Martin Lewis names top 6 fixed Cash ISAs where rates cannot be cut

Martin Lewis has named the three best fixed rate Cash ISAs to open right now for those who want to guarantee their tax-free savings rates for at least 12 months.

Right now, Cash season is drawing to a close as banks and financial firms make one final push to attract new customers in the new tax year before the best savings interest rates start to drop again. In fact,

But speaking on a special Cash edition of his The Podcast, money expert Martin Lewis told savers that there's a way to lock in your tax-free Cash ISA savings without risking cuts to your interest rates for 12 or 24 months - fixed rate Cash ISAs.

These give you a guaranteed rate for a fixed period of time if you agree not to make any withdrawals. Their upfront rate tends to be lower than easy access Cash (which allow unlimited withdrawals) but they give you a guaranteed rate that cannot be changed during the fixed period.

Martin Lewis named his top 6 best fixed rate Cash available right now on his latest podcast episode on Wednesday, although the best deals are always changing so you need to check the most up-to-date rates before you commit.

Speaking on the April 16 episode, he said: "Now let me move on to top fixed rate Cash ISAs. Here, the rate is locked in, they cannot drop the interest rate on you.

"So, for one year you've got UBL UK at 4.31%, minimum £2,000, Zopa at 4.3%, minimum £1, and the big name here is Santander at 4.25% minimum £500.

"For a two year fix, Progressive Building Society 4.3% minimum £500, UBL UK 4.26% minimum £2,000, and the bigger name here is Santander, 4.1% minimum £500.

"Now what's interesting about fixed rate Cash ISAs, unlike fixed rate normal savings, is the Cash ISA regulations mean they cannot lock your money away.

"So normally when I talk about fixed rate savings I say you lock your money away in return for a guaranteed rate.

"With fixed rate Cash ISAs, they have to allow you access to your money but they normally charge you an interest rate penalty for 90 or 180 days.

"So you lose up to half a year's interest.

"So you really don't want to get these if you think there's a real and obvious and common chance of you having to withdraw your money. But the advantage of them is, if you think there's a very slight chance you need to access your money, then a fixed rate Cash ISA will always allow you to do that if you take an interest rate hit."

If you prefer an easy access Cash ISA with unlimited withdrawals,

For the latest rates, Money Saving Expert has a live list of the top Cash ISAs on its site. You can still listen to The Martin Lewis Podcast from April 16 on BBC Sounds, Spotify and Apple Music.