Cash ISAs: The Best Currently Available List

purplestar133

Hi everyone,

I opened an ISA Reward Issue 4 with Halifax in March. At first it displayed in my online banking account as 'ISA Saver Direct' until I transferred my funds in from another provider. Then, if I remember correctly, it displayed as a Reward ISA on the list of accounts page but still said ISA Saver Direct on the statement page. I think the interest rate seemed ok at the time so I just presumed it was fine.

It's been months since I've logged in as I knew I needed to just leave the money in for 12 months. Now it is listed as 'ISA Saver Direct' on both pages so I panicked. Just checked the t&cs and it says at times some communications from Halifax may say 'ISA Saver Direct' rather than Reward ISA. Does the display on my internet banking account count as one of these 'communications'? Does anyone else have their reward account listed as an ISA saver direct?

On my statement I also have an interest payment listed under type as 'Interest' dated 29th March, the day they received my transferred funds. Then on 5th April I have interest payment listed under type as 'Deposit'. According to the T&Cs interest is paid on 5th April and then the anniversary of the account so why did I receive the interest payment on 29th March and why is it listed differently to the 5th April payment? The 29th March payment is not listed on my paper statement which I received in April. Strange!

Sorry for the rambling - many thanks in advance!

purplestar133

purplestar133 wrote: »

Hi everyone,

I opened an ISA Reward Issue 4 with Halifax in March. At first it displayed in my online banking account as 'ISA Saver Direct' until I transferred my funds in from another provider. Then, if I remember correctly, it displayed as a Reward ISA on the list of accounts page but still said ISA Saver Direct on the statement page. I think the interest rate seemed ok at the time so I just presumed it was fine.

It's been months since I've logged in as I knew I needed to just leave the money in for 12 months. Now it is listed as 'ISA Saver Direct' on both pages so I panicked. Just checked the t&cs and it says at times some communications from Halifax may say 'ISA Saver Direct' rather than Reward ISA. Does the display on my internet banking account count as one of these 'communications'? Does anyone else have their reward account listed as an ISA saver direct?

On my statement I also have an interest payment listed under type as 'Interest' dated 29th March, the day they received my transferred funds. Then on 5th April I have interest payment listed under type as 'Deposit'. According to the T&Cs interest is paid on 5th April and then the anniversary of the account so why did I receive the interest payment on 29th March and why is it listed differently to the 5th April payment? The 29th March payment is not listed on my paper statement which I received in April. Strange!

Sorry for the rambling - many thanks in advance!

I have just rang Halifax and was told that my online account would not mention the Reward ISA. Apparently it will be listed as a direct ISA and the 'Reward' is added at the end so long as i fulfil the terms and conditions. Does that sound right? It's the first I've heard of it!

The Reward ISA I took out was advertising 3% at the time so, if I keep the current balance in it for 12 months from the date of opening I should receive 3% at the end after 12 months - is that right?:doh:

One last dopey question...to work out how much interest I should earn on my balance (which was the initial deposit and no additional deposits) at 3%, is the calculation just
3/100 x (balance)?

curlygirl1971

purplestar133 wrote: »

I have just rang Halifax and was told that my online account would not mention the Reward ISA. Apparently it will be listed as a direct ISA and the 'Reward' is added at the end so long as i fulfil the terms and conditions. Does that sound right? It's the first I've heard of it!

The Reward ISA I took out was advertising 3% at the time so, if I keep the current balance in it for 12 months from the date of opening I should receive 3% at the end after 12 months - is that right?:doh:

One last dopey question...to work out how much interest I should earn on my balance (which was the initial deposit and no additional deposits) at 3%, is the calculation just
3/100 x (balance)?

Hi

This has also been discussed on other threads and is normal.

I have an ISA Saver Direct with the Halifax also. When I opened it in May 2011 the rate was 3%. I don't recall it ever being called a Reward ISA online or on any of the paperwork once it was opened. I think it was only referred to as this during the application stage.

