Cash ISAs: The Best Currently Available List

staceykb84

Hi, I've recently moved to the UK and am very new to all the available savings accounts here. I don't really know how the ISA accounts work, after 1 year when you save up to £5640, can you save another £5640 the year after that into the same account? Also, i'm currently saving for my wedding with my fiancee and we're looking at putting away ~£1300 per month, would it be wise in setting up an ISA each and put the remaining money into another savings account? Sorry for all the questions and any help is gratefully accepted

boobbby

staceykb84 wrote: »

Hi, I've recently moved to the UK and am very new to all the available savings accounts here. I don't really know how the ISA accounts work, after 1 year when you save up to £5640, can you save another £5640 the year after that into the same account? Also, i'm currently saving for my wedding with my fiancee and we're looking at putting away ~£1300 per month, would it be wise in setting up an ISA each and put the remaining money into another savings account? Sorry for all the questions and any help is gratefully accepted

As there is no decent saving accounts and you need you money in the next few years the you only have acouple of options.. a tax free ISA in which you can save £5640 each per tax year. Maybe a Covenry Buiding society at 2.8% but you need to give 60 day notice but also use a current account like Santander giving 3% gross plus cashback or lloydsTSB vantage also giving 3% gross providing you have £3000 in these accounts

badger09

Are you UK resident for tax purposes?

If not, you don't qualify for an ISA

Consumerist

staceykb84 wrote: »

Hi, I've recently moved to the UK and am very new to all the available savings accounts here. I don't really know how the ISA accounts work, after 1 year when you save up to £5640, can you save another £5640 the year after that into the same account?

You get a new allowance every year; next year it's £5,760 , which you can add to an existing ISA or you can open a new ISA with a different manager. If you do add to your existing ISA after 5 April then that's the only ISA you can add to for the tax year. You can, however, transfer it at any time to a manager who accepts transfers-in.

Also, i'm currently saving for my wedding with my fiancee and we're looking at putting away ~£1300 per month, would it be wise in setting up an ISA each and put the remaining money into another savings account?

That sounds like a good plan if you want minimum risk. If you are likely to need quick access then avoid fixed-term accounts with a term longer than necessary.

innovate

Have you read the MSE ISA Guide?
http://www.moneysavingexpert.com/savings/ISA-guide-savings-without-tax

Kazza242

Nationwide have launched four new ISAs (w.e.f. 8/2/2013):

• Nationwide 2 Year Fixed Rate ISA, paying 2.35% on balances from £1+.
• Nationwide 30 month Fixed Rate ISA, paying 2.55% on balances from £1+.
• Nationwide 4 Year Fixed Rate ISA, paying 2.70% on balances from £1+.
• Nationwide Web ISA (issue 2), paying 2.25% on balances of £10,000+.

The new Nationwide ISAs have been added to the 'Best ISAs Currently Available' list on the first page of this thread.

etienneg

Some additional information about accounts listed as best buys:

First Direct Cash ISA 3%
This account requires you to have a First Direct current account.

Stafford Railway BS Cash ISA 3%
Transfers in are NOT currently allowed. (I tried; it's also on their "ISAs explained" web page, bullet points 10 and 11.)

Earl Shilton BS Cash ISA 2.70%
Transfers in are available only to existing members.

Dudley BS Cash ISA 2.60%
New savers must open account in person at a branch (or agency).

andy013

The NS&I ISA is listed under accepts transfers in, but on the website it says they do not accept transfers.

typistretired

Halifax has today 12th February increased the rate on some of their fixed rate isas.

2 year fixed isa now 2.50%

3 year fixed isa now 2.60%

4 year fixed isa now 2.65%

5 year fixed isa now 2.70%

Minimum balance £500 and they allow transfers in.

innovate

a step in the right direction! Still atrocious rates though