You may have recently seen the published list which highlights the best cash ISA rates available in the UK at the moment. It’s evident that many providers are upping their rates which can be beneficial for users.
However, rates that are published aren’t always as they seem so it is important to review the terms and conditions and fine prints for every rate that is offered.
The best easy access cash ISA rates released this week were…
- The Easy Access Cash ISA – Issue 22 from Charter Savings Bank with a 0.50% Rate AER (Annual Equivalent Rate)
- e-ISA Plus from Chelsea Building Society with a 0.50% Rate AER
- Double Access Cash ISA from Leeds Building Society with a 0.50% Rate AER
- Limited Issue Online Access ISA from Leeds Building Society with a 0.50% Rate AER
- Cash ISA from Marcus by Goldman Sachs with a 0.50% Rate AER
What does this mean?
Whilst banks are offering what seem to be great savings rates, in reality, many people end up burnt by this because the small print shows the real figure you get or there are extremely strict conditions to get the advertised rate, making it difficult to get.
For example, another high street bank is advertising a rate of 0.30% AER but this is only paid after you have invested £10,000 – which could be confusing for a user who sees that rate advertised.
Often when you are using a high street bank, you can find a lot of surprises unless you read the small print and contracts of the product you are using. This is one of the many reasons why people opt for a credit union instead, as they are no frills.
We are now releasing our own cash ISA’s, with a rate of 0.5% which is equal to the 4 best offers currently available. However, unlike some of the ISA’s mentioned in this list, we require no minimum deposit in order for you to get this rate.
We’re here to support all of our members and our new introductory cash ISA’s are just another way we’re helping the people of Liverpool City Region to improve their financial futures.
To apply for a Cash ISA today, contact us here.