Cash ISAs: The Best Currently Available List
Comments
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My wife has a 1 year fixed rate ISA with Santander which matures 1/2/11. She has only used £100 of her 2010/2011 allowance, but can't add any more to the Santander ISA, as the account is no longer available. If she now transfers to e.g. an M&S 1 year fixed rate ISA, how can she use the remaining £5000 allowance, as M&S do not allow any further additions?
Could she open an additional ISA (fixed or variable) with M&S or with another provider in this tax year?
She would ideally like to consolidate all into one account.0 -
easilyconfused wrote: »My wife has a 1 year fixed rate ISA with Santander which matures 1/2/11. She has only used £100 of her 2010/2011 allowance, but can't add any more to the Santander ISA, as the account is no longer available. If she now transfers to e.g. an M&S 1 year fixed rate ISA, how can she use the remaining £5000 allowance, as M&S do not allow any further additions?
Could she open an additional ISA (fixed or variable) with M&S or with another provider in this tax year?
She would ideally like to consolidate all into one account.
If she moves the money from the fixed-rate ISA before its maturity, she will probably have to pay a penalty. But when you transfer funds, the form asks when you want them transferred, so she could set up another ISA now - one that does allow further contributions - and write "on maturity" on that bit of the form. What will happen then is that the form will be sent by the new ISA provider to Santander, who will transfer the funds (on maturity) to the new provider. She can then top up the new ISA by up to £5000 before the end of the current tax year.0 -
This thread is very useful - can I make a suggestion ahead of the next ISA season?
Fixed rates are still popular at the moment with rates obviously being higher, and all Fixed rate ISAs allow withdrawals subject to penalties. Could the penalty for each account also be included?
I'm just wondering because I'd have totally overlooked the M&S Money ISA last year, based on this thread, when in fact it was the best option for my transfer in, due to the £100 flat penalty on the 3 year bond (as opposed to 3 months / 6 months interest). Maybe others would appreciate this info? At least for the longer term bonds?
Hello,
Thanks for your suggestion. I've been thinking about adding the withdrawal penalties. I haven't added them before because the ISA offers change so frequently - it would be another thing I'd have to keep up-to-date. I might think about adding a withdrawal penalties field when I launch a new best ISAs thread later this year.Please call me 'Kazza'.0 -
I did. And it looked pretty straight forward but then when I read the thread I could not fathom which of the isas posted were current - they have 'new' next to them but then I read in the last couple of pages that some (e.g. the M and S one) has expired. So I shall make it clear that I have spent a long time looking for myself (and getting confused since I am new to isas and not clear about the penalties for withdrawing money early - hence my specification about a year long isa) and this thread popped up. Didnt realise Id get flamed for asking for some advice from people who clearly are far more clued up than me!
Just to add - I have no clue how to work out if a 4yr isa with a £100 penalty or the averaging out of interest rates over a 4yr period is better that a straight forward 1 yr isa. I do not understand why you are so cross with me for asking for help?
Hi,
Welcome to the thread.
At this time of year the number of ISAs launched increases dramatically. Every day there are ISAs withdrawn and new ones being launched. I try to do my updates in the evening - though things have been a bit manic at work this week with deadlines, so I haven't had a chance to update the thread until now.
The thread is up-to-date now.
To answer your question. The general consensus is that it is likely that Bank of England base rate will rise possibly by May (or it could be later in the year) to combat inflation. For this reason it may not be a good idea to fix for such a long period of time - though no one can accurately predict when rates will go up. Everyone has to decide what is best for them.
I myself have only been fixing my ISAs for a 1 year period, as I don't want to be stuck in an uncompetitive ISA if interest rates rise. I may well go for a variable rate ISA for my 2011/12 ISA allowance though I haven't decided yet.Please call me 'Kazza'.0 -
Hello,
Thanks for your suggestion. I've been thinking about adding the withdrawal penalties. I haven't added them before because the ISA offers change so frequently - it would be another thing I'd have to keep up-to-date. I might think about adding a withdrawal penalties field when I launch a new best ISAs thread later this year.
Oooh...there's going to be a new best ISAs thread? I've been following this thread for years and it's been an invaluable time saver. Thanks again, Kazza!0 -
Hello,
Thanks for your suggestion. I've been thinking about adding the withdrawal penalties. I haven't added them before because the ISA offers change so frequently - it would be another thing I'd have to keep up-to-date. I might think about adding a withdrawal penalties field when I launch a new best ISAs thread later this year.
A big thank you to Kazza for keeping these thread live and up to date for a long time now. :T
Is it too much to hope that the MSE people will make the new thread a sticky? This one ought to be - and I'm not the first to say that.0 -
A big thank you to Kazza for keeping these thread live and up to date for a long time now. :T
Is it too much to hope that the MSE people will make the new thread a sticky? This one ought to be - and I'm not the first to say that.
I agree it would be useful but it has been asked before but there seems to be no enthusiasm on the part of the MSE team to do so. Possibly because they already have a thread of their own as a sticky but it isnt a patch on this one."The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."
Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)0 -
Hi Folks,
Let me also say thanks to Kazza for this thread and all the hard work carried out in keeping it up to date.
I was just updating my regular savings thread and came across a new regular savings ISA account.
Skipton BS has launched their Regular Saver Cash ISA paying 3.25% fixed for 12 months on £445 per month. After 12 months, the account is changed to an easy access cash ISA account. Withdrawals are not permitted. If you need to access your money during the fixed rate period, then your account will be closed. After 12 months there are no penalties or notice periods for withdrawals. No transfers in accepted.
This account may not be very popular as we are close to the end of the tax year (so the amount you can save in this account for this tax year will be limited) and interest rates may well be rising soon (the interest rate on this account is fixed). The interest rate is very good compared to other ISAs so I feel obliged to mention this account.
I would completely understand it if Kazza does not feel like putting this account on the first page of this thread at the moment given its shortcomings. It may prove useful to some people in April, especially the people who do not have a lump sum to put into an ISA at the beginning of the tax year but can save a regular amount each month.
All the best,
SS20 -
Special_Saver2 wrote: »Hi Folks,
Let me also say thanks to Kazza for this thread and all the hard work carried out in keeping it up to date.
I was just updating my regular savings thread and came across a new regular savings ISA account.
Skipton BS has launched their Regular Saver Cash ISA paying 3.25% fixed for 12 months on £445 per month. After 12 months, the account is changed to an easy access cash ISA account. Withdrawals are not permitted. If you need to access your money during the fixed rate period, then your account will be closed. After 12 months there are no penalties or notice periods for withdrawals. No transfers in accepted.
All the best,
SS2
Did a double take on this - but of course the cash ISA limit from April 2011 is £5340 (or £445 per month).0 -
blueberrypie wrote: »If she moves the money from the fixed-rate ISA before its maturity, she will probably have to pay a penalty. But when you transfer funds, the form asks when you want them transferred, so she could set up another ISA now - one that does allow further contributions - and write "on maturity" on that bit of the form. What will happen then is that the form will be sent by the new ISA provider to Santander, who will transfer the funds (on maturity) to the new provider. She can then top up the new ISA by up to £5000 before the end of the current tax year.[/QUOTE]
From what i saw in the Gentlmans post,his wife has already made a £100 deposit into the 2010/11 Santander isa.Therefore a transfer is fine but how can she add any more money?
I understood that you may only subscribe to ONE isa per tax year? or have i got it wrong0
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