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Isa survey shows top performers

New research on tax-free saving trends has been released by Moneyfacts.co.uk.

The financial website compared various Individual Savings Account (Isa) providers - many of whom also offer personal loans.

Working on the basis of the full £3,000 tax-free cash allowance having been invested in each account over the past financial year, Moneyfacts.co.uk found a strong showing from building societies.

In fact, 36 of the 'top 50' cash Isas - measured by the amount of extra interest that could be gained over a year - were offered by societies rather than banks.

Top of the list were Alliance & Leicester - whose Isa offered an extra £250 - and Abbey, offering an extra £245.

However, head of savings at Moneyfacts.co.uk Rachel Thrussel added that both of these high-interest accounts came with strings attached.

"To qualify for the impressive rates on offer, you had to open a Premier current account with Alliance & Leicester and invest an amount equal to your cash Isa in a Guaranteed Growth Plan with Abbey," she said.

Elsewhere, the best 'no strings' Isa was found to be offered by Barclays, which gave an extra £204.

In the next financial year - beginning on Sunday - the maximum cash Isa allowance will increase to £3,600.

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