Cash ISAs: The Best Currently Available List

PowerSavingMode

I've just successfully 're-designated' my existing Halifax ISA (2.6%) to the new 3% one, as per above.

I phoned the usual savings line -- 08457 26 36 46 -- and, after going through security, was put through to the online team, who upgraded my account with the new interest rate straightaway. The same account terms remain in place.

She also told me that the fixed bonus of 2.75% was payable from today's date (when I upgraded), and to check around April to see if there were any better interest rates with Halifax.

Hope this helps.

SnowMan

Cheshire Building Society are supposed to be joining the ISA party tomorrow with a 18 month term fixed rate ISA account paying 4.05% and a 3.35% no notice ISA account see emoneyfacts

KTF

No transfers in allowed:

Open your account today with at least £1,000 up to your annual cash ISA allowance (transfers from existing ISAs are not permitted).

From: http://www.thecheshire.co.uk/ISAs/Direct-Fixed-Rate-ISA/

And: http://www.thecheshire.co.uk/ISAs/Direct-Cash-ISA/

Consumerist

KTF wrote: »

No transfers in allowed:

That's the case for the old 3.7% version but if funding is hard to come by for building societies then it just may be that the new one will allow transfers-in.

Santander, for example, has allowed transfers-in to their latest Flexible ISA for the first time so you never know.

KTF

This article suggests the t&c will remain the same:

http://www.thisismoney.co.uk/money/saving/article-2111533/War-breaks-Nationwides-uses-Cheshire-brand-3-35-rate-Santanders-leading-Isa-deal.html?ITO=1490

DetainWino

SnowMan wrote: »

Cheshire Building Society are supposed to be joining the ISA party tomorrow with a 18 month term fixed rate ISA account paying 4.05% and a 3.35% no notice ISA account see emoneyfacts
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These arent new BTW, the former is a 3rd issue of their 18 month bond and the latter is a rate change on their cash ISA. These are now confirmed on their website.

As well as those 2 they do have transfer in products but with lower rates. E.g. 12 month bond at 2.65 to 2.90% depending on balance size.

rhyski

SnowMan wrote: »

Nat West have increased the rates on their E-ISA by 1% so for their top tier (funds of over 30K) their headline rate is '3.50% AER' and for the lowest tier (up to 10k) the headline rate is '3% AER'

However the usual Nat West scam to mislead customers is there and this time the bonus of 1% only starts from the 15th or 16th of the month after the account is opened.

So it is hard to see how the 3.5% rate could be achievable unless your ISA transfer took at least more than a month to be implemented and even then who knows if they will treat the opening date as the date the transfer is implemented.

And if you are trying to subscribe this year's ISA allowance before 5th April you are bound to be caught out by the scam.

Shame on you Nat West. Will report this advertisement too as misleading here (the reporting form is currently not working and the FSA won't take information over the phone currently if you ring them) on the basis the AER which is supposed to represent the available return is not achievable.

I have been in contact with Natwest about this...

You can open an account without paying any money in & without transferring any money straight away. They have said that an account can be opened this month, then money paid in at a later date - after the bonus rate starts (ie. after the 16th of the following month).

The bonus rate is valid for 12 months from the date the bonus rate starts.
For me, this means that I can leave my savings in my current ISA, and then transfer after 16th of next month when the bonus rate starts. This means for me I will get 3.5% for the year.

HOWEVER - Yes, if people are subscribing to this years ISA they will loose out on a minimum of half a months interest at the bonus rate.

Presuming someone is subscribing for this tax year, and has enough in an ISA to transfer taking the total to over £30,000,
they would get 2.5% for approx. half a month, then 3.5% interest for the next 12 months.

On this basis, providing they subscribe half a month before the bonus interest; the interest for a year would be calculated as:
half a month at 2.5%
11.5 months at 3.5%
Which equals 3.458% (approx) for the year which is still a pretty good rate

rhyski

(Unrelated to the post above..) an interesting point is that (as far as I am aware) only Nationwide and Halifax promise to pay interest from the day you apply to transfer funds, which means that with all other transfers you could be losing up to 15 days interest (which is the guideline time for isa transfers) regardless.

I'm not sure how long transfers usually take - but this could be worth factoring in to the % interest Nationwide and Halifax pay on their isa when choosing between providers

purplestar133

Upgraded to Santander's two year Major ISA over the phone on Tues night. Surprised that the paperwork turned up today in the post. The letter said 'as discussed I have cancelled your request to transfer to another provider'. That wasn't discussed, I hadn't requested to transfer to another provider! And they included the terms and conditions for the wrong account - the Fixed Rate Postal ISA.

Good start! Now I'm going to have to ring them and check they've opened the right account.

KTF

Same letter for me. I just binned it all as it said on the covering letter that I had been moved to the Major ISA which is the 2 year one and if it was a postal ISA then it wouldnt be showing online.

Be interested to see what they say if you do call them though.