A number of clients have been asking about deposit rates and which is the best Cash ISA. I’ve updated the list here, remember that this is not advice, just a list of some of the top rates. Please note that one of the Bank tricks is to entice with a short-term higher rate (a bonus rate) and often this would be withdrawn if you move money away. Also note that sometimes a higher rate may be payable as a bonus, but effectively turns a variable rate account into a fixed rate because of the need to hold the funds for a fixed period of time to receive the bonus. Yes, clarity is one of those things lacking in the marketing of interest rates. It shouldn’t be permitted. Banks tend to lead customers on a merry dance and few people would disagree with the sense that they’ve been tangoed, nothing strictly ballroom about the rules of marketing it seems. Remember to check the details, also remember the compensation limits of £85,000 per account owner per Banking License (not necessarily per Bank).

Online: Coventry 3.15%

Bank: Virgin Money: 2.85%

Building Society: Nottingham 3.25%

Online: United National Bank 3.30%

Bank: Santander 4.20%

Building Society: Leeds 4.51%

Online: Nottingham 3.85%

Bank: Halifax 3.70%

Building Society: Progressive 3.75%

Online: Santander 4.00%

Bank: Barclays: 3.05%

Building Society: 3.10%

Online: NatWest 4.20%

Bank: Halifax 4.50%

Building Society: Barnsley 5.00%

I would advise checking Moneyfacts, who provide a free online service to check rates. Have a good look at the detail. Remember though that the effort involved in moving an account may be somewhat overstated when rates are so dreadfully low. As ever, caveat emptor.

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