Best Cash ISA: Who is paying top rates of interest?

Clare says

Investing Insiders has partnered with Trading 212 to offer an unbeatable 4.68% Cash ISA deal for new customers. You’ll need to sign up using our exclusive link and add the code INVESTUK when you sign up.

Trading 212’s Cash ISA is a If an ISA is flexible, you’re able to withdraw money and pay it back in, without it counting twice within your annual ISA allowance. It must be repaid within the same tax year it's withdrawn to be eligible, however.flexible ISA and there are no penalties for accessing your cash at any time – meaning you can get to it any time you need.

T212’s £1 minimum deposit makes it a good match for those starting small. One thing to note, however, the bonus rate only applies to current tax year contributions and new customers.

Clare says

eToro’s Cash ISA is not actually administered by eToro, but (like their Stocks and Shares ISA), comes via Moneyfarm who often pay strong rates of interest.

It’s a very strong rate, but it’s a variable rate, so can be lowered (or raised) throughout the year if the Bank of England base rate (or other factors) change. And as it’s a boosted rate, it’ll drop to 3.49% after 12 months.

You’ll need at least £500 in the account at all times, or – if you’re transferring in an existing ISA – a minimum of £15,000. And one other thing to be aware of, Moneyfarm invests your savings into A Qualifying Money Market Fund (QMMF) is a type of regulated fund that holds very low-risk, short-term financial instruments such as Treasury bills, high-quality government bonds, and short-dated corporate debt. They are intended to provide a modest return and are generally considered very low risk, but as your money is invested, there is still some element of risk involved in using this approach.QMMFs. A QMMF is a type of fund that has to stick to strict regulatory standards which mean they are considered a safe and reliable option for holding client money. There is a very small risk with these, however, that the interest rate could be lower than you’re expecting.

Clare says

It’s not possible to transfer existing ISAs into this account, so the people who’ll get the most from this impressive interest rate will be those with their full annual allowance yet to invest.

There are no penalties for withdrawing your money with this Tembo ISA, but you may need to wait up to 2 days to get your cash so it might not be best to rely on this fund for everyday emergencies. And it’s also not a If an ISA is flexible, you’re able to withdraw money and pay it back in, without it counting twice within your annual ISA allowance. It must be repaid within the same tax year it's withdrawn to be eligible, however.Flexible ISA.

One unique bonus with using Tembo: As a Tembo saver, you’ll get exclusive fee-free mortgage advice from Tembo Mortgages – voted UK’s Best Mortgage Broker four years running.

Clare says

You get unlimited penalty-free withdrawals with Lightyear’s great Cash ISA within the same tax year. It’s a really simple one to get to grips with interest-wise too, as it replicates whatever the Bank of England’s Base rate is. That means if the Bank of England raises rates, your interest rate will rise (although on the flip side, if they lower rates, your interest rate will also decrease).

Your interest is paid monthly, so you’ll be rewarded regularly instead of needing to wait for a year.