As I am a Reward Current Account holder and I pay £1000 into that account every month I will also be eligible for an extra 0.20% on applicable savings accounts including the ISA Saver Direct. On a different account (that had the reward 0.20% applied) I noticed that there were two interest payments on the anniversary - one representing the basic interest % and one representing the extra 0.20% - the reward element. So this may happen on the ISA Saver Direct?

With regard to your interest payment on 29th March - presumably you had transferred your ISA pot from one ISA provider to another (ie the Halifax)? If you look at the Halifax ISA Promise you will see that they pay you interest from the day they receive your ISA transfer instruction. This initial interest payment is likely to be the interest for the period between them receiving your transfer instruction to them actually opening an account. The same happened with mine last year and when I worked out the interest the amount agreed to this presumption.

With regard to your Interest payment on 5th April. Am not sure about this and my T&C are at home so I can't refer to them. In anycase, give them a call and ask them

Yes that is how you can calculate your expected interest for a full 365 days on a balance that hasn't changed.

HTH

purplestar133

curlygirl1971 wrote: »

Hi

This has also been discussed on other threads and is normal.

I have an ISA Saver Direct with the Halifax also. When I opened it in May 2011 the rate was 3%. I don't recall it ever being called a Reward ISA online or on any of the paperwork once it was opened. I think it was only referred to as this during the application stage.

As I am a Reward Current Account holder and I pay £1000 into that account every month I will also be eligible for an extra 0.20% on applicable savings accounts including the ISA Saver Direct. On a different account (that had the reward 0.20% applied) I noticed that there were two interest payments on the anniversary - one representing the basic interest % and one representing the extra 0.20% - the reward element. So this may happen on the ISA Saver Direct?

With regard to your interest payment on 29th March - presumably you had transferred your ISA pot from one ISA provider to another (ie the Halifax)? If you look at the Halifax ISA Promise you will see that they pay you interest from the day they receive your ISA transfer instruction. This initial interest payment is likely to be the interest for the period between them receiving your transfer instruction to them actually opening an account. The same happened with mine last year and when I worked out the interest the amount agreed to this presumption.

With regard to your Interest payment on 5th April. Am not sure about this and my T&C are at home so I can't refer to them. In anycase, give them a call and ask them

Yes that is how you can calculate your expected interest for a full 365 days on a balance that hasn't changed.

HTH

Many thanks for this. From what I gather interest is paid on 5th April and at the end of the reward period. So, the 5th April interest payment made sense to me, just not the 29th March!

10_66

purplestar133 wrote: »

I have just rang Halifax and was told that my online account would not mention the Reward ISA. Apparently it will be listed as a direct ISA and the 'Reward' is added at the end so long as i fulfil the terms and conditions. Does that sound right? It's the first I've heard of it!...

When I opened my Direct Reward ISA in March 2011 the name that appeared when I logged onto my online accounts definitely showed the name as "Direct Reward ISA" (the interest rate shown will only be 3% rather than 3.20% because they won't know until the 12 months anniversary whether or not the terms and conditions have been adhered to).

BUT, when Halifax migrated over to the Lloyds TSB system a few months' ago, when logging into my accounts the name of the ISA had changed to "ISA Saver Direct" (the interest still showed as 3%). Irritating really, because according to their interest rate list for accounts no longer available, the interest rate for the account with this name is shown as 1%. I'm "trusting" that their computers will take note of the 3% (+ the bonus) that's showing when I log on, rather than calculating the interest purely from the name of the account .

purplestar133

10_66 wrote: »

When I opened my Direct Reward ISA in March 2011 the name that appeared when I logged onto my online accounts definitely showed the name as "Direct Reward ISA" (the interest rate shown will only be 3% rather than 3.20% because they won't know until the 12 months anniversary whether or not the terms and conditions have been adhered to).

BUT, when Halifax migrated over to the Lloyds TSB system a few months' ago, when logging into my accounts the name of the ISA had changed to "ISA Saver Direct" (the interest still showed as 3%). Irritating really, because according to their interest rate list for accounts no longer available, the interest rate for the account with this name is shown as 1%. I'm "trusting" that their computers will take note of the 3% (+ the bonus) that's showing when I log on, rather than calculating the interest purely from the name of the account .

