Here is an up to date list of some of the top paying accounts available at the moment. As ever, this does not constitute financial advice and is merely a list. You should always check the detail (at the risk of sounding patronising, but putting in suitable caveats to satisfy regulators and PI insurers). I suggest looking at Moneyfacts for more information, but please take care as rarely are top rates much different from anyone else’s without a sweetener of some type.

Online: Coventry 3.15%

Bank: Virgin Money 2.60%

Building Society: Nottingham 3.25%

Comment: Dreary rates, though far better than leaving the money in your current account which probably pays nothing at all. These accounts are described at instant access, but check the detail carefully.

Online: Skipton Building Society 4.00% for 5 years

Bank: Halifax 4.25% for 5 years

Building Society: Leeds 4.00% for 5 years

Comment: These are 5 year rates, which are really disappointing for savers. You will be effectively locking up your money to “grow tax free” at a rate that is only just above inflation. There is in practice minimal real growth and frankly wouldn’t generate much interest to tax, so the ISA status is hardly worthwhile. Think very carefully about locking up cash for 5 years.

Online: Santander 4.00%

Bank: Barclays 3.05%

Building Society: Kent Reliance 3.50%

Comment, how on earth the Santander account finds its way into the results as a variable rate account is beyond me, its actually a 2-year fixed rate at 4.00% (so equivalent to the 5 years Fixed Rate ISAs). Oh and if Rory McIIroy wins a golf major they will add another 0.10%, which probably won’t make much difference to you, but would to Rory! The Barclays ISA is only for Barclays customers, either with a current account or £500 saved with them. The normal Barclays Cash ISA rates are unsurprisingly bad at a puny 0.10%. The Kent Reliance ISA is a 2 year tracker rate, again look beyond the headline.

Personal Favourites

Again, this is not advice, but my personal favourite Cash ISAs (if you really want one) M&S Money – but watch out for the early withdrawal penalites. ING who are one of the easiest and better Banks (3% no quibble) to save with. Nationwide have some good rates, but better if you have an account with them. They are one of my preferred Building Societies.

Remember that the FSCS protect up to £85,000 per person, per Banking License (which may not be the same as per Bank). Please watch out for this, in the event of a Bank or Building Society collapse you need to know that your cash is fairly well protected, those with large reserves in cash be warned.

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