The best cash ISA rates were examined on Working Lunch today by Gillian Lacey-Solymar and presenter Naga Munchetty. It followed a discussion on NSI, National Savings & Investments Premium Bonds which have just cut one of their million pound prizes in favour of smaller prizes. NSI Premium Bonds offer an average 1% return on investment, but of course there is also the possibility of winning one of the big cash prizes.
Then cash ISAs were discussed as a more lucrative place for your savings than NSI Premium Bonds. An ISA, like Premium Bonds, are a tax-free savings account. The best ISA rates on the market according to Working Lunch offer very good interest rates. Here are the top three:
1) Barclays Golden ISA – 3.61% AER
Barclays Golden ISA is paying an impressive 3.61% on savings of up to £3,600 per tax year. Sign up for a Barclays Golden ISA by clicking here
2) Natwest Cash ISA Plus – 3.51% AER
The Natwest Cash ISA Plus pays an excellent 3.51% on savings of up to £3,600 per tax year. Sign up for a Natwest Cash ISA Plus by clicking here
3) M&S Money – 3.10% AER
Marks and Spencer or M&S cash ISA pays a very good 3.10% on savings of up to £3,600 per tax year. The M and S cash ISA does include a 1% bonus, however it does not revert back to 2.1% until April 2010. Sign up for a M&S cash ISA here
ISAs are probably the best place to put your money in today’s credit crunch climate in terms of the interest rate you can achieve, however there is a £3,600 annual limit on what you can add to a cash ISA account.
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