Best cash ISAs May 2022

Marcus by Goldman Sachs Cash ISA | 1.00% (including bonus) | Minimum deposit, £1

This account benefits from a bonus rate of 0.10%, fixed for the first 12 months. After which, the interest rate drops to 0.90%. It can be opened online, or through Goldman Sachs’ app, and interest is paid monthly. Withdrawals are permitted. A £1,000 deposit would result in a balance of £1,010 after one year, although the interest rate would fall after this.

SAGA Cash ISA | 1.00% (including bonus) | No minimum deposit

This account has an initial bonus rate of 0.10%, fixed for the first 12 months. After which, the interest rate drops to 0.90%. It can be opened online, and managed online or over the phone., Interest on this account is paid monthly. Withdrawals are permitted. A £1,000 deposit would result in a balance of £1,010 after one year, although the interest rate would fall after this 

Nationwide Building Society 1 Year Triple Access Online ISA | 1.00% | Minimum deposit, £1

This easy access cash ISA can be opened online on through Nationwide’s app with only a £1 deposit. The interest rate will fall to 0.1% for the remainder of the term if more than three withdrawals are made.  A £1,000 deposit would result in an estimated end balance of £1,010, assuming the optimum rate is maintained.

Virgin Money 1 Year Fixed Rate Cash ISA | 1.76% | No minimum deposit

While this cash ISA offers a good interest rate, you must be a Virgin Money, Clydesdale Bank or Yorkshire Bank current account holder. As such, the account can open the account in branch or online. The penalty to withdraw is 60 days’ interest. A £1,000 deposit would give you an estimated balance of £1076 after a year. Interest is paid at the end of the fixed term period.

Hampshire  Trust Bank 1 Year ISA Bond | 1.61% | Minimum deposit - £1

This account can be opened online and managed online, by post or over the phone. Interest is paid annually and withdrawals are not permitted before maturity. A £1,000 investment would give you an estimated balance of £1,061 after one year.

Shawbrook Bank 1 Year Fixed Rate Cash ISA | 1.60% | Minimum deposit - £1,000

The one-year fixed rate on this account locks your savings away for the period, and withdrawals come with a penalty of 90 days’ interest. You can open and manage this account online or by phone, and a £1,000 deposit would give you an estimated balance of £1,016 after a year.

Hampshire Trust Bank 2 Year ISA Bond | 2.05% | Minimum deposit, £1 

This account can be opened online with a £1 minimum deposit. Interest can be compounded (when you get interest on interest) or you can withdraw it annually. There is a 180 days interest penalty for making withdrawals. permitted. A £1,000 deposit would result in an estimated end balance of £1,041.82. 

Shawbrook Bank 2 Year Fixed Rate Cash ISA Bond | 2% | Minimum deposit, £100

The two-year fixed rate on this account locks your savings away for the period, and withdrawals come with a penalty of 180 days’ interest. You can open and manage this account online or by phone, and a £1,000 deposit would give you an estimated balance of £1,040 after two years.

UBL UK 2 Year Fixed Rate Cash ISA | 2% | Minimum deposit - £2,000 

This account requires an initial deposit of £2,000, slightly more than the others in its category. The penalty to withdraw is 180 days’ interest. You can open and manage this account online, by post or in a branch. Interest is paid away so it does not compound. A £2,000 deposit would give you a balance of £2,080 at the end of the term.

Hampshire Trust Bank 3 Year ISA Bond | 2.16% | Minimum deposit, £1

This account requires an initial deposit of only £1 and offers a good rate of return compared to others in this category. The penalty to withdraw is 270 days’ interest. You can open and manage this account online, by post or in a branch. Interest is paid away so it does not compound. A £1,000 deposit would give you a balance of £1,066.88 at the end of the term.

Aldermore 3 Year Fixed Rate Cash ISA | 2.11% | Minimum deposit, £1,000

This account can be opened online with a £1,000 minimum deposit. Interest is paid at maturity but there is a substantial 270 days interest penalty for making withdrawals. A £1,000 deposit would result in an estimated end balance of £1,064.33.

UBL UK 3 Year Fixed Rate Cash ISA | 2.10% | Minimum deposit - £2,000 

This account requires an initial deposit of £2,000 – higher than the others in its category, yet also has a slightly lower interest rate. There are plenty of ways to open and manage the account, however, including by post, in a branch, online or through an app. The penalty to withdraw is 279 days’ interest. A £2,000 deposit would give you a balance of £2,128 .66 at the end of the term.