Cash ISAs: The Best Currently Available List

Baldur

haselden wrote: »

The only problem I can see is the £50k Compensation Limit........

Yes, that's why I have my largest chunk of Cash ISA funds in a FRISA at just under £50k and the rest in other FRISA/Regular Saver ISA accounts at (currently) good fixed rates of 6.2%, 6.5% and 7%.

haselden

Thanks again Baldur, I wish my life was such that I could contemplate a
Fixed Rate deal, but it all seems too unsettled at the moment !

But that's another story...................

boobbby

Baldur wrote: »

No Kazza was not saying that, merely illustrating to a poster who was unsure about the implications of AER & gross rates how much interest an account paying 3.75%AER would earn in a complete year.

Closure of the B&B account before the maturity date would incur 120 days loss of interest.

Hello again..yeah!! I did actually realise what he was trying to say but I think Kazza should have added ....providing you keep the account untouched for for a further year or something similar (I still think you are spawny getting 3.75% at Lloyds and assume you will now be adding the extra £1500)

Baldur

boobbby wrote: »

(I still think you are spawny getting 3.75% at Lloyds and assume you will now be adding the extra £1500)

No I won't. The LTSB FRISA was opened in the 2008/9 tax year on the maturity of the previous 6.5% LTSB FRISA (last March), so I'll just have to put up with adding it to this tax year's Saffron RS ISA @ 7%...

boobbby

Baldur wrote: »

No I won't. The LTSB FRISA was opened in the 2008/9 tax year on the maturity of the previous 6.5% LTSB FRISA (last March), so I'll just have to put up with adding it to this tax year's Saffron RS ISA @ 7%...

I believe that Saffron account can only be paid into on a monthly basis... still a good rate!
Because monthly payments into the account are limited to £300, the maximum interest that can be earned in 12 months is £136.50 - equivalent to 3.8% on a £3,600 lump sum deposited at account opening.
Can you add to that monthly account with the new allowance ? or do you need to take out a seperate ISA with the same provider

Baldur

boobbby wrote: »

Can you add to that monthly account with the new allowance ? or do you need to take out a seperate ISA with the same provider

I increased mine by £250 per month from yesterday, as per Saffron's notification of a few weeks ago.

njb55rtd

According to Chelsea's web site, the fixed cash ISA 1 yearhas"No withdrawals, transfers or closure permitted during the fixed rate period"but further down the page it says "Transfers to another ISA manager are permitted, subject to a penalty equivalent to 180 days’ loss of interest on the balance held". I wonder which is right.

MarkyMarkD

Surely it's rather academic? Losing half a year's interest on a one year fixed rate is never going to be financially worthwhile.

rb10

Halifax's Fixed Rate ISAs say exactly the same.

You are not permitted to make a withdrawal or transfer during the one year term. If you do, you are breaking the T&Cs, so they will charge you a penalty of 180 days' interest.

It's the same as current accounts. You are not permitted to go over your overdraft limit. But if you do, then you are breaking the T&Cs, so they will charge you a penalty.

But as Mark says above, if you think you might need to withdraw it before the year is up, then it's probably best to find another account, as it won't be financially worthwhile to lose so much of your interest.

boobbby

Baldur wrote: »

I increased mine by £250 per month from yesterday, as per Saffron's notification of a few weeks ago.

Good deal !! I will have to keep an eye on your postings as my 5.25% Halifax fixed ISA finishes at the end of November !!