Cash ISAs: The Best Currently Available List

Miró

freddysmith wrote: »

NOOOOOooooooo!!!! :mad:

and I had it all planned !!!!

So did I!!!!!!! :mad:

Brida1492

Hi, I'm new and would just like some advice please - Thanks
I'm trying to sort out my Mothers finances at the moment and move her money around to enable her to earn the best rates etc. She is 76 and is on a minimum pension income of approx 6k per year. She has lots of old saving accounts paying penuts and a Cash ISA that is ok at 2.5%
My question is because she has an income of more or less 3K less than the Personal Allowance she doesnt pay tax. Hence is there any benefit to her having an ISA or would she be better combining all the money from her ISA with her other savings accounts and investing this in a standard high interest account? She also has some Investement Bonds which have performed miserably over the last 15 years (approx 1%) return. These were sold to her by a financial advisor when she retired and I do not believe were suitable for her needs. Would it also be worth it cashing these in and investing soemwhere else and is there any way she could be compensated for their poor performance or is it a case of putting it own to experience and the pain all investors have felt over the last few years?
Any advice much appreciated
Thanks

Mickygg

THRIFTY_GIRL wrote: »

:mad::mad: went into branch yesterday to be told the bad news.....had a juicy sum to transfer in too from 3% to 4.4%...better luck next time.

I do hope there are a few decent deals left...I may have to rush for the M&S one now before that too is pulled.

Be quick - someone on another thread said that there is a new ISA rate with M&S planned from 6th April. I couldn't tell you how this person knows this.

Here is the thread discussing this change
http://forums.moneysavingexpert.com/showthread.html?t=2112837&page=7

Mickygg

Nationwide has been replaced by a fixed 4.25% 4 year term.

cyclonebri1

THRIFTY_GIRL wrote: »

:mad::mad: went into branch yesterday to be told the bad news.....had a juicy sum to transfer in too from 3% to 4.4%...better luck next time.

I do hope there are a few decent deals left...I may have to rush for the M&S one now before that too is pulled.

And may have to go for 4 instead of 3 years? I think I will,


Can you see a light at the end of the tunnel? I can, but I think it's some twonk with a torch bringing yet more financial gloom :doh:

martinman3

Brida1492 wrote: »

Hi, I'm new and would just like some advice please - Thanks
I'm trying to sort out my Mothers finances at the moment and move her money around to enable her to earn the best rates etc. She is 76 and is on a minimum pension income of approx 6k per year. She has lots of old saving accounts paying penuts and a Cash ISA that is ok at 2.5%
My question is because she has an income of more or less 3K less than the Personal Allowance she doesnt pay tax. Hence is there any benefit to her having an ISA or would she be better combining all the money from her ISA with her other savings accounts and investing this in a standard high interest account? She also has some Investement Bonds which have performed miserably over the last 15 years (approx 1%) return. These were sold to her by a financial advisor when she retired and I do not believe were suitable for her needs. Would it also be worth it cashing these in and investing soemwhere else and is there any way she could be compensated for their poor performance or is it a case of putting it own to experience and the pain all investors have felt over the last few years?
Any advice much appreciated
Thanks

If her income is not likely to increase by more than £3K in the future than you should choose accounts solely on their gross interest figures.
You may find that instant access ISAs have higher gross rates than taxable ones with instant access and, if so, move the current ISA into a better one.
As far as taxable fixed rate bonds and fixed rate ISAs go, ISA gross rates are currently lower than taxable bond gross rates so any money which your mother may not require access to could be placed in a fixed rate bond. I should add that all rates are falling so the difference may not be that large.

On the high street Nationwide have 2yr bonds at 3.5%, 3yr at 4.15% and they can pay interest monthly if you wish.
http://www.nationwide.co.uk/savings/bonds/fixedratebonds/summary/summary-2-year-fixedratebond-annual.htm
Their rates only dropped yesterday . Also beware that the penalty for closing these if access is required is 180 and 270 days of interest respectively.
Use www.moneyfacts.co.uk to compare with other similar accounts.

Don't forget to fill in a R85 form for your mother for any taxable accounts that you open so that the interest is paid gross.

Concerning the investment bonds, I suggest that you create a new thread (or use Search to find a similar thread on cashing-in bonds) in this Savings & Investments forum outlining the details of type of bonds, company invested in, any get-out clause or penalty for cashing in etc.

Speculator

claire07 wrote: »

Well I've today had a letter from nationwide about my fixed isa maturing next week and offering me this 3 year fix so perhaps it is still available to members with maturing isas (or knowing nationwide maybe not!) I'll have to give them a ring when I've got a spare hour to waste.

The maturity letter states..

"If the product that you apply for has been withdrawn or the rate has been reduced by the time we receive your form, we will send you a new form to complete with details of the available products and rates"

My account matures on the 28th of March but they received my form over two weeks ago so hopefully, I will get the 4.40% rate.

claire07

My letter was dated 12th March but I only received it the day they pulled the 3 year fixed at 4.4% so I didn't have chance to send my application in time. My fixed isa doesn't mature till 8th April so it would have been nice if they honoured the rate for existing customers. As it is now I'll move it away from them unless they come up with anything reasonable in the meantime.

Old_Yorky

I had the same issue with NWide, but when I called in at the local branch I found out that they ARE allowing maturing bond holders to take up the 4.4% offer (and invest further if they want to) Not very well publicised

apt

There's a hint of that on the ISA rates page on the NW website - If you are an existing customer with a Fixed Rate ISA that is due to mature in the next few weeks, please see your maturity instruction pack for any exclusive offers that may be available to you.

It is true, as Speculator points out, that the pack indicates that they need to have received the form before the offer is pulled, but it seems like they are being more indulgent to existing customers.