Cash ISA - simple requirements, but can't find anything

chrisotherwise

I have a couple of "old" ISAs at ING direct that have just switched to their standard 1% rate. I'd like to move them to a better paying ISA, but can't for the life of me find one that fulfills these simple requirements:

• Reasonable interest rate (2.5% would be ok)
• Must take transfers (obviously!)
• Must pay interest monthly
• Must be manageable online.
• Mustn't be linked to a current account that I have to deposit my salary into.

The *only* ISA I've found that ticks all the boxes is the ING direct one, and they don't allow transfers in from themselves. :huh:

The NatWest E-ISA is close, but the rate is only 2% for balances under £20,000 (I'm transferring £8,000).

Can anybody suggest an account that I might have missed?

Thanks?

blueberrypie

I think the only difficult/unusual bit of what you've listed is the requirement to pay interest monthly. Is there a particular reason you need that? Without it, there are lots of ISAs which would fit the bill.

spikyone

chrisotherwise wrote: »

Must pay interest monthly

You may need to explain why you need this. For the same AER, you will get the same interest whether paid monthly or annually. And if you wihdraw or transfer at any time, you will get interest up to that point. I can't see any reason to ignore annual-paying accounts?

AirlieBird

Doing a search on Moneyfacts for Transferring an ISA with monthly interest, online and no opening restrictions brings up only NatWest and Intelligent Finance.

chrisotherwise

Personal reasons for wanting monthly interest. Some years ago I was heavily in debt, now I have cleared that and am a saver. Just as I used to watch the interest go out each month, now it's important to me to see it coming in each month.

I'm aware that not many banks pay interest monthly - but I know that some do, and I'd like to see if there's one that I've missed.

teffers

I have a natwest CashISA and that pays interest monthly as standard:

http://www.natwest.com/personal/savings/g2/isas.ashx?DCMP=KNC-NWISAPPCBRISA&HBX_PK=natwest%20cash%20isaHBX_OU=50

ehlo

I can recommend Intelligent Finance

chrisotherwise

ehlo wrote: »

I can recommend Intelligent Finance

Thanks to you and Airliebird - The Intelligent Finance ISA looks perfect!

jhxmt

I can also recommend the Intelligent Finance Cash ISA - have used it for the last two financial years (though will probably be transferring it this year depending on how vital I decide the small increase in interest rate to be).

I actually understand where you're coming from with the monthly interest - yes, there's no difference between it and annual interest if you've got the same AER, but there is a psychological boost that comes from seeing money adding up monthly, at least for me.

blueberrypie

chrisotherwise wrote: »

Personal reasons for wanting monthly interest. Some years ago I was heavily in debt, now I have cleared that and am a saver. Just as I used to watch the interest go out each month, now it's important to me to see it coming in each month.

Like jhxmt, I also understand the psychological boost you get from seeing the interest added each month. However the "earning more interest" makes up for not seeing it every month ;-) - for me, anyway. When I first started saving in accounts that paid annual interest, I did create a simple spreadsheet that allowed me to calculate the interest monthly - giving me the boost of knowing the money was mine, even if it wasn't added to the balance in my passbook yet (yes, it was long enough ago that it was all passbooks and no on-line banking!)