Cash ISAs: The Best Currently Available List

blueberrypie

Inforapennyinforapound wrote: »

From what i saw in the Gentlmans post,his wife has already made a £100 deposit into the 2010/11 Santander isa.Therefore a transfer is fine but how can she add any more money?
I understood that you may only subscribe to ONE isa per tax year? or have i got it wrong

In transferring all of the current year's subscriptions to a new provider, the new provider's ISA becomes the ISA for the current year. All of the current year's subscriptions must stay together, but you can transfer them and then top up to the current year's limit (in fact I've recently done this myself).

Inforapennyinforapound

blueberrypie wrote: »

In transferring all of the current year's subscriptions to a new provider, the new provider's ISA becomes the ISA for the current year. All of the current year's subscriptions must stay together, but you can transfer them and then top up to the current year's limit (in fact I've recently done this myself).

Well that is news to me.I have done many transfers etc but this part of the legislation i have never seen or read on MSE for instance.
All i keep seeing is"you may only subscribe to one per year etc"

So in fact in the above case that lady is actually subscribing to 2 isa's in one tax year by way of transfer i.e two different providers.
No wonder there is so much confusion.

Inforapennyinforapound

The above is very interesting.
In theory then i could open a cash isa in April and deposit,say,£200,and if i see a better rate transfer it to another provider and add another amount and keep transferring it ad-infinitum all year to better rates(hypothetical i know) up to the maximum allowance.

blueberrypie

Inforapennyinforapound wrote: »

Well that is news to me.I have done many transfers etc but this part of the legislation i have never seen or read on MSE for instance.
All i keep seeing is"you may only subscribe to one per year etc"

So in fact in the above case that lady is actually subscribing to 2 isa's in one tax year by way of transfer i.e two different providers.
No wonder there is so much confusion.

I just had a look at about three different pages about ISAs on this site and every one of them mentions that you can transfer the current year's ISA as long as you transfer all of your subscriptions together.

It might make it clearer to look at it this way: when you transfer your ISA, you still have the current year's ISA, but it's with a different ISA manager. It's the same funds, it's the same annual allowance - but it's being looked after by a new provider. This is what HMRC has to say:

"Investors can transfer their ISAs from one manager to another whenever they want. They may transfer their current year ISA subscriptions (and any related income) and/or all or part of their previous years ISA subscriptions (and any related income).
If the ISA contains current year subscriptions only the entire account must be transferred."

(From http://www.hmrc.gov.uk/isa/transfer-isa.htm )

Inforapennyinforapound

Ok thank you for that.

I am aware of how transfers work and this is explained on this site as you say,but i didnt realise,until now,that for example if i transferred £3000 (deposited this year) from HSBC to Halifax that i could then add a further £2100 to the new manager i.e Halifax.

I will in future rethink my strategy

Fred_Bear_2

Can anyone tell me why the Nationwide e-ISA (2.8%) is not listed here please?

Lokolo

Fred_Bear wrote: »

Can anyone tell me why the Nationwide e-ISA (2.8%) is not listed here please?

PM the original poster. He updates it in the evenings so presumbly he works during the day so can't research everything himself

Kazza242

Fred_Bear wrote: »

Can anyone tell me why the Nationwide e-ISA (2.8%) is not listed here please?

The Nationwide e-ISA rate keeps changing. It was on the the list until late last year when its rate dropped quite significantly. Nationwide have actually increased the rate as of today (01/02/2011) to 2.90%. I have therefore added it to the list.

cyclonebri1

My Halifax fixed rate isa reminder came through the other day. Best renewal option was 4.5% over a 4 year fixed term. Don't worry about the tying up issues this is longterm, but what are folks current opinions on the max length tie?????

Nessie23

cyclonebri1 wrote: »

My Halifax fixed rate isa reminder came through the other day. Best renewal option was 4.5% over a 4 year fixed term. Don't worry about the tying up issues this is longterm, but what are folks current opinions on the max length tie?????

Hi I think many of us are having the same dilemma at the moment!

Personally I wouldn't tie-in savings for more than 2/3 years due to inflation/possible interest rates rise. I'm currently considering the Chelsea BS 3 year at 4% or instant access ISA at 3% for now. However will probably wait a few weeks to see if any better deals appear towards the end of the ISA year.

BTW are you sure Halifax give 4.5% ? From their website they seem to indicate the interest for 4 year ISAs is 4.25%

Nessie