Cash ISAs: The Best Currently Available List

RayWolfe

Froggitt wrote: »

Listen.

Likewise. What a really arrogant expression.
You and I disagree, it's not that I'm not listening!

kfm

Froggitt wrote: »

Listen. Not everyone reading this thread will appreciate that a regular saver paying 4% will only return 2% of their end of year balance. Im just trying to show some balance here to stop people thinking they will get 4% of their total investment in the account.

Why should people expect to earn interest on money that isn't in the account?

Furthermore, the point of earning 2% is only valid if you pay the same amount into the account each month.

blueberrypie

kfm wrote: »

Why should people expect to earn interest on money that isn't in the account?

They shouldn't - but plenty of people do. There are regular threads to be found on MSE by people who think they've been done out of interest because they only got £40 on their £100-a-month-8%-regular saver, or who think that a Regular Saver paying 5% must be better than a flat-rate 4% - so I think it's worth explaining how this kind of account works.

masonic

blueberrypie wrote: »

They shouldn't - but plenty of people do.

I wonder if there would still be so much confusion if these accounts paid interest monthly?

purplestar133

newmike wrote: »

As far as I am aware no mention has been made in MSE articles re Cash ISAs of the Kent & Reliance BS. They seem to offer a good range of fixed rate ISAs and will take transfers. Current rates range from 3.25% to December 2011 and 4.00% to September 2014. No bonus rates included so you know exactly where you stand until maturity. Worth looking at in my view if you do not require instant access. Sorry not allowed as new user to include Kent's hyperlink.

On that point, I like Kent Reliance's FRISAs as they (in my experience, though check your T&Cs first) allow you to make additional deposits throughout the year. There was a point where interest rates had dropped since I opened one Kent Reliance FRISA so I was able to transfer another FRISA that was maturing elsewhere into that and still get a good fixed rate of interest.

I recommend them! (and no, I don't work for them!)

Spiggle

blueberrypie wrote: »

They shouldn't - but plenty of people do. There are regular threads to be found on MSE by people who think they've been done out of interest because they only got £40 on their £100-a-month-8%-regular saver, or who think that a Regular Saver paying 5% must be better than a flat-rate 4% - so I think it's worth explaining how this kind of account works.

Absolutely true and before I got my head screwed on to these things (and started reading MSE) I was one of those who couldn't understand how little interest I'd earned. I have to say mind that in the very first year I got confused I was extremely vehement with the advisor on the phone and surprisingly they paid me what I claimed was 'outstanding'! Sometimes confusion with the interest on regular saving accounts spreads wider than just dipsticks like me!

masonic

Spiggle wrote: »

Absolutely true and before I got my head screwed on to these things (and started reading MSE) I was one of those who couldn't understand how little interest I'd earned. I have to say mind that in the very first year I got confused I was extremely vehement with the advisor on the phone and surprisingly they paid me what I claimed was 'outstanding'! Sometimes confusion with the interest on regular saving accounts spreads wider than just dipsticks like me!

The most dangerous 'dipsticks' are those working for the bank.

purplestar133

Am I right in saying it really doesn't make a difference whether I apply for the Santander 3.2% flexible ISA or the A&L one, because Santander owns A&L? If so, think I'll go with A&L as I already have another account with them so it may make it a bit quicker or easier with ID requirements etc. Although with A&L you can't really expect anything to be quick and easy can you?!

samizdat

blueberrypie wrote: »

There are regular threads to be found on MSE by people who think they've been done out of interest because they only got £40 on their £100-a-month-8%-regular saver, or who think that a Regular Saver paying 5% must be better than a flat-rate 4% - so I think it's worth explaining how this kind of account works.

It might be worth explaining - but there is certainly no point in making false or partial statements such as Froggitt's, which don't explain anything and just spread more confusion, leading to the inevitable sequence of posts such as mine.

Maybe any mention of Regular Savers (ISA or otherwise) should be accompanied by a link to a proper explanation of how these work.

MarkyMarkD

purplestar133 wrote: »

Am I right in saying it really doesn't make a difference whether I apply for the Santander 3.2% flexible ISA or the A&L one, because Santander owns A&L? If so, think I'll go with A&L as I already have another account with them so it may make it a bit quicker or easier with ID requirements etc. Although with A&L you can't really expect anything to be quick and easy can you?!

We have banked with A & L for 10+ years and opened loads of accounts with no further ID - but then opened the new flex ISA and were asked for full ID docs.

I guess we have failed electronic ID because we've changed address in the last year, but it's a warning that A & L appear to be more diligently checking IDs for existing customers than they once were.