Cash ISAs: The Best Currently Available List

10_66

Kazza, aplogies if you already know, but on checking various ISA providers due to needing to transfer, I noticed that Ruffler have changed the date that they'll accept new ISA applications to 20 February '09.

From their website:
New Cash ISA Applications
12th January 2009
We are currently not accepting new Cash ISA applications. We intend to start accepting new Cash ISA applications from 20th February 2009. Existing ISA customers wishing to deposit funds or transfer from an existing ISA provider may continue to do so. Any Cash ISA applications received prior to this date will be returned. We apologise for any inconvenience this may cause you.

SOS_2

The_Enforcer wrote: »

I have been able to discover that their previous instant access ISA rate of 4.6%AER ran from 22nd October 2008 to 9th December 2008:

http://www.standardlife.co.uk/content/savings/rates/previous_savings_rates.html#Previous%20savings%20rates3

This implies that the previous Personal ISA Direct Access Savings Account at 4.6%AER was changed into the Direct Access Cash ISA at 3.85%AER, with the 0.75% rate cut in response to the December BoE 1% rate cut. This increases my hopes that unlike the Birmingham Midshires and Manchester BS 4%AER deals, it is less likely that a 'double' rate-cut would be applied in the near future.

No 'double' rate-cut with Birmingham Midshires; instead, as of today, they simply withdraw the account! No indication as to whether applications yet to be processed will be returned. According to the 'closed account interest rates' section of the Birmingham Midshires website the rate remains at 4% for existing account holders, although I expect this will decrease considerably at the next rate review.

One can only assume that the high rate of interest offered by BM has prompted a large number of applications & resulted in the account being oversubscribed.

I'm considering moving my own ISA but it appears the best option, in the current climate, is to wait until providers react to the lastest BoE rate cut.

MarkyMarkD

Paul_Herring wrote: »

One thing you perhaps should consider is, "is it worth the time spent?"

For example, is it worth 8 hours of your time setting up a new account for (say) £10 extra over a year?

It was that sort of thinking that got me rethinking the stoozing idea (when they started with the BT fees,) and quitting it. It wasn't worth less than £2 an hour to do that sort of thing when I was previously getting £10+(a lot) an hour.

As a result, I rarely (used to) chase anything less than 1% difference on savings. I'm not currently chasing any rates...

Currently I'm reorganising my finances so that I'm actually using *my* money, rather than borrowing someone else's (long story that I'm not going into. No 3rd parties lost out, nor will they, before anyone asks - I'm taking the brunt of any fallout.) IceSave figures promently in this. Along with a cash ISA that's going to be converted to an equity ISA. Assuming, of course, the FSCS get their thumbs out of various orifices and start sending cheques.

Well said, Paul.

I think that there is too much obsession with getting the last penny of interest. Given the time taken to transfer ISAs between providers, it really isn't worth struggling to get an extra 0.1% or whatever - by the time the money has been transferred, you'll be wishing you hadn't bothered.

Speaking of which, I just transferred an ISA to Newcastle BS who then cut the rate by 1.5% in respect of the December 1% BBR cut. :@ I wasn't going to leave it where it was, but I still wish I hadn't moved it to Newcastle. D'oh! I shall move it again once rates have settled down a bit - which won't be until there's a month without a BBR change IMHO.

sceptic99

Agree with you MarkyMark and Paul....the hassle of transferring ISAs is just too much to make it worth the extra interest. I have spent nearly 4 hours on the phone so far chasing my transfer....but mine is cos I wanna move from ING to a British bank....dont care if the Dutch scheme provides better cover than the FSCS, can I really rely on an efficient recovery scheme if ING goes t1t5 up?

MarkyMarkD

The history suggests that reliance on ANY protection scheme is rubbish. Better to invest in a building society, where nobody has lost any money for decades, perhaps?

The_Enforcer

Some rate effective dates for the first post:

Dudley BS: 1/12/08

Manchester BS: 27/11/08

Standard Life: 10/12/08

Leek United BS: 2/12/08

Julian Hodge Bank: 9/1/09

Careful_ly

Halifax have upped their rates on fixed term ISA's from 16.1.09

1 Year is 3.7%
2 Years 3.9%
3 Years 4.0%
4 Years 4.1%

HTH :j

fullstop

fullstop wrote: »

Noticed a different provider providing a 1 year fixed rate of 3.65% ISA It's The Norwich & Peterborough BS. Rate has not changed since 8/12/08. It accepts transfers in.

http://www.npbs.co.uk/

It's now 3.30% as from 16/01/09

tiptoe_mouse

From the Manchester BS website:

PLEASE NOTE THE PREMIER INSTANT ISA TAX FREE / AER % RATE WILL BE AMENDED TO 3.50% WITH EFFECT FROM 20TH JANUARY 2009. THE TAX FREE / AER % RATE IS VARIABLE AND WILL BE ALTERED AT THE SOCIETY'S DISCRETION.

Not sure if someone has already posted this.

tiptoe

Lady_K

Is it that difficult to switch ISA accounts? Can't you just get the money out to a bank account, close the isa and then open a new one and put the money in?