Cash ISAs: The Best Currently Available List

mr_sharma

But Northern Rock is only fixed until December 2009, while Cheshire BS's is for 12 months. Is it worth 0.4% to stick with Cheshire BS for the full 12 months? Considering the variable rate for NR is currently 2.5%

Baldur

mr_sharma wrote: »

But Northern Rock is only fixed until December 2009, while Cheshire BS's is for 12 months. Is it worth 0.4% to stick with Cheshire BS for the full 12 months? Considering the variable rate for NR is currently 2.5%

£3,600 in the NR account would be worth around £3,731.78 after 11 months; the same amount in the Cheshire's account would be worth around £3,729.60 after a full year.

mr_sharma

Baldur wrote: »

£3,600 in the NR account would be worth around £3,731.78 after 11 months; the same amount in the Cheshire's account would be worth around £3,729.60 after a full year.

Ah I see! Was counting from the new tax year so assumed April-to-December. Don't ask why :P

fullstop

Baldur wrote: »

£3,600 in the NR account would be worth around £3,731.78 after 11 months; the same amount in the Cheshire's account would be worth around £3,729.60 after a full year.

Thanks Baldur, Not much in it really . Plus a bit extra at a lower rate to be added on for the last month for NR would bump it up a bit more for 12 months each.

Fash

Hi Baldur - I've got £3600 to put into a cash ISA for this year and this thread has been great for me. I particularly want to thank you for working how much interest I would get on the Northern Rock ISA which is the one I decided to invest in. Can I just ask you - how do you manage to work out the figures? I am hopeless at figures and am so impressed that you can calculate it. The times I've thought I'm getting a good deal and when the statement comes in, wham! I am really disappointed!

Thanks again - getting my cheque off tomorrow.
Regard
Fash

Lokolo

What are you trying to work out?

Interest Daily is: AMOUNT * ((RATE/100)/365)

£5000 at 5%:
5000 * ((5/100)/365) = 0.68

So 68p a day. Then times by number of days.

Interest Monthly, replace the 365 by 12.

Baldur

The quick 'n' easy way is to plug your figures into this calculator - selecting 'No Tax' for ISAs or the appropriate rate for taxable accounts.

Fash

Thanks Lokolo but I still can't figure out what you're saying so an even bigger thanks go to Baldur for the online calculator. Yep I'm really bad at calculation - give me the technical way to do it everytime!
Cheers
Fash

shaz77_2

Regarding the Julian Hodge fixed ISA at 4.25% is there a penalty if money is transferred out before one year is up?

Baldur

shaz77 wrote: »

Regarding the Julian Hodge fixed ISA at 4.25% is there a penalty if money is transferred out before one year is up?

See http://www.julianhodgebank.com/personal/forms/JHB-TC.pdf

For fixed rate Cash ISAs opened after 1st November 2002, you can transfer all of your account or make a withdrawal at any time by writing to us with full details of the request. The minimum withdrawal you are permitted to make is the full balance in the ISA. We may apply a practical implementation period of any length up to a maximum of 30 days following your request for a transfer / withdrawal.

For access to your account before the end of the fixed rate period, an exit fee will be charged and the practical implementation period may apply. The exit fee payable is determined taking the following factors into account;
– The number of days from the date of transfer / withdrawal to the end of the fixed rate period; and
– The value being withdrawn at the time of your transfer / withdrawal request; and
– The difference between the money market interest
rate when the account was opened and the date of transfer / withdrawal; and
– An administration charge.