Moneyfarm Cash ISA Review: Boosted interest rates for the first 12 months
Account: Moneyfarm Cash ISA
Description: Moneyfarm Cash ISA now pays up to 4.84% AER for new customers, combining tax-free growth, daily interest, and flexible access. The rate includes a 0.70% bonus for the first 12 months, subject to a £500 minimum balance and a maximum of three withdrawals per year. Existing customers earn 4.16% AER under the same bonus conditions.
Is Moneyfarm's Cash ISA any good?
Yes, we still rate the Moneyfarm Cash ISA as excellent, offering a secure, flexible, and fee-free savings option that beats most high-street banks. Interest is calculated daily and paid without penalty, provided you remain within the withdrawal limits and meet the balance threshold.
The Cash ISA sits alongside Moneyfarm’s Stocks & Shares ISA, allowing savers to split their ISA allowance between low-risk cash savings and long-term market investments – all under one provider. This makes it ideal for customers who want to manage risk by diversifying within the ISA wrapper.
If you want to make more money in the longer term go for the investment ISA option, as your money will grow with the stock market, which over time always outperforms cash.
Transfers from other Cash ISAs are now accepted – a recent and welcome addition. You can consolidate your ISA pots fee-free and benefit from the full variable interest rate. Transfers don’t count towards the £20,000 annual ISA allowance, meaning you can make the switch at any time.
Although Moneyfarm is not a bank, client cash is securely held with regulated banking partners or invested in Qualified Money Market Funds. Funds are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, offering peace of mind in the event of insolvency.
In summary, Moneyfarm’s Cash ISA remains one of the best options on the market for tax-free savings. It’s competitive, flexible, protected, and now more accessible with the addition of free ISA transfers.
Pros
- High interest rate
- No fees
- FSCS protection
Cons
- £500 minimum balance
- Limited withdrawals
- Variable interest rate
- Cash ISA Rating (5)
Overall
5
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
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