At the start of February there were 582 cash ISA deals available, according to figures from Moneyfacts, which is the highest number since it started recording accounts in February 2007.
The choice of accounts rose as ISA rates also increased, with the average easy access ISA rate rising to 3.05 per cent from 3.03 per cent last month, the first rise since last August.
Currently it is possible to put £20,000 a year into an ISA with all subsequent interest free of tax.
The two main types are cash ISAs and stocks and shares ISAs, which must be put into the stock market or similar investment vehicles – making more profit over time but also coming with more volatility.
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However, building societies and banks have spoken out against making changes to the cash ISA.
“That could include adding an additional allowance to the £20,000 ISA limit for the purpose of investing in stocks and shares.”
Cash ISA rates rising over past two years
Cash ISA rates have been far higher in the past two years than they have been historically over the past decade.
Plum offers an ISA paying 5.05 per cent and allowing three withdrawals a year, and Trading 212 offers an account paying 5.03 per cent that offers unlimited withdrawals.
Many savers may be rushing to put money into a cash ISA at the moment as the £20,000 allowance for 2024-25 can only be used until the end of the tax year in April.
Rachel Springall, finance expert at Moneyfacts, said: “Savers may feel a sense of optimism for a buoyant ISA season due to a record-breaking choice of cash ISAs.
“It is also encouraging to see rates rise between the start of 2025 and the start of February across the savings spectrum, bar notice accounts which remained unchanged, but any swift celebration will be dampened by anticipated savings rate cuts, amid a drop to the Bank of England base rate and tumbling swap rates.”
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