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How to Protect your Wealth by Investing in AI Tech Stocks

Average Cash ISA Savings Interest Rate at 2 Year High

/ ISA's Feb 09, 2011 - 07:15 AM GMT

By: MoneyFacts

Best Financial Markets Analysis ArticleThe average ISA rate has risen to 2.27%, the highest rate since January 2009, bringing welcome relief to struggling savers.


 

Average ISA rate (including Fixed Rate ISAs)

Average No Notice rate

Today

2.27%

0.84%

January 2010

2.05%

0.78%

January 2009

2.58%

1.48%

Source: Moneyfacts.co.uk - 9.2.2011

                  
A number of providers have started to unveil their latest tax-free savings products, anticipating the dawn of the new ISA season, which traditionally starts in early April.

Top 5 Cash ISAs

Provider

Account name

Rate

Nationwide Building Society

e-ISA

2.90% including 1.15% bonus until 31.7.12

krbs

2012 Bonus Cash ISA

2.87% including 2.12% bonus until 30.6.12

Santander

Flexible ISA Issue 3

2.85% including 2.35% bonus for 12 months

Halifax

Cash ISA Direct Reward

2.80% including 2.30% bonus for 12 months

Northern Rock

ISA Saver

2.80% including 1.50% bonus for 12 months

Source: Moneyfacts.co.uk - 9.2.2011

 

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented:

“The Bank of England base rate has remained at an all time low of 0.5% for almost two years, although there have been recent talks of an imminent increase. An increasing number of providers are turning to in-house funding as a means of attracting higher deposits.”

“To achieve the same return as a Cash ISA paying 2.90%, a basic rate taxpayer will need to find a standard variable account paying at least 3.63%. Higher rate taxpayers need to achieve a return of 4.83%. At present, the highest variable no notice rate pays 2.90%, the same as the leading cash ISA but without the advantages of tax-free interest. This leaves investors at a loss when looking for a competitive short-term return.”

“Cash ISAs are a great option for investors. Aside from not having to pay income tax on their interest, savers can choose from a range of competitive easy access, notice and fixed rate deals. The maximum Cash ISA allowance for the 2011/12 tax year will increase by £240 to £5,340, which should further increase the appeal of this popular method of saving.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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