Cash ISAs
Investors in these Cash ISA Accounts can get their money back with interest immediately, though in practice five days should be allowed for clearing funds.
| Institution | Account | Interest Rate (AER) | Accepts Transfers? | Min | Net Interest on £3,000 | Details |
|---|---|---|---|---|---|---|
| National Savings | Direct ISA(1) | 6.30% | no | £1,000 | £151.20 |   |
| National Counties Building Society | Guranteed Mini Cash Isa(2) | 6.26% | no | £1 | £150.24 |  |
| Kent Reliance | Direct variable rate(3) | 6.21% | yes | £1 | £149.04 | |
| Egg | Egg Cash ISA(4) | 6.05% | no | £1 | £145.20 | |
| ING Direct | Cash ISA(5) | 6.00% | no | £1 | £144.00 | |
- Variable Rate
- Paid Annually
- Covered by the Scheme
Important Notes
- (1) Rate guaranteed at least to be 0.55% above base rate until 5/4/2008
- (2) Guaranteed to be Base + 0.3% until 5 April 2008
- (3) Rate guaranteed at least to be 0.55% above base rate until 5/4/2008
- (4) Guaranteed to at least match Base Rate until 5 April 2009
- (5) 6.55% for 6 months reverting to 5.13% variable equates to 6% AER
What is the Scheme?
The Financial Services Compensation Scheme was established under the Financial Services and Market Act 2000. The Scheme affords 100% protection to the first £2000 of a depositor's total deposits with the Institution and 90% of the next £33,000 amounting to a maximum payout of £31,700.
What is AER?
This is the Annual Equivalent Rate and specifies what the interest rate would be if interest were paid and added to the Account once a year. As every Institution which quotes an interest rate must include an AER, we are comparing like with like.