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Top cash ISAs 2023/24
Up to 5.11% easy access or up to 5.71% 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.
For the top rate, you'll have to open in branch. Metro Bank pays 5.11% (min £1), though can only be opened in branch. This is a flexible ISA, meaning if you withdraw funds, you can redeposit them in the same tax year without impacting your £20,000 yearly ISA allowance (useful if you plan to deposit/withdraw frequently).
The top app-based account restricts your access. Moneybox pays the top rate of 5.09% (min £1), though only allows three penalty-free withdrawals per year. Plus, the rate drops to 4.15% after 12 months.
For the top online account with unlimited withdrawals. Cynergy Bank pays 5.07%, can be opened and managed online and lets you withdraw as many times as you like.
For an established name. Virgin Money pays 5.01% and can be opened and managed online, though you can only withdraw three times per year (the rate drops to 2% from the fourth withdrawal onwards).
Provider | Rate (AER variable) & any withdrawal restrictions | Flexible? | How to open & any transfer limitations | When can I access interest? |
(min £1)
|
5.09% (rate drops to 4.15% after 12 months, max three penalty-free withdrawals per year, rate drops to 0.75% from fourth onwards) |
No | App | Annually |
---|---|---|---|---|
(min £1, must open its Smart Saver first) |
5.08% | Yes | Mobile app (no transfers in) | Monthly |
(min £1) |
5.07% | No | Online | Annually |
(min £1) |
5.06% (rate drops to 4.1% after 12 months) |
Yes | Online | Annually |
(min £1) |
5.01% (max three penalty-free withdrawals per calendar year, rate drops to 2% from fourth onwards) |
No | Online | Monthly or annually |
Ways to boost your interest. Competitive rates, but access is severely restricted. | ||||
(min £1) |
5.25% (you must give 60 days' notice before you withdraw, if not you will be charged 60 days' interest per withdrawal) |
No | Online | Monthly or annually |
(min £1) (can only be opened in branch)
|
5.11% | Yes | Branch (can be managed online/ app/ phone/ branch) | Annually |
All have Financial Services Compensation Scheme savings protection of up to £85,000.
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.
Metro Bank currently offers the top open-to-all one-year rate of 5.71%, though the account can only be opened in branch. If this isn't right for you, Zopa's account can be opened via its app and pays 5.41% (min £1).
UBL UK pays the top two-year rate of 5.25% (min £2,000), and if you'd like to fix for longer, Zopa pays the top three-year rate of 4.87% (min £1,000) and Hinckley & Rugby BS pays the top five-year rate of 4.9% (min £100).
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) |
5.41% (min £1) |
No | 90 days' interest | Mobile app | At maturity |
Kent Reliance | 5.4% (min £1,000) |
Yes | 90 days' interest | Online/ branch | Monthly or at maturity |
Charter Savings Bank | 5.36% (min £5,000) |
Yes | 90 days' interest | Online | Monthly or at maturity |
Ways to boost your interest. This account is open to all, but can only be opened in branch. | |||||
Metro Bank | 5.71% (min £1) |
Yes | 180 days' interest | Branch (can be managed online/ app/ phone/ branch) | At maturity |
Ways to boost your interest. Must be (or become) a Virgin Money current account customer to open. | |||||
(must have a Virgin Money current account) |
5.65% (min £1,000) |
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? |
UBL UK | 5.25% (min £2,000) |
Yes, at application | 180 days' interest | Online/ app/ post/ branch | Monthly, annually or at maturity |
(must open its Smart Saver first) |
5.16% (min £1) |
No | 180 days' interest | Mobile app | At maturity |
Cynergy Bank | 5.15% (min £500) |
Yes | 180 days' interest | Online | 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) |
4.87% (min £1)
|
No | 270 days' interest | Mobile app | At maturity |
|
4.86% (min £1,000) |
Yes, at application | 270 days' interest | Online | At maturity |
---|---|---|---|---|---|
Aldermore | 4.85% (min £1,000) |
Yes, at application | 180 days' interest | Online | Monthly 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? |
Hinckley & Rugby BS | 4.9% (min £100) |
No, unless from another H&R BS ISA | 365 days' interest | Branch/ post | Annually or at maturity |
UBL UK | 4.81% (min £2,000) |
Yes, at application | 365 days' interest | Online/ app/ post/ branch | Monthly, quarterly, annually or at maturity |
Principality BS | 4.73% (min £500) |
Yes | 360 days' interest | Online/ branch | Monthly, 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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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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