eToro

Who they are

eToro was founded in 2007 in Tel Aviv by brothers Yoni Assia and Ronen Assia together with David Ring.

Its UK subsidiary was authorised by the Financial Conduct Authority in 2013. The platform built its name on social and copy trading - you can replicate other investors' portfolios automatically, which sets it apart from every other platform on this list. Today it is primarily an investment and trading platform that also happens to offer two ISA products for UK savers. That dual identity is worth keeping in mind: eToro is primarily an investment and trading platform, so the sign-up process can feel geared towards trading. If you are purely after the savings products, it pays to navigate deliberately to the right section when you open your account.

Savings accounts

eToro offers a Cash ISA and a Stocks and Shares ISA. The Cash ISA is the headline act for savers. It pays a variable rate that includes a 1% boost for the first 12 months, on top of a base rate of 3.87%. The combined headline rate is 4.87% AER, and you need a minimum of £500 to open one.

It is a flexible ISA, so you can withdraw and replace money within the same tax year without losing your annual allowance - a genuinely useful feature that is not universal at this rate level. There is a catch on access though: make more than three withdrawals in a 12-month period and the rate drops. The boost itself is also worth understanding - it accrues quietly in the background and lands as a lump sum at the 12-month mark. Close the account or transfer out before that anniversary and you lose it.

One structural point that often gets overlooked: your money is not held as a standard bank deposit. It sits in a Qualifying Money Market Fund run on the Moneyfarm platform. The ISA sits with MFM Investment Ltd (Moneyfarm), FCA number 629539, and is covered by the FSCS up to £85,000. That is lower than the £120,000 deposit protection you would get at a conventional bank or building society - worth bearing in mind if you are consolidating a larger ISA pot.

The Stocks and Shares ISA is a DIY product with a £500 minimum. eToro may not be as good for long-term investors and savers due to the lack of investment options like bonds, mutual funds or investment trusts. For straightforward stock and ETF investing inside an ISA wrapper it is a clean, accessible option.

Is it right for you?

Investment platform. Uninvested cash is held with partner banks and protected under each bank's own licence.

Customer support is app-based with no phone line, which is worth factoring in if you prefer to speak to someone when things go wrong. There is no switch offer currently available.

If the Cash ISA rate is what drew you here, set a calendar reminder now for the 12-month mark - after the boost period ends, everyone reverts to the standard variable rate, and you will want time to shop around before that happens. The live rates on this page are always the most reliable reference point, so check them before you open anything.