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| Best cash Isa rates for 2012/13 – but act fast before they go | Best cash Isa rates for 2012/13 – but act fast before they go |
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| With just weeks to go to the end of the tax year, you may be trying to make the most of your tax-free Isa allowance. In the 2012/13 tax year you can put up to £11,280 in an Isa, with up to £5,640 being held in a cash deposit account, while the remainder can go in stocks and shares. | With just weeks to go to the end of the tax year, you may be trying to make the most of your tax-free Isa allowance. In the 2012/13 tax year you can put up to £11,280 in an Isa, with up to £5,640 being held in a cash deposit account, while the remainder can go in stocks and shares. |
| Usually, this time of year sees a flurry of activity as banks and building societies try to tempt savers with a range of new cash Isa deals, but so far, so quiet. The financial information firm Moneyfacts says that in February 2012 there were 385 cash Isas paying an average interest rate of 2.55%; currently there are just 309 on offer and the average rate paid has fallen to 1.74%. | Usually, this time of year sees a flurry of activity as banks and building societies try to tempt savers with a range of new cash Isa deals, but so far, so quiet. The financial information firm Moneyfacts says that in February 2012 there were 385 cash Isas paying an average interest rate of 2.55%; currently there are just 309 on offer and the average rate paid has fallen to 1.74%. |
| There could be some more good deals before April – and you might want to hold out just in case – but Moneyfacts reckons the outlook for this Isa season is "gloomy". Its savings expert, Sylvia Waycot, says: "It doesn't look like its going to be a bonanza Isa season this year, so if you see one you like, don't hang around as a limited market always disappears fast." | There could be some more good deals before April – and you might want to hold out just in case – but Moneyfacts reckons the outlook for this Isa season is "gloomy". Its savings expert, Sylvia Waycot, says: "It doesn't look like its going to be a bonanza Isa season this year, so if you see one you like, don't hang around as a limited market always disappears fast." |
| Here's a round-up of some of the top rates available to savers who want to get sorted sooner rather than later. | Here's a round-up of some of the top rates available to savers who want to get sorted sooner rather than later. |
| First Direct has the best rate, offering 3%; however, to get that much you need to have built up at least £40,000 in Isa savings. If you have £20,000 in Isa savings, you will get a reasonable 2.20%. Your cash isn't locked away and there is no bonus to disappear in six months' time. | First Direct has the best rate, offering 3%; however, to get that much you need to have built up at least £40,000 in Isa savings. If you have £20,000 in Isa savings, you will get a reasonable 2.20%. Your cash isn't locked away and there is no bonus to disappear in six months' time. |
| Coventry building society is offering 2.8% on its 60-day notice Isa, guaranteed to be at least that rate until December 2013. You can get instant access to your cash, subject to the loss of 60 days' interest. Deposits of just £1 are accepted, but you cannot transfer an Isa into it. Deposits will only be accepted into the account up to 5 April 2013. | Coventry building society is offering 2.8% on its 60-day notice Isa, guaranteed to be at least that rate until December 2013. You can get instant access to your cash, subject to the loss of 60 days' interest. Deposits of just £1 are accepted, but you cannot transfer an Isa into it. Deposits will only be accepted into the account up to 5 April 2013. |
| Nationwide building society is offering 2.7% on its four-year fixed-rate Isa. The rate is available on deposits of £1 and the Isa accepts transfers. Closing before the four years are up will mean losing 320 days' interest. The society is also offering 2.55% on a 30-month fixed-rate Isa and 2.35% on a two-year fixed rate. Again, savers can pay in as little as £1 and transfer cash from existing Isas. | Nationwide building society is offering 2.7% on its four-year fixed-rate Isa. The rate is available on deposits of £1 and the Isa accepts transfers. Closing before the four years are up will mean losing 320 days' interest. The society is also offering 2.55% on a 30-month fixed-rate Isa and 2.35% on a two-year fixed rate. Again, savers can pay in as little as £1 and transfer cash from existing Isas. |
| Earl Shilton building society also pays 2.7% on a cash Isa – its account is a 90-day notice Isa accepting deposits from £10. Transfers of existing Isas are only accepted from existing Earl Shilton members but the account can be opened by post as well as at a branch. However, the rate is set to fall to 2.25% on 1 May. | Earl Shilton building society also pays 2.7% on a cash Isa – its account is a 90-day notice Isa accepting deposits from £10. Transfers of existing Isas are only accepted from existing Earl Shilton members but the account can be opened by post as well as at a branch. However, the rate is set to fall to 2.25% on 1 May. |
| Cheshire building society is paying 2.5% on its Isa Saver (Issue 1). You will need to deposit at least £1,000 to get that rate, but transfers are accepted and you can make unlimited withdrawals and deposits (subject to the overall Isa rules). The rate does include a 2% bonus which will disappear on 31 July 2014. | Cheshire building society is paying 2.5% on its Isa Saver (Issue 1). You will need to deposit at least £1,000 to get that rate, but transfers are accepted and you can make unlimited withdrawals and deposits (subject to the overall Isa rules). The rate does include a 2% bonus which will disappear on 31 July 2014. |
| It's not at the top of the table, but if you want a no-notice, easy account operation (online or by phone) with a relatively low minimum deposit of £100, National Savings & Investments offers a rate of 2.25% on its direct Isa. Your money is backed by the Treasury, but you can't make transfers in. | It's not at the top of the table, but if you want a no-notice, easy account operation (online or by phone) with a relatively low minimum deposit of £100, National Savings & Investments offers a rate of 2.25% on its direct Isa. Your money is backed by the Treasury, but you can't make transfers in. |
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