We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Cash ISAs: The Best Currently Available List
Comments
-
Interesting. I am in a pretty similar position having opened the same 5 year fix in January this year with the same intentions of adding new money each year if it turned out to be a good deal in subsequent years. I had thought of putting another £1k in the new one now, but maybe a transfer would be a better idea. But also now wondering whether to hold off to see if rates go even higher.
2 -
With hindsight I should have done but I didn't expect them to pull a product that had only been available for like 2 days.
0 -
I agree with your calculations, as I'm in a similar situation. 5-year fixed opened in April 2025 at 4.12%. The 365 day interest penalty is completely covered by the additional interest gained at 5.25%.
As a simple calculation, 1.0412 ^ 5 = 1.2237, i.e. 22.37% gain. 1.0525 ^ 4 = 1.2271, i.e. 22.71% gain. If you opened exactly one year ago, you'd effectively lose that first year's interest, but in 4 years time (when your original account would have matured) you'd be marginally better off; however your money would be locked away for a further year so you need to work out if it is worth it for you.
3 -
Once again delving into Shawbrook’s ISA terms and conditions…
I am inclined to agree with @refluxer that you can still contribute to a Shawbrook ISA in subsequent tax years, and the 90 day window just refers to initial funding.
Notably, their limit of only being able to open and operate one cash ISA with them per year appears to no longer be the case (and it is now explicitly allowed). This is great because it means you can open multiple cash ISAs now of varying term lengths with £1k, and either fund or not fund them in subsequent years as market conditions change.
3 -
I don't know whether they have updated their systems or not but previously if you had subscribed to an ISA with Shawbrook in the current tax year the only way to open an additional ISA with them was to phone them up to open as the option would not be available when logged into online banking.
0 -
I opened the Shawbrook 4.25% 5-year fix last year, & now have £44K in it. I already opened the new 5-year 5.25% fix, and was planning to fund it with £1,000 transferred-in from past years subs elsewhere (within 14 days.) Currently unfunded. Did you mean holding off because Shawbrook only allow one ISA to be opened a year, or just rates generally?
0 -
No I just meant rates generally, although I am guessing there would be less upward movement on the longer 5 year fixes even if rates on shorter term fixes still increase? Not really sure where to jump at the moment. I'll probably dither and end up missing out! I do know that you can have more than one Shawbrook ISA a year though.
So can you open the Shawbrook fix without specifying a transfer in, and then give transfer in details later (within the 14 days) in online banking? Or do you have to post a transfer form? I can't remember what I did last time.
1 -
Yes, I would quite like to know the answer to your last paragraph too.
1 -
I used the MSE calculator to work out if it was worth it and it was marginally better to ditch and switch even taking into account the penalty.
#24 Save 12k in 20261 -
I have subscribed and opened a new ISA online since during the current tax year.
Yeah, cheers but nah, I will stick with yes, thank you and no.
Thank you.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.7K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards