6 New ISA Saving Accounts for 2018/2019

With the end of the financial year, many UK investors will be looking at new financial products.

With some savings accounts offering lower interest rates than others, it’s important to understand the different types of ISAs which are available.

But don’t worry, there are certainly standout options for Brits considering the best tax-free place for their money.

Here is a selection of six new ISA products for 2018/2019, now available in the UK:

1. LC&F Innovative Finance ISA

LCF ISA

  • Returns: 8.00 per cent fixed over 3 years
  • Minimum investment: £5,000

The LC&F ISA has a very high rate of interest, but you’ll need £5,000 minimum to be able to invest. The interest is paid quarterly, and the initial investment is repaid at the end of the term length.

It is worth understanding that even though it is an ISA, with all of the tax-free benefits that come with it, this account is not protected by the FSCS.

Read more about the other fixed-rate innovative finance ISAs on the market.

2. Halifax – Help to Buy: ISA

Halifax

  • Returns: 2.00% AER tax-free
  • Minimum investment: £1-£1000

This product is designed specifically for first-time buyers, with a bonus paid on the purchase of a property in the UK.

Backed by the government, this Halifax ISA offers 2% AER and a 25% bonus on a final balance, for funds deposited up to £3,000, subject to eligibility.

Although there are unlimited withdrawals on the account, savers are warned that there is no bonus on withdrawn funds and that it will mean they have to save for longer in order to get their maximum bonus.

Only £200 can be paid in per calendar month too, which must be paid by standing order by the 25th of each month.

3. Virgin 5 Year Fixed-Rate E-ISA

Virgin Fixed Rate ISA

  • Returns: 2.05% tax-free AER fixed
  • Min Investment: £1

This account can be opened for just £1 and has a competitive rate of 2.00%. It is also possible to top up the amount in the ISA each year.

READ  The Top-Paying IFISA Providers on the Market Right Now

With this account, Brits over the age of 16 can save all the way up to their £20,000 tax-free allowance and all the interest they earn, they will be able to keep, with none going to tax.

This account also offers the ability to withdraw funds if needed before the term length has ended, and this only incurs an interest penalty.

4. Landbay – Property-Backed ISA

Landbay ISA

  • Returns: 3.54% tax-free AER fixed
  • Min Investment: £100

Landbay now offers a fixed-rate IFISA which invests your funds into multiple buy-to-let mortgages. The account pays monthly interest, which can either be withdrawn or reinvested.

There are no fees, but the account is not protected by the FSCS. However, Landbay do operate a reserve fund should their be any defaults.

5. Leeds Building Society – 5 Year Fixed Rate ISA

Leeds Building Society

  • Returns: 2.00% tax-free AER fixed
  • Min Investment: £100

This account provides a fixed tax-free interest rate of 2.00% (fixed until 31 May 2023). Interest, which is calculated daily, is paid once a year on 31st May (starting from 31st May 2019).

The account allows accrued interest to be transferred to another building society or bank account. But savers should be warned that each withdrawal is subject to 150 days’ interest loss.

6. Skipton Building Society – 5 Year Fixed-Rate ISA

SKipton Building Society

 

  • Returns: 2.00% tax-free AER fixed
  • Min Investment: £500

Skipton offer competitive rates on their fixed-rate cash ISAs, but there are no withdrawals allowed and there is an interest penalty if you close the account early.

Any funds withdrawn and then replaced will not count towards the annual ISA allowance, providing good flexibility, and the product is accompanied by the full FSCS deposit protection up to £85,000.

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Last updated: April 13th, 2018

Charlie Howells

After finishing his business studies degree at Bath, Charlie has been involved with a number of startups and finance companies. He regularly writes about personal finance and works as an analyst and writer for Best Savings Rate.

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