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Top Cash ISAs Discussion Area
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You should feel uneasy about getting only 5%. No need to worry about losing the money since five years of cash ISA contributions will be fully covered by the compensation scheme.
With Icesave you'd be covered mostly by the Icelandic scheme, which would probably take longer to pay out than the UK scheme. Not enough to stop me from using them but since you're uncomfortable I suggest not using non-UK options.0 -
Hi there,
There is just one thing I need clearing up about Cash ISAs. I opened a Nationwide ISA in the previous tax year, fulfilling my £3,000 allowance before the 5 April deadline. I have already added £250 from my part-time work in this tax year, but I have £3500 sitting in a Nationwide Current Account. Would I gain more interest from my ISA come early April if I transferred £3,350 in now (thus fulfilling my allowance), or gradually depositing up until the 5 April deadline.
I guess the answer to this question will satisfy my second question, which is whether interest on an ISA is calculated daily, monthly or yearly?
Thanks in advance0 -
skipton 1 year fixed closing tomorrow.0
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highcliffe2, the interest you get depends on how long the money is in the account, so the sooner you put it in there, the better. This assumes that the interest rate of the ISA is higher (after any tax) than the current account.0
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Thanks for your help, jamesd :cool:0
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Earlier on today on 'Top cash ISAs' (Main site) the Principality Building Society was marked as having good interest rate & easy access (6% AER Variable) but tonight when I've gone onto main article it's not there and neither is it coming up on MoneySupermarket comparison of top easy access ISAs - have I missed something?0
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The HSBC cash e-ISA is now available to all, not just HSBC current account customers.
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Can't see the point, myself. Not bad (if it particularly suits you), but not great.hugh_jarse wrote: »
The average interest rate is 6.0%. According to http://www.moneysavingexpert.com/savings/best-cash-isa#best you can get 6.1% from Icesave.
Plus with the Leeds product you are tied in for 5 years. If you want a different provider in that time you will pay a penalty and suffer a reduced average interest rate.0 -
just thought it might hedge against a fall in inflation (I read on Investors Chronicle website that most experts agree it will fall to the 2% mark in the next couple of years) so an average of 6% would look very healthy by then.0
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