Moneyfacts reveals best performing ISAs

| April 27, 2009 | 0 Comments
”Moneyfacts

Moneyfacts.co.uk has revealed the top performing cash ISAs during 2008-09.

“Unsurprisingly it was fixed rate cash ISAs that yielded some of the top returns,” said Michelle Slade, Moneyfacts.co.uk analyst.

Alliance and Leicester’s (A&L) Premier ISA took first place, adding £327.37 to a £3,600 investment made on 6 April 2008.

However, to qualify for the Premier ISA, customers had to be a new or existing A&L Premier current account holder, and invest at least £5,000 in another A&L investment product.

Bradford & Bingley’s one-year fixed-rate ISA came second, adding £225 to a £3,600 investment.

Among variable rate ISAs, National Counties Building Society’s cash ISA was the top performer, with a return of £185.06.

Worst performers were Halifax’s ISA Saver, and A&L’s Cash ISA, providing returns of £78.05 and £83.39 respectively.

Ms Slade said the vast differences between the best and worst returns show that ‘savers really should shop around and not just approach their current account provider’.

She added that despite the Bank of England’s rate cutes, ISAs still offer the best value for money to savers with an average rate of 1.94% compared to 0.65% on no notice savings accounts.

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