Cash ISAs: The Best Currently Available List

jonmcclelland

jonmcclelland wrote: »

I am really interested in opening with the Cheshire for 12/13 yet can only see opening information for this current tax year with the minimum opening allowance.

Can this account be opened with next years tax allowance in mind, say with a post-dated cheque (6th April) as I've already subscribed fully this year?

Spiggle wrote: »

Hi jon,

I opened one of their ISA and they're pretty much on the ball but having to deposit by cheque allows you some leeway. Why not give them a ring and ask?

I have just called Cheshire this evening. They have told me that they cannot open the Direct Cash Isa (3.50% until September 2013) with intentions for the new tax year, even with a post-dated cheque for 6th April 2012. All openings for 2012/2013's allowance have to be done at the start of the new tax year.

Does this sound correct? Has anyone else been told this information? I'm slightly concerned only because this is 'market-leading' and is obviously a limited product which could well be withdrawn at the start of the new tax year.

lightbulb2760

As far as HMRC rules go, you can "open" as many ISAs as you like in any one tax year, as long as you "subscribe" to only one. The difference between "open" and "subscribe" is crucial. In other words, you can apply for Cheshire's ISA this tax year, even if you already have an ISA elsewhere for this tax year, as long as you don't pay any money into it until next year.

As far as Cheshire is concerned, if their rules state that you can open an ISA without subscribing at the same time, then you are perfectly at liberty to open the ISA with them now, as long as you don't fund it until after 6th April. But the catch might be that they require an initial deposit to open the account; if so then you will have to wait until 6th April to open and subscribe.

Kazza242

thingamaBob wrote: »

My main reason for posting was that I am a little confused by the Rent Guarantee Yes/No's in Kazza's OP and was wondering whether Kazza had just missed updating the Yes to No on the Santander one or whether I was missing something. For the Halifax one, as with most of the others, Kazza says there is no guarantee although the annual bonus is fixed for a year, so I presume the "no" relates to the variable basic rate. However, the Santander one is variable for both the basic rate and the bonus, so why does this say there is a guarantee?

Hi

I first added the Santander ISA to the list before the full details had been released, as the ISA had not officially launched at the time. I often go back and add additional info that comes to light after the official launch when the ISA has been added to its providers website, but I've been a bit snowed under, to be honest, with work and the high number of ISA launches over the last month.

The guarantee bit is often confusing when there is an underlying rate, as well as a bonus rate of interest for a fixed period. The Santander webpage states:

"Tax free/AER (variable) first 12 months, including variable rate
bonus. After 12 months the account will revert to a lower rate currently paying 0.50% tax free (variable)." 3.30% is then listed on the line below.

It seems to suggest (albeit loosely) that there is the guarantee of a higher rate for the first 12 months, at least. I thought about amending the rate guarantee section for this ISA to "Yes, for 12 months" but, I think I will amend it to "No", just because there is no underlying rate guarantee (currently at 0.50%) and the bonus is variable.

The same applies to the Halifax ISA Saver Online offering. Although there is a fixed introductory bonus of 2.75% bonus for 12 months, the underlying rate of 0.25% is not guaranteed, hence why the rate guarantee section for this ISA is correctly set to 'No'.

I will have a look at some of the other variable rate ISAs listed at the weekend when I'll have more time.

Kazza242

Aldermore have withdrawn their ISAs range, but they will be launching a range of new ISAs at the start of the next tax year, on 6th April 2012. They will be added to the list as soon as confirmation of their rates is released.

Kazza242

kar999 wrote: »

Thanks Kazza for posting the Saga 3.6% one year fixed details. I almost missed it as although it's the highest rate, it's not on most market leader tables, presumably due to it's over 50's restriction.

You're welcome. Yes, you're correct. The Saga offering won't feature on most best buy tables, because of the age restriction. I will always add new ISAs to the list on the first page, if the rates offered are competitive enough. As the Saga 3.60% fixed rate ISA pays the highest rate for a one year fix, I added to the list on the day it became available.

Spiggle

Hiya,

I am a dimbo and please ignore my blondness!!!!

Thanks to Stompa for pointing out my dimwittedness. I blame holiday panic!!!!

All the best,
Spigs

Spiggle

Bumping before this falls off the first page.

All the best,
Spigs

Sam_84

Can't see this mentioned elsewhere so apologies if this is a repeat. I phoned the AA earlier in the week to get the application form which arrived with me on Saturday. I just went to check the AA website before filling in the form to send back and it now says

If you are applying for this ISA you will be applying for the 2012/2013 tax year.
You can no longer apply for the 2011/2012 tax year.

I did a search to see if there were any news articles that mentioned this and The Guardian website confirms

http://www.guardian.co.uk/money/2012/mar/30/best-cash-isas-tax-free?newsfeed=true

So I seem to have missed the boat on the AA offer. Shame but there you go. Lesson learned to get a move on next time

Cheers

Sam

someone

FYI there are rumors that Nationwide will be offering 4(+?)% instant access passbook based account from Saturday. https://forums.moneysavingexpert.com/discussion/3883771

Anyone any more info on this?

DragonQ

What's a passbook based account? Does that basically mean branch-only access?