Cash ISAs: The Best Currently Available List

gelato_cat

Nope, but you can only put £3k in. So if you had more than £3k in the account (eg a couple of hundred in interest) any interest on the excess would be taxed in future.

Suze

Jane2112 wrote: »

My query is this, it states that Barcleys wont let you move money from one isa into their top rate isa. Is this from any other isa provider? Is there anything to stop me moving my money from the isa account into a deposit account and then using a cheque from that account to open a new isa?

Thanks in advance.

gelato_cat

Did you manage to open the account with National Savings in the end?

Suze

stuartw101 wrote: »

Well that was a waste of time. Found out that natwest couldn't do a cheque for me at all because of the account im on, also as barclays only accept a cheque and a transfer from a barclays current account its not possible to open one.

So im unable to open an isa for the 06/07 year, i only have myself to blame i guess because i left it so late. Anyway as i applied for an NS&I isa for the 06/07 year and got a letter asking me to sign and return the form to confirm my application, i have just sent it to them.

I have my doubts about whether or not the confirmation will get to them in time for thursday. Worth a try.

I learnt a valuable lesson, basically not leave things to the last minute

jem16

My query is this, it states that Barcleys wont let you move money from one isa into their top rate isa. Is this from any other isa provider? Is there anything to stop me moving my money from the isa account into a deposit account and then using a cheque from that account to open a new isa?

Thanks in advance.

Nothing to stop you except that you will lose that year's allowance.

For example if you have £3000 in an 06/07 ISA and you then withdraw all of it into a deposit account then open an 07/08 ISA with the £3000 you will have a total of £3000 tax-free money.

However if you leave the £3k in the 06/07 ISA and then open an 07/08 ISA with another £3k you will have £6 tax-free savings.

It all depends on how much money you have/will have this tax year.

gelato_cat

I personally don't fix... it's a case of what you think will happen to the base rate. I'm quite risk averse so I'd only fix for one year at the most. Actually I fixed on a savings account last September for three months at 5.25% which turned out to be a good move as, by December, there were much better products on the market.

Or what you could do is put some of your money into a fixed rate account and the rest into a variable.

Personally, I've chosen to go with Barclays for the 2007-8 allowance but will transfer out if it becomes uncompetitive.

Suze

moneylover wrote: »

I normally invest £3000 in my ISA at the beginning of each tax year and regard the investments as long term savings.
The past couple of years I have invested in fixed 2 or 4 year rates with the Halifax and now, of course, the interest rate I am receiving is well below what is currently on offer and I cannot transfer without substantial loss of interest. This had put me off long term fixed rate deals and I was planning a no notice account this year but with the current high fixes on offer I am now re-considering the options.
So am now dithering between Barclays 6.5%, the Derbyshire and Dunfermline 2 year fixes at 6% and the Northern Rock 6.01% or Halifax 6% for 4 years. On balance there seems no advantage in going for Barclays except that if a higher rate appeared I could transfer but that does seem unlikely.
In the last couple of tax years the highest fixed rates have disappeared very quickly but perhaps that may not be the case this year with another interest rate rise on the cards. On the other hand maybe this is already factored into the fixed rate ISAs.
I was suprised that there weren't more ISA ads in today's papers. Maybe more will come out of the woodwork on Tuesday.
Of course none of us has a crystal ball (unfortunately) but I would be very interested to hear the views of others who are in the fortunate position of being able to invest a lump sum now in a cash ISA.

hornetgirl

I have 5 cash ISAs all with different providers (all taken out in different tax years). They were all best buys at the time I took them out and I have never moved any of them to get better rates.

I will probably open this year's ISA with Barclays, to get the 6.5%. Can I move all of the other 5 previous ones into a single one (probably one of the fixed rate ones), or do you have to move them on a "one for one" basis? (Hope that makes sense)

gelato_cat

Yes, you can combine them into an ISA that allows transfers in.

Suze

hornetgirl wrote: »

I have 5 cash ISAs all with different providers (all taken out in different tax years). They were all best buys at the time I took them out and I have never moved any of them to get better rates.

I will probably open this year's ISA with Barclays, to get the 6.5%. Can I move all of the other 5 previous ones into a single one (probably one of the fixed rate ones), or do you have to move them on a "one for one" basis? (Hope that makes sense)

KTF

Has anyone opened an Abbey one with a view to moving an A&L ISA over. I know that you have to call A&L up to move it but how did you open the Abbey one up first?

The Abbey online application form is 1 digit too short for the A&L account number so will they open one up with nothing in it so you have an account number to give to A&L?

Snow-Munki

Ok, had a quick looking through. If someone can lend a quick hand that would be great.

Currentl have about £3000 ( 3150 or something ) im my current ISA with HSBC ( maxi cash isa if that makes any difference ? ) so best option is to transfer this to a Northern Rock ISA at 6.01% interest ??

i_am_stewart

Snow-Munki wrote: »

Ok, had a quick looking through. If someone can lend a quick hand that would be great.

Currentl have about £3000 ( 3150 or something ) im my current ISA with HSBC ( maxi cash isa if that makes any difference ? ) so best option is to transfer this to a Northern Rock ISA at 6.01% interest ??

I am in a similar confused situation...

I have £3000 sitting in a Cash mini ISA with HSBC from last year 06/07. Another £3000 saved ready to put in for this year 07/08. I can't find an answer as to what to do next.

Do I open an ISA that is for 'new money' only e.g. Barclays Tax Beater cash ISA - 6.50% / NS&I Direct ISA - 5.80% / Egg cash ISA - 6.05%
With the £3000 for 07/08 and leave the cash from 06/07 with HSBC?

Or is it in my best interest to putt all £6000 in to someone like Northern Rock 6.01%?

There's just so much choice it's blinding and confusing. Any advice would be greatly appreciated :rolleyes:

Kazza242

i_am_stewart wrote: »

I have £3000 sitting in a Cash mini ISA with HSBC from last year 06/07. Another £3000 saved ready to put in for this year 07/08. I can't find an answer as to what to do next.

Do I open an ISA that is for 'new money' only e.g. Barclays Tax Beater cash ISA - 6.50% / NS&I Direct ISA - 5.80% / Egg cash ISA - 6.05%
With the £3000 for 07/08 and leave the cash from 06/07 with HSBC?

Or is it in my best interest to putt all £6000 in to someone like Northern Rock 6.01%?

The 'new money' ISAs this year are very competitive, even more so than some of the ISAs that accept transfers in. What rate are you receiving on your HSBC ISA? If it is 5.30% or below it definitely makes sense to transfer the £3,000 with HSBC to a higher interest paying ISA. [I'm sure you know this, but don't transfer the money yourself or your ISA loses it's tax-free status. Let the provider you're transferring to handle it all for you].

The Northern Rock 6.01% 1 year fixed rate is definitely an option to consider, as well as variable rate ISAs from Kent Reliance 5.71% and YBS 5.65%. Both of the latter, have passed on the last three BOE rate increases. With a possible BOE rate rise next month, the variable rate ISAs will be almost matching the best 1 year fixed rate (if the providers pass on the latest increase).

I opened a 'new money' isa for 07/08 and will be transferring my existing ISAs to another provider (possibly Northern Rock, Abbey, Kent Reliance or YBS). I'm probably going to decide in mid-May because one of my ISAs matures then and the MPC meet on 9th/10th May to decide whether to increase the BOE rate. By then we'll all know whether it's likely that the variable rate ISA rates will rise.