These Cash ISAs are best buys, but they are not open to everyone.
This year’s ISA season has not been one to relieve the misery of hard-pressed savers desperate for decent rates.
In fact, to arguably add insult to injury, many of the top rates on offer are only available to people who are already an existing customer of a bank or building society and/or live within a few miles of their head office.
Having said that, you may be able to benefit from one of these ‘hidden’ ISAs.
Instant access
The stand-out rate on instant access ISAs comes from Harpenden Building Society, but you need to have been a member for at least a year to be able to open one. The top-paying ISA that is open to all currently comes from Stafford Railway Building Society, paying 1.75%.
Here are the restricted instant access ISAs that beat that.
|
Account |
Interest Rate (AER) |
Minimum deposit |
Notes |
|
Harpenden BS Simply ISA |
2.25% |
£1 |
New subscriptions only. Must have been member on 22nd March 2013. |
|
Vernon BS Triple Access ISA |
2.00% |
£10 |
New subscriptions only. Maximum of three withdrawals per year. Only available to people living within 25-mile radius of Stockport. |
|
Ecology BS Foundations Cash ISA |
2.00% |
£25 |
New subscriptions only. Must have been member on 7th June 2013. |
|
First Direct Cash ISA |
2.00% |
£40,000 |
Transfers and new subscriptions. Lower rates available on smaller deposits. Must have 1st current account. |
|
Nationwide BS Flexclusive ISA |
1.75% |
£1 |
New subscriptions only. Must hold Nationwide current account. |
Notice ISAs
There are a couple of restricted notice ISAs that beat the best buys that are open to all, which is Hanley Economic Building Society's 60-Day Notice ISA paying 1.75%.
|
Account |
Interest Rate (AER) |
Minimum deposit |
Notes |
|
City of Derry BS Cash ISA |
2.50% |
£50,000 |
Transfers and new subscriptions. Lower rates available on smaller deposits. Minimum 30 days' notice required for penalty-free withdrawal. Only available to people living within 30-mile radius of Derry/Londonderry. |
|
Melton Mowbray BS 100-Day Notice ISA |
2.10% |
£25 |
New subscriptions only. Minimum 100 days' notice required for penalty-free withdrawal. Only available to people living in Leicestershire, Lincolnshire, Nottinghamshire or Rutland, or who have been members for five years or longer. |
Fixed rate ISAs
There are far fewer loyalty bonuses around on fixed rate ISAs, probably in part because rates on these types of ISAs haven’t slumped by as much as their instant access counterparts.
Nonetheless, the following are either clear or joint market-leaders.
|
Account |
Interest Rate (AER) |
Minimum deposit |
Fixed rate term |
Notes |
|
Newcastle BS Member ISA (Joint market-leader) |
3.00% |
£500 |
Five years |
Transfers and new subscriptions. Must have been member on 7th June 2013. Only available to members who have held savings or mortgage product since 1st July 2013. |
|
Santander 123 Fixed Rate ISA (Market leader) |
2.10% |
£500 |
Two years |
Transfers and new subscriptions. Only available to 123 current account customers, 123 credit card customers and Select customers. |
|
Britannia Fixed Rate Cash ISA (Market leader) |
2.10% |
£1 (transfers)/£5,760 (new) |
Two years (fixed until 5th April 2016) |
Transfers and new subscriptions. Must have Co-operative Bank or smile current account and have funded it with at least £800 for past three months and fund it with £800 each month from opening. |
|
Mansfield BS One-Year Fixed Cash ISA Bond (Market leader) |
2.00% |
£500 |
One year |
New subscriptions only. Only available to people living in Nottinghamshire, Derbyshire or South Yorkshire or who have been members for at least three years. |
|
Britannia Fixed Rate Cash ISA (Second-best rate) |
1.90% |
£1 (transfers)/£5,760 (new) |
One year (fixed until 5th April 2015) |
Transfers and new subscriptions. Must have Co-operative Bank or smile current account and have funded it with at least £800 for past three months and fund it with £800 each month from opening. |
For the top ISAs that are available to all, take a look at The best Cash ISAs. If you're looking to transfer old ISAs, head to Top Cash ISAs for transfers.
Should you switch?
[SPOTLIGHT]You might think the rates on offer are so tempting that you should switch bank or building society to take advantage. However, you need to be aware that some accounts have hoops to jump through: for example the Santander 123 current account charges £2 a month, although you can earn both cashback and interest on it.
And with the Britannia ISAs, you'll need to have already funded a Co-operative Bank or smile current account with £800 a month to qualify and be able to continue to do so.
But if you live within striking distance of a building society with a best buy that's restricted to locals only, it could be well worth popping into a branch.