Me too! We have to cross our fingers don't we because, as many of us on these forums know, we can't trust the companies that take our money as far as we can throw them!:mad:

LGG_2

i have a direct issue 4 aswell and ive just checked my account and it says ISA saver direct aswell when the last time i looked which was prob a good few months ago it said direct issue 4. the intrest rate does say 3% though which is what it should say. just have to check the intrest when it matures in march i guess

Lady_K

10_66 wrote: »

When I opened my Direct Reward ISA in March 2011 the name that appeared when I logged onto my online accounts definitely showed the name as "Direct Reward ISA" (the interest rate shown will only be 3% rather than 3.20% because they won't know until the 12 months anniversary whether or not the terms and conditions have been adhered to).

BUT, when Halifax migrated over to the Lloyds TSB system a few months' ago, when logging into my accounts the name of the ISA had changed to "ISA Saver Direct" (the interest still showed as 3%). Irritating really, because according to their interest rate list for accounts no longer available, the interest rate for the account with this name is shown as 1%. I'm "trusting" that their computers will take note of the 3% (+ the bonus) that's showing when I log on, rather than calculating the interest purely from the name of the account .

I havent checked mine but will do now you have mentioned this thanks

Hendo9

Absolute total noob on these matters but need to get clued up quick time.

Havent paid attention to a Cash ISA my bank set up for me a year or two back (Lloyds), never really used it the past year, but now have a bit more to save/put away so was looking for something to suit my needs... but now have a few questions.

1. Is there any point/advantage of me opening a new ISA now? Seeing as if i wait a few months it'll be a new year/new interest etc? If so, what are they?

2. From the lists on the forums/the actual MSE site, is the AA ISA the current best easy access one then yeah?

3. What would you advise?


Again, sorry, im totally clueless and mind sound a fool but still lol...

sly_dog_jonah

Hendo9 wrote: »

Absolute total noob on these matters but need to get clued up quick time.

Havent paid attention to a Cash ISA my bank set up for me a year or two back (Lloyds), never really used it the past year, but now have a bit more to save/put away so was looking for something to suit my needs... but now have a few questions.

1. Is there any point/advantage of me opening a new ISA now? Seeing as if i wait a few months it'll be a new year/new interest etc? If so, what are they?

You should switch now to maximise interest on both your existing ISA savings and the new cash you want to save. Your LloydsTSB ISA is almost certainly earning a pitiful 0.9% or 1% interest. In order to maximise the existing ISA savings, you'll need to identify an account that accepts transfers in. Virgin offers 2.85% (bit less than AA) but you could also add new money to it. http://www.moneysavingexpert.com/savings/cash-isa-transfers#virgin

2. From the lists on the forums/the actual MSE site, is the AA ISA the current best easy access one then yeah?

Correct but it is for 'new' money only, i.e. you can't transfer previous year's ISA to maintain the tax free allowance from those previous years. If you've already added money into your Lloyds ISA in this tax year you can't open this account (as you've already 'subscribed' this tax year). However you could open a new ISA if you transfer your previous ISA over, e.g. to Virgin above, and then add more money until you've used the full allowance for this tax year. You can only open a new ISA with AA (or anyone else not accepting transfers in) in this tax year if you haven't made any deposits to the existing ISA in the current tax year. You say you haven't 'really used' the LloydsTSB ISA, but if you have made any deposit (even £0.01) then you have 'subscribed' (note that Interest credited by the bank doesn't count towards this). You can transfer an ISA if you've deposited some money into it this tax year, but you have to transfer at least this year's deposits (in your case you'd want to do it in full though).

3. What would you advise?

Transfer your existing ISA funds to Virgin (assuming you need easy access) and then either top it up with this year's money, or to maximise interest for this year's money open the AA ISA (for this year's money only, but then you won't be able to add to the Virgin ISA until next April). If you want all your ISA money in one place, just go with Virgin (it'll 'cost' you 0.2% compared to AA on this year's money).