‘Best’ Cash ISA offers an ‘enticing’ 4.75% | Personal Finance | Finance
A savings app is offering an “enticing” and “market leading” 4.75% rate on a Cash ISA. Moneybox’s Cash ISA account can be opened with £500 and allows transfers in.
Caitlyn Eastell, Personal Finance Analyst at Moneyfacts said the deal had earned an “excellent” rating. She said: “Moneybox has increased a selected rate on its Moneybox Cash ISA this week. The boost sees the account take the market-leading position when compared to its peers.”
Moneyfacts‘ expert added: “As interest is paid monthly, this may be an enticing option for those wanting to boost their income.
“However, savers should note this includes a generous 1.30% AER bonus for 12 months, so it is important that they review their deal once this expires.”
Under Moneybox’s deal, savers can make three withdrawals in a year without affecting the rate. If you exceed the limit, then the rate drops to 0.75% AER.
An account can be opened and managed via the Moneybox app or online. The deal is only open to new customers and the rate can go up or down.
Additions are allowed at any time into the account and investors can split their Cash ISA savings across multiple ISAs within the Moneybox range.
Ms Eastell said: “On assessment, this deal earns an Excellent Moneyfacts product rating.”
Other deals highlighted this week by Moneyfacts include Plum’s Easy Access ISA, with a current rate of 4.60%.
Vanquis Bank is offering 4.66% on a one-year ISA fix while Secure Trust Bank has a 4.72% deal on a two-year fixed ISA.
Close Brothers Savings is offering 4.71%, but you would have to lock your money away from five years and need to invest at least £10,000.
Money Saving Expert lists Trading 212’s easy access Cash ISA as its top pick for new money, with a rate of 4.76%. Moneybox’s 4.75% deal is “top for transfers”, according to MSE.
