Cash ISAs: The Best Currently Available List

refluxer

akh43 said:

I am looking for best options for splitting a maturing ISA of just over £60k, currently in a fixed until 2/2/26, want to put, for example, £40k in a fixed (not sure how long for) and the rest in an EA/Flexible ISA so I can access as will potentially need to access at some point over the next 12 months.  

Am I best to transfer it all to the EA/Flexible ISA and then transfer the £40k to a fixed ISA elsewhere? 

The first thing to check is what your maturity options are going to be - most ISA providers have an easy access or 'maturity' option but there are a few who default to another fix, so it's important to check.

Recommending a 'best' option is tricky as some ISA providers are more efficient than others when it comes to ISA transfers but, if I was in your position, I would first request that the funds get transferred to your current provider's easy access ISA (if they have one as a maturity option), as this removes the risk of your money ending up in a default 'maturity' account on a very low interest rate in the event of any transfer problems. Some will actually default to an easy access ISA on a reasonable rate in which case you don't actually need to submit any instructions at all, but you must check.

Once that internal transfer has occurred, then you'll be free to transfer from there to the two new ISAs you mentioned. You could potentially open these in advance, but some ISA providers only allow you to request transfers-in during the application process and this won't be possible if your funds are due to transfer internally into a new easy access ISA which ends up with a different account number, as you won't know it at that stage. There will be a limited window for transferring-in, so it's also important not to open them too far in advance.

The alternative to all of that would be to open a new easy access cash ISA with a different provider in advance of the existing ISA's maturity date and then you could arrange the transfer-in in advance by using the 'wait until my ISA matures on XX/XX/XX' option on the maturity form. Once that's completed, you could open your fixed rate ISA and transfer the relevant funds to it.

akh43 said:

Best fix ATM seems to be Shawbrook @ 4.14% and then maybe Atom @ 4.25% unless someone know better. Not really interested in Moneybox or the others with a higher EA rate as probably moving within the year and losing any bonus,  

Based on my experiences, if I was after a 1 year fix, I would go with Shawbrook @ 4.14%.

Atom don't accept transfers-in so if you're wanting to avoid the easy access cash ISA providers at the top of the list who all offer bonuses and have various quirks and restrictions, then you'll need to go down the list and check which ones are flexible if you need that option. MSE has a list of providers who offer flexible ISAs here. 

clairec666

refluxer said:

CuparLad said:

Shawbrook Fixed ISA Maturity Transfer

When considering Shawbrook for a fixed ISA, be aware of a "quirk" of their maturity process if you intend to transfer the matured funds to another ISA Manager at maturity (the "wait" option on the transfer form). 

Shawbrook will hold the transfer request until the maturity date, at which point your ISA funds will move to the default easy access account that pays a derisory 0.1% APR. Shawbrook will only then start the transfer process, meaning your matured funds may earn only 0.1% for up to 15 business days, depending on how long the transfer process takes.

This is unlike other ISA managers e.g. Skipton, who transfer the matured funds on or just after the date of maturity, so there is no/minimal loss of interest.

Yes, some have been caught out by this. I've had a Shawbrook fixed ISA in the past and would always recommend choosing an internal transfer to their easy access cash ISA on maturity to avoid this scenario, as suggested above.

In reality, you'd expect using the 'wait' option should only delay things by a day or two if you choose another provider who does electronic transfers, but you're still at the mercy of how fast the humans involved at either end actually process the request, meaning that a day or two is actually the best-case scenario and it may take longer.

I notice Shawbrook have an easy access ISA at 3%, so I guess you could instigate an internal transfer on maturity, and hopefully being internal that would be processed quite quickly, and then initiate the external transfer. Hopefully less interest lost overall, although you might miss out on decent rates elsewhere by delaying the transfer.

My Shawbrook fix has a few years to go, so hopefully they will have sped up their transfer system somewhat by then.