
Top Cash ISAs 2020/21
0.5% easy access or up to 1.15% fixed
Everyone aged 16 or over can put up to £20,000 into a cash ISA this tax year – it's just a savings account where you never pay tax on the interest. Following the Bank of England's base rate cuts earlier this year, top ISA rates have tumbled. But if you need an ISA's tax advantages, or to transfer old poorly paying ISAs, we've rounded up the top-paying deals.
Other MSE savings guides...
Top Savings Accounts: All the best deals, plus help choosing
Regular Savings: Up to 3% interest if you can save monthly
Children's Savings: Earn 4% 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 the 2020/21 tax year that ends on 5 April 2021, it's £20,000.
Just like normal savings, cash ISAs come in different flavours – there's easy access (where you can withdraw money 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.
Quick questions
Five cash ISA need-to-knows
To help you determine if opening a cash ISA is right for you, it's worth getting your head around the following need-to-knows...
Best 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).

Easy-access cash ISAs – what we'd go for
Following the Bank of England's base rate cuts, there are fewer good easy-access ISAs around – though at the moment they pay about the same as normal easy-access accounts.
If you need the tax advantages of an ISA, Tipton and Coseley Building Society currently pays the top easy-access rate of 0.5%. However, you can only open an account by post or in branch, and it doesn't permit transfers from other providers.
Coventry BS pays a lower rate of 0.4% on its easy-access ISA, but allows transfers from other providers. It's also flexible, which means replacing withdrawn cash doesn't eat into your ISA allowance. You can open an account online with £1.
If you don't mind a small amount of risk when it comes to the interest you get on your savings, you can beat these rates. Al Rayan Bank pays 0.6% on its instant access cash ISA – this is the 'expected profit' rate rather than guaranteed interest, though Al Rayan has always met its expected rates in the past.
Provider | Rate (AER variable) | Unlimited withdrawals? | Flexible? | Transfer in allowed? | How to open | Interest paid |
Tipton and Coseley BS | 0.5% (min £100) | ✓ | ❌ | ❌ | Post/ branch | Annually |
---|---|---|---|---|---|---|
Coventry BS | 0.4% (min £1) | ✓ | ✓ | ✓ | Online/ post/ branch/ phone | Annually |
Shawbrook Bank | 0.4% (min £1,000) (1) | ✓ | ❌ | ✓ | Online | Monthly or annually |
Top sharia account. Pays 'expected profit' and beats the accounts above on rate. See how it works. | ||||||
Al Rayan Bank | 0.6% (min £50) | ✓ | ❌ | ✓ | Online/ post/ branch/ phone | Monthly |
(1) Pays 0.25% on balances of £1-£999.99.
Quick question
Tip Email
FREE Weekly MoneySaving email
For all the latest deals, guides and loopholes simply sign up today - it’s spam free!
Best 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 access to your money, whenever you want it. However, some require you to close the account or transfer out in order to get your cash. And most will levy heavy penalties on withdrawals – up to 365 days' worth of interest.

