Cash ISAs: The Best Currently Available List

Kazza242

On Page 78 of this thread, here I responded to a poster, called Just landed, who wanted to know how the difference between AER and a gross monthly interest rate on an ISA would affect how much interest he/she would receive after 1 year.

I explained what the gross interest rate was and that if the initial investment and the monthly interest was left inside the ISA for 1 year, interest of £135 would be paid. In answer to the question that was asked, this is correct.

boobbby wrote:

So you are saying that you get back interest of £135 even if you close this two year fixed account after one year. I would have thought this account would inccur a penalty and reduce the interest if only kept for just one year.

In response to boobbby above. Yes, you would incur a loss of interest penalty if you made a withdrawal before the ISA matured or if you closed the ISA before maturity. However, please note that this was not the question that was asked by Just landed. He/she wanted to know what the gross rate was, how that compared to the advertised AER and the amount of interest that would be paid into the ISA after 1 year.

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.

boobbby wrote: »

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...

What Baldur said above is exactly what I was illustrating. The issue regarding withdrawing funds or closing the ISA before maturity is a completely different question altogether and wasn't what was asked. In any case, if you look at the top of the fixed rate ISAs section on the first post it does clearly state:

Kazza_&#8211 wrote: »

Fixed rate cash ISAs that accept transfers in:

If you are choosing a fixed rate cash ISA - do ensure that you can leave the money untouched until the ISA matures, as making a withdrawal or transferring out before maturity will usually incur a loss of interest penalty.

I think that this more than covers the implications should a saver not allow their fixed rate ISA to mature.:)

Kazza242

The first post of this thread has been updated.

Barnsley Building Society’s Online ISA paying 3.00% (for balances over £20,000)) has been added to the list. The rate of 2.85% is paid for balances totalling £10,000 - £19,999 and 2.65% for £10 - £9,999. The rate includes a bonus of 0.75% until 31/12/2010.

Chesham Building Society have launched a new 180 days notice ISA paying 3.25%. Chelsea Building Society have launched a new issue of their over 50s ISA, paying 3.25%.

The Post Office have followed the fixed rate ISA trend with the launch of their one year fixed rate ISA paying 3.20%. Ipswich Building Society have also launched a new fixed rate ISA with a two year term and paying 3.50% for balances totalling £20,000 and above.

A number of providers have launched fixed rate ISAs aimed at people over 50 - to entice them to take advantage of the increased ISA allowance open to them. Most recently, Nationwide have launched an over 50s three year fixed rate ISA paying 4.00% for balances of £1+. This has been added to the list.

Paul_Herring

Kazza242 wrote: »

On Page 78 of this thread,

Um, just like to point out that the number of posts per page (and thus which 'page' a post appears on) is user definable. This post, for example, is on page 40 for me.

Just in case anyone else got confuzzled....

MarkyMarkD

And as you can post a link to an individual post within a thread, posting a link to a page number isn't the best way to do it anyway.

Kazza242

MarkyMarkD wrote: »

And as you can post a link to an individual post within a thread, posting a link to a page number isn't the best way to do it anyway.

I had to make my earlier postings in a hurry as my "other half" would have killed me if I'd spent another another second on the PC!:D

EDIT: Where I had quoted boobby's post you can click on the blue icon (with the white arrow) that will take you to some of the posts I was referring to. So it doesn't matter which page number I referred to just click on the blue icon and it'll take you straight there.

MarkyMarkD

Interesting. Why does that only appear on some of your quotes - in fact, only on the quote within a quote where Baldur quoted boobby?

Paul_Herring

MarkyMarkD wrote: »

Interesting. Why does that only appear on some of your quotes - in fact, only on the quote within a quote where Baldur quoted boobby?

It only appears where a post number is given in the markup; e.g. in this post it has:

[QUOTE=MarkyMarkD;25898775]

Removing the post number results in:

MarkyMarkD wrote:

Interesting. Why does that only appear on some of your quotes - in fact, only on the quote within a quote where Baldur quoted boobby?

And removing the name in:

Interesting. Why does that only appear on some of your quotes - in fact, only on the quote within a quote where Baldur quoted boobby?

Most people when quoting more than one post don't bother looking up the post number (which is given if you use the quote button.)

haselden

Kazza, next time you update the First Page, you might like to update
the tiers on the Chelsea Postal 30 ISA there are now 2 extra tiers.

The top tier over £25k now pays 3.5%

harz99

Kazza; the Nationwide over 50s 3yr F/R ISA also offers a monthly paid away interest option at 3.9% gross, which is useful for older income seekers.

MarkyMarkD

Paul_Herring wrote: »

It only appears where a post number is given in the markup; e.g. in this post it has:

[QUOTE=MarkyMarkD;25898775]

Removing the post number results in:


And removing the name in:


Most people when quoting more than one post don't bother looking up the post number (which is given if you use the quote button.)

Ah, thanks for that. Some other sites have a "multi-quote" facility which is not enabled on MSE. This does give the correct linkage for each quote, and is a lot less faff than the approach required here to achieve the same result.