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Cash ISAs: The Best Currently Available List
Comments
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£1 - £999 0.10%
£1,000+ 4.27%
..but something I noticed about the tiered rate on a future new online service:
We will be moving your account to our new Online services, shortly. We will write to you to let you know the exact date closer to the time.From the date your account moves to the new Online Services the terms and conditions for your account will change to:
£1 - £900,000 4.27%
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Just to confirm, I spoke to Santander today and they said once the maturity window is open you can select a new product and transfer to that product immediately, and therefore - in my case as I want to move to an easy access with no withdrawal restrictions - I could do that and access the funds straightaway with no interest penalty (other than the obvious reduction of interest from the FR to the EA).
This suits me as the money won't be in the EA account for very long 😊
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You can transfer out [of] a fixed rate ISA any time you like but this comes with a very heavy penalty if you do it before maturity, such as a charge of 120 days interest.
The T&Cs specify that you can choose what you want to do with the money in your cash ISA up to 28 days before the term ends but it does not state that there will be no interest penalty if you, or another ISA provider, take out the money before maturity. CS telling you a different story doesn't overwrite the published T&Cs, and it is not unheard of that CS doesn't understand ISA rules.
There might be a potential loophole - i.e. "upgrading" to an easy access Santander ISA (if this is even possible) and then taking your money out of the easy access ISA but I would not dare taking any money out of the fixed rate ISA before maturity.2 -
I hadn't spotted that, thank you.
The key features summary says something very similar.
I will admit though... I don't totally understand what they mean. If I open it online, will I get the total 4.27% rate?
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I think the ability to upgrade to easy access within Santander is fairly unique as they want to keep you, but then once I'm in the new product then the new T&Cs apply so I think I should be fine. I can try and work out the interest once it's applied to check, and report back...
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@dlevene The 2 different key feature pages was where I copied and pasted from.
Right now, you get the 4.27% on balances of £1,000 +
ISAs seem to be on a separate Kent Reliance online system (10 digit user ID)
From the date your account moves to the new Online Services the terms and conditions for your account will change to the summary you linked to:
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showing 4.27% will then be paid on £1 +
The new system (for non-ISAs currently) is where you choose a username.
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But there's no telling when that would be?
On a balance of £20k, the tiered interest brings the effective rate down to 4.06%, which…isn't great
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Marsden easy access at 4.25%, no withdrawal restrictions, allows transfers
They always come along a few together...
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Kent Reliance
I don't think it's tiered. You get 4.27% if you hold more than £1000 which is essentially the minimum balance for this account. That will change to £1 after the migration to the new system
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You may want to edit, that's Marsden not Chorley.
Note they refuse internal transfers thereby preventing you moving from an earlier issue of this account paying a lower rate.
There is a way around it where you can create extra work for everyone by transferring out to a different provider then back to Marsden. Personally this type of "rules for rules sake" practice irritates me so I'm transferring out for good.
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