Best fixed ISA rate?

sw-blue

I have been looking where to move my wife's Cash ISA for a couple of days. Obviously, to get best rates you need to fix for a period, but a major problem is how long to fix, can you gain access to your money if needed prior to maturity, and if so, what are the penalties for doing so.

Market leading rates are on offer with halifax, saffron and natwest (3.6 - 4.4%) over 2-5 years but all come with drawbacks. All allow access to your money, but only if you close the whole account by transfer en bloc to another provider or cash it in, the latter losing the tax free status of the whole sum. They all have a penalty of between 6-12 months for the best rates and only for full closure. If you are happy with the rate as a whole but just need access to a small amount of it, withdrawals would be preferable (albeit with a penalty on just that amount).

I have found what i think is the perfect account which I could not find on the comparison websites and thought I'd share it with the site in case others are looking at the same thing, or in case you know of a better one! The deal is with Kent Reliance BS (krbs.com) and is as follows:

- fixed 4.35% for 5 years

- partial withdrawals allowed with only 6 months interest penalty on the amount withdrawn with remainder continuing to attract 4.35%

- full withdrawal permitted with only 6 months interest penalty

- transfers in allowed

- top ups allowed for current year up to max £5430

- min opening balance of £1000 required

For me, this ticks all the boxes, a great rate with ability to make multiple withdrawals or full closure and the lowest penalties in its class ........ unless you know better!

sw-blue

What? My first ever post on here and 138 views and not 1 reply?. I thought that this was the site to go on and get good financial advice. Not one reply to my first ever post on here. I think this is a great deal. Perhaps, I am wrong.

Gromitt

More likely your first post was thought of as spam. After all, first post and it reads like an advertisement, along with a link to the bank in question.

sw-blue

Ouch!

No, It's not spam: that thought never even crossed my mind. I am someone who has been looking on here for a lomg time without posting and receives martin's email over the last 2 years. I am a MOD civil servant (yes, I know, that is bad enough!) and i live in wootton bassett with my wife and 2 teenage sons, one at uni and 1 in a gap year in South Africa surfing. I really think that I have found a great deal and this is what the site is about. Please check it out or not as the case may be. I only wanted to share what took me hours to research and thought that it might be helpful to others.

My name is Bill, aged 51 with a healthy interest in getting good deals where I can and if anyone wants a personal email from me to verify this, i'd be only be too pleased to oblige.

sw-blue

p.s.

The 5 year deal below is the best showing on the moneysavingsexpert right now. A good deal but not as good as krbs. Look at the penalties for instance. I also see that Halifax 5 year deal reduced from 4.4% to 4.2%, also with 365 days penalty for closure (no withdrawals permitted).

BM Savings 4.25% AER
From £500. Post only, allows transfers
Product & linkBM Savings Fixed Rate ISA SaverRate: 4.25% AER Length of fixed deal: 5 years Min deposit:£500 Access:PostAllows transfers from previous years?YesWithdrawal penalty:365 days' interestSavings safety: £85,000 FSCS protection, shared with HBOS group
Full details

atush

If you aren't Spam, you are certainly enthusiastic lol.


BTW, there are stading long running threads on best paying ISAs- try posting there ;-)

sw-blue

spam - No

Enthusiastic - yes, but less so now, my input is obviously not welcome.

I was trying to assist others with the knowledge I found through research.

I thought this was the right place to post. I've never felt so dejected whilst trying to assist people like me.

Gromitt

The other thing you need to think about is that a lot of people are not interested in 5 year fixes. A lot can happen in 5 years. If it was a 2 year fix, you may have got more response.

sw-blue

My thread was titled "Best Fixed ISA Rate". Instant cash ISA's have good rates, but my post is about fixed term deals (but with ability to withdraw early). Again, I appear to be off message on this board. I am sorry if this is the case, but I am a newbie and still learning. And it's not just about the lack of responses but those that I have had are questioning my motives.

Gromitt

Your problem was posting this as your very first post. If you had posted in a few other threads and then created this one, I think you would have got a better reply.

smcqis

If its best on the moneysavingexpert why did you ever start a thread. To sign up up to a 5 year fix at approx 1% better interest than a non fixed account then you would need to be mad, especially with limited withdrawals