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Which? Best Buy Cash ISAs for 2013

A cash ISA is a tax-free saving accounts, allowing you to save up to £5,640 per year without having to pay tax on your savings. Cash ISAs are designed like this to encourage saving - it's a way for you to keep some of your money without it being touched by the tax man. For this reason, ISAs are incredibly important, and you need to choose the right one to help you save as much as possible. Using the Which? best buy for cash ISAs for 2013, we've compiled a list of the best accounts for your needs.

What is 'Which?' Best Buy?

Which? is an organisation that not only tests products for consumers but fights for the rights of consumers and ensures they receive the best quality for their money. Products recommended by Which? are tested and investigated without prejudice and avoiding bias, using the most up to date facts to create an analysis.

Unlike other sites, the Which? Best buy for cash ISAs for 2013 provides statistics and unbiased information for consumers. Some websites can often be affliated with a certain bank or company, making their reviews favourable to certain products.

Cash ISA Differences

Because most of the money you pay into a cash ISA is free, banks will try to offer incredibly low rates of interest, some that are even at 0.1%. That's why it's important to shop around for the best buys in Cash ISAs. Don't be put off by one low rate - there's probably a company out there offering a much higher rate with greater benefits to suit you needs.

Best Cash ISAs

Out of the Which? Best buy guide, the top ISAs in 2013 were listed as:

  • Chesire BS: 2.5% APR, 2% Bonus until July 2014, no transfer out penalities, transfer in from other ISAs and a minimum of £1000 deposit. (Also offered by Santander, but with a £2,500 minimum deposit).
  • Tescos Bank: Minimum £1 deposit, 2.3% interest rate paid annually, no transfer out penalities with unlimited withdrawals.
  • NS&I: Minimum £250 deposit, no transfer penalities, 2/25% APR and 100% protected and fully backed by the government.

ISA Protection

When considering the best buy for cash ISAs for 2013, make sure you take a look at the protection available on your ISA. Some protection is only available from a certain amount, whereas others, like the NS&I package, are available immediately and fully backed by the government. This ensures you won't lose any of your money if something should go wrong with the bank, your account or in any other situation.

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