Cash ISAs: The Best Currently Available List

Sandyra

I’m really impressed with Vida, what took Barclays 2 months and they couldn’t do from CMC Invest, took Vida less than 1 day.

friolento

I can also praise Vida for their swift and efficient transfers-in and -out. You can also have mutliple concurrent ISAs with them.

What I am not so impressed with is that they dropped the interest rate on my ISAs from 4.11% to 3.95% - and at the same time offering a new 4.16% one but not telling me beep about it. So I transferred out.

friolento

Anyone looked into the eToro cash ISA? Slightly involved T&Cs but a tempting rate at 4.61%

EDIT: Moneyfarm cash ISA is held in QMMFs, so not everyone's kettle of fish, and FSCS limited to £85k.

pecunianonolet

https://forums.moneysavingexpert.com/discussion/comment/81902722#Comment_81902722

The headline rate is great but…

1. Bonus is only paid after 12 months and that's a long time where a lot can happen and everything is variable. You would need to take a minimum of 500 in the account to get the accrued bonus rate.
2. If I am not mistaken, the interest earned on the underlying rate of 3.81% is paid into your ISA, the bonus is paid to a nominated account and while still tax free it will be outside the wrapper and would count as new subscription if you'd want to add it. (I may confuse this with another offer but thought I read it in connection with eToro)
3. In light of ISA changes and subscription reduction you may want to boost your cash pot as much as you can, including interest, should point 2 be true.
4. eToro didn't have the best reviews concerning customer service and it all going through Moneyfarm is a perfect opportunity to play the blame game if something goes wrong.
5. Moving money in will probably be easy, getting it out may be less so.
6. Money held in QMMF, in case this is of concern to you
7. FSCS is 120k and was announced already to take effect from 1st December. A provider that is not able to update their website with new regulation isn't scoring a lot of confidence points in by book, especially that they had now 3 months to do that.

As much as the overal return is attractive, sometimes a bird in the hand is worth two in the bush.

friolento

Thank you for your comments, much appreciated. I can’t find anything that says the bonus will not paid into the ISA , so I am quite certain it’s handled as any other interest. Also, FSCS on investments remains at £85k. QMMF is considered investments so their website is correct

I am still undecided, mainly because I don’t really like that two companies are involved. As you say, they could blame each other if anything gies wrong

Ch1ll1Phlakes

Just a heads up regarding some currently available interest rates for new customers. Both Moneybox and Tembo have increased the rates on their Cash ISAs (and their Lifetime ISAs) in recent days. The MSE Best ISAs page currently lists Moneybox at 4.46% and Tembo at 4.45% (both AER) with a MSE T212 link giving 4.47% (all three are new customer only).

As of this morning Tembo has increased their Cash ISA rate to 4.48% AER but I would also expect Moneybox may increase their rate again as the two have been at war with interest rate increases (for new customers) for the past week.

Both their Lifetime ISAs have pretty much had an interest rate increase (for new customers) at least once a day for about a week. Current rates shown on MSE are 4.75% AER for Moneybox and 4.7% for Tembo, with Tembo increasing their rate to 4.8% AER this morning. The first page of this thread (last edited 26th Feb) currently lists the below for LISA interest rates. Plum did try to keep up with Moneybox and Tembo with increases but haven't changed in a day or two with their current offering of 4.53%.

I've been keeping track as I make changes to my ISAs with interest rate bonuses due to expire soon, but with the end of the Tax Year approaching both Moneybox and Tembo are fighting for LISA subscriptions.

Note: Image shown shows rates from thread last edited on 26th February. DYOR and check currently available rates with the respective provider.

EDIT: Since posting this Moneybox have increased their LISA rate to 4.85% AER and Cash ISA rate to 4.52% AER (04/03).

simonpies234

Virgin Money have a double access 4.15%. High street name might help some.

https://uk.virginmoney.com/savings/products/double_take_e_isa_issue_18/

Ch1ll1Phlakes

As per my above post, Cash ISA interest rates still increasing. Plum up to 4.53%, Moneybox up to 4.52% and T212 up to 4.51%

Growingold

https://forums.moneysavingexpert.com/discussion/comment/81909090#Comment_81909090

Think you can only subscribe to one of their ISAs in a tax year so if you've already added money to another one of theirs this tax year think it's a no go. I may be wrong though.

elephant197

how likely is it that there will be a better rate for a fixed term 1year ISA than Virgins 4.15%? Will we see a bit of competition between banks coming up to the new year like we are seeing with the easy access cash ISAs?