Cash ISAs: The Best Currently Available List

J63320

Thank you Poseidon1 for that comprehensive reply.

i had hoped that the right to cancel would allow the transfer to be reversed, but Aldermore said No. Maybe I could have retrieved the money by initiating a transfer from the other end, but there would not have been time - in fact, with a 14 calendar day cooling off period, but providers given 15 working days to complete transfers, this could never be guaranteed to work. So one has to treat funding a fixed ISA via transfer as irreversible unless one is prepared to sacrifice the ISA protection.

I am grateful for the clarification of the flexible ISA rules. I was not relying of the flexibility of this ISA until this situation arose, but because it happened to be flexible I thought it might give me another option. “Withdrawal” clearly means different things in different circumstances. My flexible ISA allows 5 withdrawals per year, and while the transfer might not be a withdrawal under flexibility rules, I’m sure the provider considers that it has used up one of them!

charlie12525

https://forums.moneysavingexpert.com/discussion/comment/82138987#Comment_82138987

Any idea if an ISA transfer in to this account has to be requested during application? Or can I open it and send a transfer request form later?

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/82138987#Comment_82138987

Do you happen to know if you can only set up a transfer in during the opening process or can you open the account and request a transfer in a few days later?

10_66

https://forums.moneysavingexpert.com/discussion/comment/82140285#Comment_82140285

I was told that if you don't arrange transfer in during opening process you have to complete paper transfer request.

username2026

https://forums.moneysavingexpert.com/discussion/comment/82140143#Comment_82140143

It may not be relevant to you, but the Cash ISA at 4.61% is made up of a 3.23% tax-free interest portion, and a 1.38% "bonus" which is not paid to the ISA and is thus taxable.

I've been put off using them for that reason, as I'll be very close to the £50,270 tax threshold this year and going over that by a few pounds will see me lose half of my personal allowance in one go, plus the remainder of my interest over that amount being taxed at 40% and not 20%.

Probably a very niche edge case, but I wanted to flag it regardless.

crumpet_man

https://forums.moneysavingexpert.com/discussion/comment/82140366#Comment_82140366

Why do you think the bonus payment is taxable? Isn't it just that it is not paid into the Cash ISA but to a separate/nominated account?

SCC2

anyone who has requested a transfer to West Brom - do they have an option to transfer on expiry of fixed term with current provider ?

CeliaSeas

Re West Brom & transfers.

@fuzzzzy & @charlie12525 during the application (iirc) I had to chose to either fund with new money or transfer in. I went for transfer in. You could chose the other option and later contact & ask to transfer in?

refluxer

https://forums.moneysavingexpert.com/discussion/comment/82138982#Comment_82138982

The line that states it's possible to pay into a Shawbrook fixed rate ISA throughout the duration on the fixed rate period is still present in their T&Cs, so I don't think this has changed.

"Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term."

Not sure what the 90 days refers to - it could be the deadline for recieving the opening deposit (which would be unusually generous) or perhaps ensuring the minimum balance is achieved but if either of those is right then it could definitely be worded better.

"You can fund your account within 90 days after opening. We’ll close it if it remains unfunded by this time"

winkowinko

It was Kent Reliance that used to allow deposits for the duration of the fixed term, but then removed that option.