Cash ISAs: The Best Currently Available List

kingmonkey

Ess-six wrote: »

Thanks for your reply Kingmonkey.

So if the Natwest rate does go down in July, can I transfer then - or can it only be done at the end of the tax year?

You can transfer at any time.

geet

I have 6K in egg isa - as adviced in this thread i am planning to transfer it by mid march but will i lose all interest as it is not staying in the full year - ie till 6 april?

StuHolmes

Thanks to Kazza for maintaining this thread, it's been extremely helpful!
:A

It might be worth mentioning that the minimum amount when opening a Julian Hodge FR ISA by transfer is £3000 due to the fact that this was the previous maximum annual subscription. This is not mentioned on the website or in the T&C but I have had an email confirming this.

user2006

Kazaa - I've noticed A&L have increased the Direct isa Issue 5 rate from 2.5% to 3.0%. accepts transfers as per prev issues.

pete1976

I've got a conundrum. I've got about £11k from IceSave ISAs (this year's full allowance plus previous years) and I have until the end of the tax year to reinvest it into an ISA and keep the tax free status.

Thing is, it's currently sitting in an Egg savings account which is fixed at 6.3% gross (5.04% net - i.e. more than any current ISAs) until the middle of August.

So do I leave it in there to milk that rate for as long as possible (but lose it's tax free status forever) or switch now to an ISA at a lower rate to keep the tax free status.

I'm likely to need the cash around this time next year anyway so my current thinking is to leave it where it is, milk the rate until August then find the best possible rate outside ISAs (possibly with £3.6k re-invested into an ISA then using next year's allowance).

Milarky

pete1976 wrote: »

I've got a conundrum. I've got about £11k from IceSave ISAs

I'm likely to need the cash around this time next year anyway so my current thinking is to leave it where it is, milk the rate until August then find the best possible rate outside ISAs (possibly with £3.6k re-invested into an ISA then using next year's allowance).

You are probably right to leave it with Egg until August and just shop around for a new ISA (i.e. 'starting again') in 2009/10 as you say. This may make even greater sense if it turns out that Cash ISA allowances are raised in the budget [But, being 'New Labour' their preference would be to 'announce' an increase for 2010/11 on 22 April anyway - so that's a bit of an outside chance]

mary

My instinct would be to stay with Egg and get the best at 6.3 and then look again in August to see what's on offer.

Paul_Herring

pete1976 wrote: »

I've got a conundrum. I've got about £11k from IceSave ISAs (this year's full allowance plus previous years) and I have until the end of the tax year to reinvest it into an ISA and keep the tax free status.

Thing is, it's currently sitting in an Egg savings account which is fixed at 6.3% gross (5.04% net - i.e. more than any current ISAs) until the middle of August.

So do I leave it in there to milk that rate for as long as possible (but lose it's tax free status forever) or switch now to an ISA at a lower rate to keep the tax free status.

General answer: Depends on how long you're planning on keeping that money in a (cash) ISA, in which case you have to weigh up the loss of compound free interest on that £11k over that duration (if you think interest rates may rise during that period) against the short term gain you get by leaving it in there and losing the wrapper.

Since it's short term, in your case, you're probably better off leaving it where it is.

SpudGunner

Ess-six wrote: »

Hi Folks

I'm feeling a bit swamped trying to get my head around this.

My husband and I (sorry, don't mean to sound like Her Maj) have finally got ourselves in a position that we can start saving - we've not been in a position to have ISA's until now, but we can invest £3600 each immediately and £3,600 each in the new tax year.

I've read Martins thread and sent for the paperwork to open a Natwest savings account each with a view to starting their 3.51% ISA accounts, but reading the last few posts, I'm now worried that this is the wrong route to take. I'm pretty sure that we won't need to withdraw any of this money but am a bit scared to commit to fixed term.....

Your advice would be appreciated

Barclays new Golden ISA will be announced tomorrow. I know the rate and it will beat NatWests rate so will be market leading again. Forbidden to discuss what the rate will be I am afraid as they let it slip at work today by mistake and apparently wont be altered even though base rate has again just dropped.
Here we go carnage in my branch again, especially if Martin sticks it in his weekly email like he did before!

jimbow25

SpudGunner wrote: »

Barclays new Golden ISA will be announced tomorrow. I know the rate and it will beat NatWests rate so will be market leading again. Forbidden to discuss what the rate will be I am afraid as they let it slip at work today by mistake and apparently wont be altered even though base rate has again just dropped.
Here we go carnage in my branch again, especially if Martin sticks it in his weekly email like he did before!

If it's staying at the top of the rates for now, whilst people are shopping around, I'm sure it will be altered a few months down the line once they've got everyone's money on board...

Any chance of transfers in or will it be like the last 2 years?