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This months’s top savings accounts
April 2023
Competition is high among fixed-rate savings accounts this week with the best three all paying 4.28% in interest.
Several providers have also increased the amount they pay in interest, boosting their accounts upwards in the savings tables.
Among the best saving accounts, there are subtle differences such as the minimum deposit you need to open an account and the penalty if you access your cash early.
Here we look at the best savings accounts and ISAs of the month
The top savings accounts of the month
The rate has been increased on the OakNorth Bank 120 Day Notice Savings Account this week to 3.64% on a minimum opening amount of £1 and maximum of £500,000. The account can be opened and managed online or through the bank’s mobile app.
Close Brothers Savings has also launched a new One Year Fixed Rate Cash ISA, paying 4.17% on a minimum opening investment of £10,000. It can be opened online or by post and also managed on the phone.
Hodge Bank has also increased the rate it pays on its online Two Year Fixed Rate Bond to 4.53% for those putting away at least £1,000.
The top easy-access cash ISAs
Provider | Notice | Rate | Conditions | Available |
Yorkshire Building Society | Easy Access (Limited) | 3.35% | Minimum opening balance £1 | Branch/Post |
Leeds Building Society | Easy Access | 3.30% | Minimum opening balance £1,000 | Online |
Cynergy Bank | Easy Access | 3.35% | Minimum opening balance £1 | Online |
1. Yorkshire Building Society - Limited Access E-ISA - Accounts can be opened with a minimum of £1 and the maximum balance is £20,000 for ISA allowance plus previous years’ ISA transfers, up to £500,000. The Limited Access e-ISA account allows unlimited withdrawals from your account on any one day per year aligned with the anniversary of the account opening. You may also close your account at any time even if you have used your withdrawal day, without loss of interest. The account can be managed online.
2. Leeds Building Society - Limited Issue Online Access ISA - Accounts can be opened with a minimum of £1,000 and the maximum you can invest in the 2023/2024 tax year is £20,000 (less any amount invested in a Stocks and Shares ISA, Innovative Finance ISA and/or Lifetime ISA in the same tax year). Unlimited withdrawals can be made to your Nominated Accounts (as defined in the General Conditions) without notice or loss of interest, subject to the minimum balance of £1,000 being maintained. If the balance falls below £1,000, the rate of interest which shall apply is 0.05%. The account can only be operated online.
3. Cynergy Bank - Online ISA - This pays 3.35% and can be opened with a minimum of £1 and a maximum of £20,000 for the new investment limit. You can make unlimited withdrawals from your Online ISA without notice, penalty or fees.
This is not a Flexible ISA. This means that any money withdrawn cannot be replaced without counting towards your annual subscription limit. You can only use online banking to manage his account.
This month's top notice accounts
Provider | Notice | Rate | Conditions | Available |
OakNorth Bank | 120 Day Notice | 3.64% | Minimum opening balance £1 and maximum of £500,000 | Online |
Aldermore | 30 Day Notice | 3.15% | Minimum opening balance £1,000 | Branch/Post |
Furness | 45 Day Notice | 3.55% | Minimum opening balance £1,000 | Branch/Post |
1. Oaknorth Bank - 120 Day Notice Savings Account - The rate has been increased this month to 3.64% on a minimum opening amount of £1 and maximum of £500,000. The account can be opened and managed online or through the bank’s mobile app.
2. Aldermore - 30 Day Notice Account - Remains in the top spot with an AER of 3.15%. It has a minimum opening deposit of £1,000 with interest paid away or compounded monthly or on anniversary. Withdrawals are subject to a 30-day notice period, or funds can be accessed earlier subject to a 30-day loss of interest. It can only be opened and managed online.
3. Furness Building Society's 45 Day Notice Cash ISA - Paying 3.55% AER. It has a minimum deposit of £1,000 up to the maximum of your annual allowance. You can withdraw from or close your Furness 45 Day Notice Cash ISA without penalty if you can give 45 days’ notice, otherwise you will lose 45 days interest on the amount withdrawn or the closing balance. You need to open this one in a branch or by post. It can also be managed over the phone once opened.
This month’s top fixed-rate cash ISAs
Provider | Notice | Rate | Conditions | Availability |
Close Brothers | 1 Year Fixed | 4.17% | Minimum opening investment of £10,000 and maximum of £2,000,000 | Online/Post/Phone |
Gatehouse Bank | 1 Year Fixed | 4.20% | Minimum opening balance £1,000 | Online |
Paragon Bank | 2 Year Fixed | 4.28% | Minimum opening balance of £500 | Online/Post |
Shawbrook Bank | 2 Year Fixed | 4.28% | Minimum opening balance £1,000 | Online |
Close Brothers | 2 Year Fixed | 4.28% | Minimum opening investment of £10,000. | Online/Phone/Post |
Leeds Building Society | 3 Year Fixed | 4.20% | Minimum opening balance of £100 | Branch/Post |
Cynergy Bank | 2 Year Fixed | 4.20% | Minimum opening balance of £500 | Online |
1. Close Brothers - One Year Fixed Rate Cash ISA - Paying 4.17% on a minimum opening deposit of £10,000 and the maximum being £2,000,000. You can deposit a maximum of £20,000 for this tax year, assuming this does not exceed your annual ISA allowance (includes money in cash, stocks and shares, innovative finance and lifetime ISAs held with other ISA providers). It can be opened online or by post and also managed on the phone. If you decide to close or transfer your ISA before maturity, you must withdraw the full amount and you will be charged the appropriate amount of interest on your account balance at the time of transfer.
2. Gatehouse Bank - One Year Fixed Term Woodland Cash ISA - Top of the one-year table and It pays an expected profit rate of 4.20%, either monthly or on the anniversary of opening the accounts. Minimum deposits start at £1,000 and the maximum being £1,000,000 while further additions are not allowed. Under HMRC ISA Subscription rules you can withdraw money from this tax year or previous tax years. Withdrawals within the 1 year term will be subject to a reduction in profit of 90 days. These must be opened online and managed online or via mobile app.
3. Paragon Bank - Two Year Fixed Rate ISA - This ISA pays 4.28% and interest can be paid monthly or on maturity. There’s a minimum deposit of £500 and you can make additions to this sum for a further 28 days from account opening. It’s also a flexible ISA so any withdrawals can be replaced without it counting towards your annual ISA allowance during this time. There’s a 180-day penalty for early access.
4. Shawbrook Bank - Two Year Fixed Rate Cash ISA - You can open this ISA with £1,000 and it also pays 4.28%. Interest can be paid monthly or on the anniversary of opening the account and it allows you to make further additions without any restrictions. Similarly, you can transfer in your cash ISAs and stocks and shares ISAs at any time. There’s a 180-day penalty for early access.
5. Close Brothers - Savings' Two Year Fixed rate Cash ISA - Also paying 4.28%, interest is paid on anniversary and it has a minimum opening deposit of £10,000. You have 10 days from account opening to make further additions to this amount. It imposes the a 150-day loss of interest penalty and the account will close if you do this.
6. Leeds Building Society - Three Year Fixed Rate Cash ISA (Issue 137) - Paying 4.20%, this account has a maturity date of 4 May 2026 and can be opened with £100. Interest is paid yearly, while to gain access to the money in your account early, you’ll need to serve a 240-day loss of interest penalty.
7. Cynergy Bank's - Fixed Rate Cash ISA - Also paying 4.20%, you can open this account with an initial deposit of £500 and interest is paid on the anniversary of the account opening. If you wish to make further additions to your pot, the interest becomes variable. There’s a 180-day loss of interest penalty for early access.
This months top rated Fixed Bond
Provider | Notice | Rate | Conditions | Availability |
Hodge Bank | 2 Year Fix | 4.53% | Minimum opening balance £1,000 and a maximum of £1,000,000. | Online |
1. Hodge Bank - Two Year Fixed Rate Bond - they have increased the rate it pays on its online to 4.53% for those putting away at least £1,000 and a maximum of £1,000,000. You cannot make withdrawals during the fixed term. You can open your account online. Accounts opened online can be managed via their internet banking.
The information contained in this article is for information purposes only and do not constitute financial advice or a recommendation.
The interest rates and accounts shown are subject to change at any time and there may be other accounts available with higher rates or that more suitable which we have not identified or shown.