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Top cash ISAs 2022/23
Up to 3.2% easy access or up to 4.25% fixed
A cash ISA is a savings account where you'll never pay tax on the interest – and in the 2022/23 tax year, you can put up to £20,000 into one if you're 16 or over. And with savings rates significantly higher over recent months, if you do need an ISA's tax benefits, this guide 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% interest if you can save monthly
Children's savings: Earn 5.5% 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 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 relatively 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 already pay tax on savings interest. Here opening a cash ISA rather than saving in normal savings is a no brainer.
- 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.
- 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.
How do I compare cash ISA rates to normal savings rates if I pay tax?
If you pay tax on savings interest, it's often not clear whether a higher-paying normal savings account beats a cash ISA for you.
Yet, 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 vs the cash ISA equivalent. If normal savings don't pay more than that, then you're better off in the cash ISA.
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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 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
Cynergy Bank (min £1) and Santander (min £500) both pay the top rate of 3.2% and allow unlimited withdrawals. However, neither is flexible, meaning any money you withdraw and then redeposit counts towards your £20,000 ISA allowance.
If this is a problem, Principality Building Society offers the top flexible ISA rate of 3.1% (min £1).
Provider | Rate (AER variable) & any withdrawal restrictions | Flexible? | How to open & any transfer limitations |
(min £1) |
3.2% | No | Online (transfers in only at time of application) |
---|---|---|---|
(min £500) |
3.2% | No | Online/ branch |
Shawbrook Bank (min £1,000) |
3.17% | No | Online (transfers in only at time of application) |
(min £1) |
3.1% (includes 0.4% fixed bonus for 12 months) |
Yes | Online |
Decent options from established names. As we know some prefer to save with bigger brands. | |||
Sainsbury's Bank (min £500) |
2.91% | No | Online |
(min £100) |
2.85% (includes 2.05% fixed bonus for 12 months) |
No | Online |
Ways to boost your interest. It's possible to beat the rates above, though there are restrictions. | |||
Moneybox (min £1) |
3.25% | No | App |
Coventry Building Society through Hargreaves Lansdown (min £10,000) |
3% + £100 cashback (max six withdrawals per year or 50-day interest penalty) |
No | Online (no transfers in) |
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 – anywhere between 60 and 365 days' worth of interest.
Already have a fixed-rate ISA? Rates have changed significantly in the past couple of years, and unlike fixed-term savings accounts, ISAs let you withdraw early for an interest penalty. Try our tool to see if you should ditch and switch.
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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 all fix lengths. But if you do, we've some decent options in the tables below.
Santander is the top payer across the board, paying 4.15% for one year, 4.25% for 18 months and 4.2% for two years (all min £500). These can be opened online or in branch.
Plus it'll email you a £50 voucher if you transfer £10,000+ from an existing ISA held elsewhere.
Thinking about fixing for longer terms?
The top three- and five-year rates are lower than the top 18-month rate – so there's little incentive to fix for longer terms. If interest rates were to rise further, the longer you fix, the longer you forgo the ability to switch to a better deal.
That being said, unlike with traditional savings accounts, it's usually possible to withdraw from a fixed ISA before the end of the term – though there's often a hefty interest penalty.
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
Santander | 4.15% (min £500) | Yes + £50 voucher if over £10k | 120 days' interest | Online/ branch | At maturity |
Charter Savings Bank | 4.1% (min £5,000) | Yes | 90 days' interest | Online | Monthly or at maturity |
UBL UK | 4.01% (min £2,000) | Yes | 90 days' interest | Online/ app/ post/ branch | At maturity |
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
Santander | 4.25% for 18 months (min £500) | Yes + £50 voucher if over £10k | 120 days' interest | Online/ branch | At maturity |
4.2% for two years (min £500) | |||||
(matures 24 Mar 2025) |
4.17% (min £1) | Yes | 90 days' interest | Online | Monthly, annually or at maturity |
Shawbrook Bank | 4.16% (min £1,000) | Yes, at application | 180 days' interest | Online | Monthly, annually or at maturity |
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
Close Brothers | 4.2% (min £10,000) | Yes | 270 days' interest | Online | At maturity |
---|---|---|---|---|---|
Paragon Bank | 4.15% (min £500) | Yes | 270 days' interest | Online | Monthly, annually or at maturity |
UBL UK | 4.11% (min £2,000) | Yes | 270 days' interest | Online/ app/ post/ branch | Monthly, quarterly, annually or at maturity |
Provider | Rate – AER (min deposit) | Transfer in allowed? | Penalty to withdraw | How to open | When can I access interest? |
United Trust Bank | 4.05% (min £15,000) | Yes | Varies (1) | Post | Annually or at maturity |
Progressive Building Society | 4% (min £500) | Yes | 180 days' interest | Branch/ post | At maturity |
(matures 2 May 2028) |
4% (min £1,000) | Yes, at application | 365 days' interest | Online | Annually or at maturity |
Ways to boost your interest. You can beat the interest rates above with this non-standard account. | |||||
Gatehouse Bank (sharia account) |
4.2% (min £1,000) | Yes | 365 days' interest | Online | Monthly, annually or at maturity |
(1) The penalty to withdraw is calculated by multiplying the amount you're withdrawing, by the number of days before the account matures, by the interest rate. This is then divided by 365.

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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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.
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.
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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.
Have your say in our forum!

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