Cash ISAs: The Best Currently Available List

harz99

black_taxi wrote: »

whats a mini cash isa?confused

What no "knowledge" then........................

Baldur

black_taxi wrote: »

whats a mini cash isa?

http://en.wikipedia.org/wiki/Individual_Savings_Account

From tax year 2008/2009 the distinction between a mini and maxi ISA was abolished

molerat

Looks like some new offerings from Northern Rock, E-ISA issue 7/8/9 1/2/3 yr fixes 3.2%/3.6%/4.25% maturing 24 May 2012/13/14, allows transfers in http://www.northernrock.co.uk/savings/Find/Results/ISAs/

adindas

I notice that this cash ISA offer the best interest rate of 5%.

http://www.thenottingham.com/savings/starter-isa-issue-1/

Is it pssoible to dripfeed it from the existing ISA a/c which is currently paying a lower interest rate, say for instance from Loyalty cash ISA from Santander or Barclays Golden ISA ?

I understand that transfer Cash ISA from one bank to another bank is not as straight forward as a normal saving account as there is a form to fill in. But If you could give your opnion about this, especailly those who have tried it.

Thank you
ADINDAS

System

adindas wrote: »

I notice that this cash ISA offer the best interest rate of 5%.

http://www.thenottingham.com/savings/starter-isa-issue-1/

Is it pssoible to dripfeed it from the existing ISA a/c which is currently paying a lower interest rate, say for instance from Loyalty cash ISA from Santander or Barclays Golden ISA ?

I understand that transfer Cash ISA from one bank to another bank is not as straight forward as a normal saving account as there is a form to fill in. But If you could give your opnion about this, especailly those who have tried it.

Thank you
ADINDAS

Drip feeding it from your existing ISA is possible but AFAIK would only work via a manual withdrawal and deposit process (maybe using online / telephone banking).

The Nottingham ISA has too many restrictions for my liking.
You can only deposit a max of £445 pcm and if you miss a deposit you cannot top it up until March 2012 so could lose interest.

It is a fixed term account so you pay a penalty of 180 days interest if you transfer any funds to another ISA and you cannot make any withdrawals until 6 April 2012

So, it may not be as good as the headline rate appears

P.S.
Transfers in to the Nottingham ISA are not allowed, and the interest rate is variable and is not guaranteed

black_taxi_2

You can only deposit a max of £445 pcm???

445x12=5340

thats full cash isa for year

System

black_taxi wrote: »

You can only deposit a max of £445 pcm???

445x12=5340

thats full cash isa for year

Yes - what's your point ?

If interest is calculated daily on the cumulative balance in the account, then if you could pay the full £5340 in on day one, then you would earn more interest than making the 12 monthly payments, if my calculations / understanding is accurate that is. But then I've never really fully understood AER and how interest is supposed to be calculated.

curlygirl1971

If you have the money upfront (ie the full allowance of £5340) you would earn more interest over the first year with a lower rate of interest than making monthly payments into an account with higher interest

For example (rough calcs)

I've just opened Halifax ISA and will be getting 3.2%. If I were to deposit full £5340 I will get around £170 interest after 12 months at that rate (or £160 at the 3% rate)

If I were to open the Notts BS one at 5% but only put £445 a month in then I would earn approximately £147.00 (based on 12 full months at 5%)

ps Thanks Kazza, as always for keeping us all informed with your great thread

Baldur

adindas wrote: »

Is it pssoible to dripfeed it from the existing ISA a/c which is currently paying a lower interest rate, say for instance from Loyalty cash ISA from Santander or Barclays Golden ISA ?

If you are talking about current tax year's Cash ISA funds (which I assume you are, as one would have to be deranged to keep funds in the accounts that you mention for more than the first year bonus period), in addition to the points made by other posters above, there is a restriction on partial transfers of ISA funds - these can only be made from previous tax year's/years' funds; current tax year funds must be transferred whole.

adindas

How about another possibility. I currently have ISA direct reward with Halifax which pay 3+0.2% Interest rate.

Is it possible to dripfeed from HALIFAX ISA direct reward to the Nottigham BS starter ISA ? At least part of the ISA money is gradually moved from lower to the higher interest rate, from 3.2 - 5% ?

Could I transfer it by myself using Online transfer, as both are ISA account ? or I have to do it within ISA transfer mechanism, where I need to complete the transfer form. If the latter prevail than there is no point, as I will loose a few days interest, also it is too much hassles.

If you could provide your comments or experience, please ?

Thank you
ADINDAS

Baldur wrote: »

If you are talking about current tax year's Cash ISA funds (which I assume you are, as one would have to be deranged to keep funds in the accounts that you mention for more than the first year bonus period), in addition to the points made by other posters above, there is a restriction on partial transfers of ISA funds - these can only be made from previous tax year's/years' funds; current tax year funds must be transferred whole.