Cash ISAs: The Best Currently Available List

steady__eddie

What was it that old Ted used to say in The Fast Show ?
Oh b*gg*r.
I transferred one to their 3 year job some weeks ago which was subject to 100 days notice. The notice period matures on the 16th of August. I wonder if I'll get the old rate or the new reduced one ?

Froggitt

FYI Ive lodged a FOS complaint against Halifax for changing rates between me signing up for a rate online and them accepting my application, and not notifying me.

Dustykitten

Don't like this clause on the M&S isa:

Earn a fixed rate for 1, 2 or 3 years
With the M&S Cash ISA Fixed Rate Savings option, the interest you receive is fixed for 1, 2 or 3 years and you can start saving from £500. If you need to access your savings before the end of the fixed term, you can take out all your money at any time. However, you can’t make a partial withdrawal. And there’s a charge of up to £100 to withdraw your money early – so you might get back less than you put in. Remember, if you reach your full cash ISA allowance for the current tax year, any amount you withdraw can’t be replaced during the same tax year.

Dustykitten

Metro bank ISA - anyone got any experience of transferring funds to them please?

badger09

steady__eddie wrote: »

What was it that old Ted used to say in The Fast Show ?
Oh b*gg*r.
I transferred one to their 3 year job some weeks ago which was subject to 100 days notice. The notice period matures on the 16th of August. I wonder if I'll get the old rate or the new reduced one ?

Depends on Halifax specific T&C :cool:

I've had experience (with other providers) in the past - some say 'tough' the applicable rate is the one in force when the funds are transferred, others will honour the rate as long as your application is received before they reduce their rate.

As your funds are not available for transfer until 16th August, I think you'll be lucky to get the higher rate. Fingers crossed though

Dustykitten

Can somebody please explain this from the Coventry ISA:

Get a great variable rate of 3.25% tax-free^ p.a./AER*. This rate includes a 0.50% tax-free^ p.a./AER* bonus for the first year. In addition we guarantee that the AER* will be at least equal to 3.25% until 5 April 2013

Is this therefore guaranteed to be at least 3.25% but could go up? I'm very confused.

Consumerist

Dustykitten wrote: »

Can somebody please explain this from the Coventry ISA:

I interpret it as follows:-

The 3.25% AER is the minimum tax-free interest you will be paid between now and April 2013 (this rate includes the 0.5% bonus); i.e the rate may go up but not down before April 2013.

From April 2013 the standard rate for the account may change but will pay 0.5% above this until the account has been open for a year when the rate will revert to the standard rate at that time.

Hope that makes sense.

Consumerist

Dustykitten wrote: »

Don't like this clause on the M&S isa:
. . . However, you can’t make a partial withdrawal. And there’s a charge of up to £100 to withdraw your money early – so you might get back less than you put in.. . .

According to my figures :-
£5,640 for 1yr @ 3.25% AER, penalty = £ 50 = 100 days interest
£5,640 for 2yr @ 3.50% AER, penalty = £ 75 = 139 days interest
£5,640 for 3yr @ 3.75% AER, penalty = £100 = 173 days interest

These penalties compare with 90, 180 and 270 days, respectively, from most other providers.

So for those with the full ISA allowance invested in the 2- and 3-yr M&S fixed ISAs, it could be cheaper than other providers.

smulx

If I transfer money to a new ISA from my Natwest one, do I have to transfer the entire balance or can I choose how much to transfer?

Also, is there any limit to the amount that can be transferred? For example if I was moving to a Santander account at 3.3%, could I transfer £15,000 and earn 3.3% on the entire balance?

innovate

smulx wrote: »

If I transfer money to a new ISA from my Natwest one, do I have to transfer the entire balance or can I choose how much to transfer?

If you want to transfer the money you have put into your ISA in the current tax year, you must transfer all of it. You can choose how much to transfer of any money (and its interest) from previous years.
http://www.hmrc.gov.uk/isa/faqs.htm#6

smulx wrote: »

Also, is there any limit to the amount that can be transferred? For example if I was moving to a Santander account at 3.3%, could I transfer £15,000 and earn 3.3% on the entire balance?

There is no limit that I am aware of - - suppose it depends on the T&Cs of the ISA but I have not seen any limit ever. Yes, you could transfer £15K into the 3.3% Santander ISA and then get the 3.3% AER on the entire balance. Though the 3.3% only lasts for 12 months, it's an outrageous 0.5% thereafter (i.e time to transfer again).