
Ask Rachel
Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
Can you split the permitted ISA allowance over a number of providers or do you have to put your money into the same ISA/provider? I have started a regular ISA saver, but I’m not sure on the rules for opening another account.
You can only put new money into one current tax year cash ISA at any time, meaning you cannot open another cash ISA with a separate provider, unless you decide to transfer your existing regular savings ISA to this new provider. You can have old cash ISAs from previous tax years with different providers, and you are also allowed to open separately with different providers a stocks and shares ISA, a Lifetime ISA and/or an Innovative Finance ISA, provided you don't exceed the total ISA allowance for the tax year of £20,000. It is worth noting that some providers do allow different versions of their cash ISA to effectively count as one, meaning you could hold a fixed, easy access and/or regular saver ISA with them at the same time. Check with your regular saver ISA provider to see if this is something they offer.
This week's
average rates
No Notice | 0.16% |
Notice | 0.37% |
Cash ISA | 0.39% |
1 Year Fixed Rate Bond | 0.43% |
2 Year Fixed Rate Bond | 0.51% |
3 Year Fixed Rate Bond | 0.67% |
4 Year Fixed Rate Bond | 0.72% |
5 Year Fixed Rate Bond | 0.90% |
13 April 2021 |
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Alternative sources of income
BTL mortgage rates remain competitively low
Buy-to-let (BTL) remains an attractive way for many investors to boost their income, but when considering a BTL investment, it is important to factor in the costs of mortgage repayments on the property to ensure that you are able to earn a good income from your investment.
At the moment, BTL mortgage rates remain competitive, with low rates available in the two and five-year fixed charts, as well as on 80% loan-to-value (LTV) deals.
To highlight some of the deals available, we’ve selected the lowest rates in the charts so that investors can have an idea of what types of rates are currently available on BTL deals. If you are considering a BTL investment, or want to remortgage your existing BTL mortgage, it may be worth considering speaking to a mortgage broker who will be able to not only highlight the lowest rate but also select the deals that are best suited to your individual needs.
The lowest two-year fixed BTL rate comes from The Mortgage Works, which offers a rate of 1.19% (4.5% APRC) fixed until 31 May
2023, and after this it reverts to 4.74% variable. The deal is available at a 65% LTV and charges a product fee of 2% of the
mortgage. It requires a rental income of a minimum of 125% of the mortgage interest.
The Mortgage Works also has the lowest rate in the five-year fixed BTL chart offering a rate of 1.64% (3.8% APRC) fixed until 31 May 2026, and then reverts to 4.74% variable. The deal is available at a 65% LTV. A product fee of 2% of the mortgage is charged. Landlords are required to have a rental income of a minimum of 125% of the mortgage interest for this deal.
The lowest 80% LTV deal comes from Loughborough Building Society offering a discounted variable rate of 3.15% for two years, which then reverts to 5.34%. This deal does not charge a product fee. It is only available to those living in England and Wales and has a maximum loan of £350,000. Landlords must have a rental income from a minimum of 130% of the mortgage interest for this deal.
If you are considering investing in a BTL property, then our guide on five steps to becoming a buy-to-let landlord is worth a read. As well as this, you can compare all the BTL mortgage deals currently available by visiting our BTL charts.
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