Cash ISAs: The Best Currently Available List

CuparLad

Right now I can see a Monmouthshire situation developing at Saffron. At 4.5% they're going to get swamped with transfer applications.

Note that Saffron don't participate in the BACS ISA Transfer process, which might preclude future transfers out to providers who only use the BACS system.

I was reading Saffron's last financial report before opening, and things have been tough for them in recent times and they're trying to turn things around. They only just broke even last financial year, so they're maybe looking to get a chunk of cash in to bolster their mortgage plans. With so many deals being pulled they maybe spy an opportunity?

pecunianonolet

Is Saffron know for holding rates for a while or is that just a honeypot offer to attract a lot of cash and transfers in and they drop the rates shortly after as transfers out will be slower than transfers in? A tempting offer but the abscence of electronic transfer is a set back.

CuparLad

I have no inside knowledge of what's going on at Saffron, but the fact they're offering an eye catching deal with no real strings attached suggests they want the cash for something. Swap rates are up so mortgage rates are up and maybe they think there is enough margin for a decent rate on savings to offer some decent mortgage deals.

Even if they only operate the paper transfer process, they're still subject to the same 15 working day transfer window as the BACS process. They're going through an IT Transformation according to the financial report, so I can imagine they don't have the infrastructure today to do transfer via BACS, but will do in the future.

You have to decide whether the marginal rate is worth the slightly slower transfer process. For me it absolutely is.

Marcoos

YBS Fixed Rate eISA 4.20%

New from YBS. Matures 31/05/27

https://www.ybs.co.uk/savings/product?id=YB292085W

Malchester

https://forums.moneysavingexpert.com/discussion/comment/81938510#Comment_81938510

I have always had excellent service from Saffron via webchat and phone. App and website are fairly basic but operate really well. Used to always have decent rates but for last year or so they have been low. Fixed rate ISA rates are now decent as well as easy access

cazmanian_minx

Anyone having problems with the Hodge ISA? Opened one yesterday, tried to transfer into it from my nominated account, but the account details aren't appearing on the CoP system, so my bank is blocking the transfer as potentially fraudulent. Went into the branch today to explain and see if they could do it, logged into Hodge on my phone to show them the account details, and they had the same issue - the account just doesn't seem to exist on the Confirmation of Payee system.

Hodge uses Modulr to handle their CoP and I'm wondering if they're just swamped because it's coming up to ISA deadline - it should be instant, according to my bank.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81306812#Comment_81306812

This thread just opened for me on page 837 which was around a year ago. I remember that this post prompted me to open an ISA with Monument. Disappointingly it's now only paying an uncompetitive 3.74% AER App is excellent though, very speedy, and they pay interest on funds deposited right up until midnight.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81937740#Comment_81937740

That one you mention says

simonpies234

https://forums.moneysavingexpert.com/discussion/comment/81938843#Comment_81938843

The problem is with the nominated bank not with Hodge. I use Nationwide as my nominated bank and often a new payee fails to verify, but they 'never' block the transaction. Ther other day I set up a new payee from Nationwide to Virgin Money which failed to verify, Virgin Money is part of nationwide now, so this just shows how stupid the CoP system is.

You spent time and effort to travel to a branch, with solution at hand, which they rejected, then offered 'no' solution themselves.

Find a new nominated bank asap.

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/81939247#Comment_81939247

Virgin Money is not yet part of Nationwide. Legal integration does not take place until 2nd April 2026.

After that date, Nationwide and Virgin Money accounts will operate on separate IT platforms and have different sort code families. Until the IT is sorted, Virgin <> Nationwide transfers will not be internal to the same extent that a Nationwide Savings <> Current Account transfer is.

Nor is the CoP system stupid. The CoP system works on the information that it is provided by the participants. If there is a delay in providing account information, or that information is incorrect, verification will fail. That is not the fault of the CoP system, but the participant(s).