Fixed-rate cash ISAs – what we'd go for
Currently, Shawbrook Bank offers the top standard one-year rate of 0.6%. You can open an account online with £1,000.
If you're fixing for longer, our top pick's Close Brothers - it offers the best two-year rate of 0.7%, though you'll need £10,000+ to open it.
However, if you're comfortable with a small element of risk to the 'interest' you get, you can beat both these rates. Al Rayan Bank offers 0.65% on its one-year sharia account and 0.75% on its two-year sharia account. These are 'expected profit' rates rather than guaranteed interest, though Al Rayan has always met its expected rates in the past.
Looking to fix for longer? Shawbrook Bank and Close Brothers both pay 0.75% for three years, while the top five-year rate is 1.15% from UBL. Yet with rates so low, you'll need to weigh up whether a longer fix is worth it – the risk is that rates could go up during the longer term, and early withdrawal penalties are much higher.
Provider | Rate (AER) | Transfer in allowed? | Penalty to withdraw | How to open | Interest paid |
Shawbrook Bank | 0.6% (min £1,000) | ✓ (1) | 90 days' interest | Online | Monthly or at maturity |
---|---|---|---|---|---|
Ford Money | 0.55% (min £500) | ✓ | 90 days' interest | Online/ phone | Monthly or at maturity |
Hampshire Trust Bank | 0.5% (min £1) | ✓ | 90 days' interest | Online/ post | At maturity |
Top sharia account. Pays 'expected profit' and beats the accounts above on rate. See how it works. | |||||
Al Rayan Bank | 0.65% gross (min £1,000) | ✓ (2) | 90 days' profit reduction (3) | Online/ phone/ post/ branch |
Quarterly or at maturity |
(1) Can only transfer at application. (2) Can only transfer by post. (3) If account's been open for 90+ days. Lower reduction if account's been open for 60 or 30 days.
Provider | Rate (AER) | Transfer in allowed? | Penalty to withdraw | How to open | Interest paid |
Close Brothers | 0.7% (min £10,000) | ✓ | 150 days' interest | Online/ post | Annually or at maturity |
---|---|---|---|---|---|
Shawbrook Bank | 0.66% (min £1,000) | ✓ (1) | 180 days' interest | Online | Monthly or annually |
Ford Money | 0.6% (min £500) | ✓ | 180 days' interest | Online/ phone | Monthly or annually |
Top sharia account. Pays 'expected profit' and beats the accounts above on rate. See how it works. | |||||
Al Rayan Bank | 0.75% gross (min £1,000) | ✓ (2) | 90 days' profit reduction (3) | Online/ phone/ branch/ post |
Quarterly or at maturity |
(1) Can only transfer at application. (2) Can only transfer by post. (3) If account's been open for 90+ days. Lower reduction if account's been open for 60 or 30 days.
Provider | Rate (AER) | Transfer in allowed? | Penalty to withdraw | How to open | Interest paid |
Shawbrook Bank | 0.75% (min £1,000) | ✓ (1) | 270 days' interest | Online | Monthly or annually |
---|---|---|---|---|---|
Close Brothers | 0.75% (min £10,000) | ✓ | 270 days' interest | Online/ post | Annually |
(1) Can only transfer at application.
Provider | Rate (AER) | Transfer in allowed? | Penalty to withdraw | How to open | Interest paid |
UBL UK | 1.15% (min £2,000) | ✓ (1) | 365 days' interest | Post/ branch | Monthly, quarterly, annually or at maturity (2) |
---|---|---|---|---|---|
Shawbrook Bank | 1.1% (min £1,000) | ✓ (1) | 360 days' interest | Online | Monthly or annually |
(1) Can only transfer in at application. (2) Interest paid out of account and not compounded.
The ISA savings calculator
When using the calculator below, use the AER (annual equivalent rate) for increased accuracy. It should be listed on your statement. Obviously as most accounts' interest rates are variable, 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...

Free tool to help you complain
This tool helps you draft and manage your complaint. It's totally free to use, and it's offered by Resolver, a firm we work with to help people get complaints justice.
RESOLVER – FREE COMPLAINTS TOOL*
If the company won't help, Resolver also helps you escalate your complaint to the free Financial Ombudsman Service.
Tip Email
FREE Weekly MoneySaving email
For all the latest deals, guides and loopholes simply sign up today - it’s spam free!
ISA FAQs
Here's a list of the most common queries. If you've got a question we've not answered below or in the text above, suggest a question in the forum.
Moving your ISA
Using and accessing your ISA
ISA transfers
Alternatives to ISAs
Tip Email
FREE Weekly MoneySaving email
For all the latest deals, guides and loopholes simply sign up today - it’s spam free!

Spotted out of date info/broken links? Email: brokenlink@moneysavingexpert.com
Clever ways to calculate your finances