table as, although it's slightly longer than a year, the rate is significantly higher.
It's also worth bearing in mind that with interest rates trending upwards, it's likely that ISA rates will also continue to rise. And as the top three-year and five-year fixed rates are only slightly higher than the top two-year fixed rate, it may be worth holding off on locking your money away for longer periods. That being said, it is possible to access your money early should you really need to, though there's usually an interest penalty to do so.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
Close Brothers | 2.45% (min £10,000) | Yes | 90 days' interest | Online | At maturity |
UBL UK | 2.41% (min £2,000) | Yes | 90 days' interest | Online/ app/ post/ branch | At maturity |
Virgin Money (1) | 2.4% (min £1) | Yes | 60 days' interest | Online | Monthly or at maturity |
Ways to boost your interest. Higher rate than above accounts, but slightly longer term. | |||||
(16 months) |
2.65% (min £1,000) | Yes | 105 days' interest | Online/ branch/ post | Annually or at maturity |
(1) Matures 24 August 2023.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
Shawbrook Bank | 2.8% (min £1,000) | Yes, at application | 180 days' interest | Online | Monthly, annually or at maturity |
---|---|---|---|---|---|
Secure Trust Bank (1) | 2.8% (min £1,000) | Yes, at application | 180 days' interest | Online | Annually or at maturity |
UBL UK | 2.8% (min (£2,000) | Yes | 180 days' interest | Online/ app/ post/ branch | Monthly, annually or at maturity |
(1) Matures 16 September 2024.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
Secure Trust Bank (1) | 2.9% (min £1,000) | Yes, at application | 270 days' interest | Online | Annually or at maturity |
---|---|---|---|---|---|
UBL UK | 2.9% (min £2,000) | Yes | 270 days' interest | Online/ app/ post/ branch | Monthly, quarterly, annually or at maturity |
Close Brothers | 2.85% (min £10,000) | Yes | 270 days' interest | Online | Annually or at maturity |
(1) Matures 15 September 2025.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
West Brom BS (1) | 3.1% (min £1) | Yes | 240 days' interest | Online | At maturity |
---|---|---|---|---|---|
Furness BS | 3.1% (min £1,000) | Yes | 180 days' interest | Online/ post/ branch | Annually or at maturity |
Secure Trust Bank (2) | 3% (min £1,000) | Yes, at application | 365 days' interest | Online | Annually or at maturity |
(1) Matures 31 August 2027. (2) Matures 15 September 2027.

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.
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We put all new info in the free weekly MSE Money Tips email, so sign up now and join millions of others in saving money.
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.
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.
MSE Weekly Email
Want to be told the latest on ISAs?
We put all new info in the free weekly MSE Money Tips email, so sign up now and join millions of others in saving money.

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