Spotlight: ISAs

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Andrew Feinberg

White House Correspondent

ISA season has come round again and the banks are battling it out for your cash. RBS and Natwest have launched an instant access cash ISA deal – the Cash ISA Plus – offering 3.51 per cent AER for a minimum initial investment of £1. It's a competitive rate, with closest rivals Alliance & Leicester and Egg coming in closer to 3 per cent. But the offer also shows just how keen the banks are to maximise their cash holdings, with far better deals for slightly more commitment.

The banks are offering a 0.5 per cent bonus for existing customers when these accounts hold the maximum £3,600 for both this tax year and the next (which begins on 6 April). If you're a fee-paying premium account holder, that bonus will be an even greater 1 per cent.

These rates are worth considering, regardless of what account you hold. Equating to 4 per cent for standard customers and 4.5 per cent for premium account customers for the first year, the nearest alternative is around 3.5 per cent from Manchester Building Society.