Beware the small print on top Isas

BEWARE of the top-paying Isa deals that come loaded with small print.

Skipton BS has closed its Limited Edition cash Isa at 1.6 pc after it was on sale for barely two weeks. Unlike most top deals, it was a straightforward account without a bonus or withdrawal restrictions and you could transfer existing cash Isas into it.

But most top-rate deals come with at least one of these terms and conditions attached — or require a high minimum investment.

For example, the top deal on easyaccess accounts now comes from West Bromwich Websaver Limited Access Isa at 1.55 pc. You can transfer existing cash Isas into the account, but can make only three withdrawals a year.

National Savings & Investments Direct Isa pays 1.5 pc without a bonus or withdrawal restrictions — but you cannot transfer in existing cash Isas.

Nationwide Flexclusive Isa Issue 8 rises to 1.6 pc on Friday, but i t’s available only to its current account customers.

Barclays Instant Cash Isa Issue 1 is also a good option at 1.49 pc if you want to transfer your existing cash Isas into the account — the minimum balance to secure this rate is £30,000.

Skipton Bonus Cash Isa Issue 4 and Santander Direct Isa pay 1.5 pc. But both come with a bonus, so your rate drops dramatically after 12 months — and the Skipton deal does not accept transfers. On one-year, fixed-rate cash Isas, top deals include Shawbrook and Aldermore banks, at 1.65 pc.

Virgin Money, Post Office and Yorkshire and Clydesdale banks pay 1.6 pc.