Cash ISAs: The Best Currently Available List

p1ston

Has anyone had their transfer to HSBC fixed rate Isa 4.5% completed?

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81990331#Comment_81990331

Yes - yesterday.

Exactly five weeks after I requested it as an electronic transfer and 12 days after my previous provider sent HSBC the cash.

So don’t worry if it isn’t completed yet - as it does take quite a while due to their rather arcane systems and processes.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81990267#Comment_81990267

@ refluxer - Sorry I missed your previous post a few pages back. I did open a Santander ISA a week ago, but never funded and was still thinking about it. As I had a lump sum mature yesterday, I was waiting a little longer to see if a better fixed rate deal for the length of I required came along, and it did, via email from Nationwaide at 8pm yesterday evening. That was good enough for me.

I've have had past issues with Santanders S&S Isa which became ever the more confusing. I'm used to loading up a S&S Isa with funds and then buying & selling the stocks I want, when I want, and not being made to purchase stocks immediately in order to deposit funds. When I asked about the proceedure of selling and then using sale funds to purchase other stocks at some point, no one seemed to have a clear answer to this from Santander, other than contacting the investment department. After asking for clarification 3 times with no reply, I decided to leave their S&S Isa well alone. This is just my experience with the Santander S&S Isa which others may or may not have had.

In the App; it may be different online, there is nowhere to close my Santander Cash Isa (see above) - I've search high and low; the App is fully up to date. I can transfer funds out with the usual loss of tax status. Plus, when I select the 'Upgrade your Isa', apparently I don't have an ISA to upgrade, even though I opened one last week - It could be because I'm yet to make a deposit, but surely the upgrade option should still be available, regardless of deposit or not? For me, aside from the obviously amount of interest, it's the niggly things in addition to the way both old and new customers are treated with regards to upgrades / transfers to better ISA rates within an organisation, that matter - That's just my take on it 😉.

friolento

You just use the chatbot to close a Santander cash ISA, or any other Santander savings or current account. Perhaps not the most intuitive way to close sn account but you don’t have to phone them or go into a Branch to do it.

As to Santander S&S ISAs: yes, these are handled by Santander’s investment department, just like e.g. Nationwide’s or Barclays’ S&S ISAs are handled by their respective investment departments. But neither of these would be my platform of choice for investments, as we have a choice between plenty of much cheaper, much more comprehensive and much more user friendly investment platforms. The only reason I ever chose Santander’s S&S ISAs were their tempting cashback offers. I did close them at my earliest opportunity, via the chatbot.

Scoobyd10

https://forums.moneysavingexpert.com/discussion/comment/81988331#Comment_81988331

Nationwide have a 60 days interest penalty should you need to withdraw early on the 1 year fix which is better than most too. Shame it's only annual interest though, rightly or wrongly I like seeing the balance going up each month! But that's purely psychological rather than any monetary gain!

Jazzking

Santander Maturity 'upgrade'

@refluxer

One aspect of their online management I do like is that they give you an option to 'upgrade' the account to another Santander fixed rate during the final 4 weeks. This allows you to monitor their rates and possibly take advantage of any good offers (the jump to the new rate is immediate) - it's essentially a penalty-free internal transfer before maturity and I haven't come across another ISA provider who allows this. This is only available in the final 28 days of the fixed rate period though - you have to wait until they make the offer and can't transfer without penalty before then.

I'm currently looking into this with a fixed rate ISA maturing on 1st June - is it definitely the case that the 'upgrade' to an easy access account is instant and penalty free, therefore giving access to the funds before the maturity date? I understand the interest from the old fixed rate will only be paid on 1st June, but access to the capital before the 1st would be useful, however not if I'm going to be stung with 120 days interest penalty!

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81990416#Comment_81990416

I would agree on the pschological point of view of seeing monthly accrued interest. Some fixed rate ISA's show daily accrued interest, yet to be added i.e Furness BS, which I love seeing as it keeps me sane with those that I know will only show annually accrued interest when it's paid. Personally, it's the first year of waiting to see any interest which is indeed the hardest, but once the first lot arrives, I seem to forget about it and relax 😅.

Dizzycap

New on the Block:

Skipton Building Society has now launched a new deal offering one of the top rates currently available on the market.

Their new 18-month fixed-rate Cash ISA paying 4.56 per cent AER, is the "highest rate currently available for an 18‑month ISA, providing certainty for savers who want to lock in a competitive return."

The savings product launched yesterday 07/04 and is open to both existing members and new customers looking to secure tax-free returns.

Info Source

As well known, all available Fixed Rate Cash Isa's and far more savings options & Info on Moneyfacts - Don't forget to press the 'show more' button at the bottom of the page as there's always hidden gems with high rates that really should be shown more towards the middle top of the table. That's how I found the Leek BS open to all @ 4.85% fixed Isa deal which disappeared in less than 24 hours only to reappear again the next day at 4.65% for members only and 4.45% for new customers. Not sure what the rates are now - someone was obviously over eager @4.85% open to all 😏.