Cash ISAs: The Best Currently Available List

Optimist

Somerset wrote: »

I've got an old shares isa with Selftrade. Would I be a new or existing applicant re their cash isa ?

That is a question you are going to have to ask Selftrade.

They say existing customers can continue to place business with them but whether they class a new account type as new business or not is debatable.

rb10

purplestar133 wrote: »

I'm considering opening a HSBC current account so I can get their ISA paying 2.75% on balances above £15000.

Are there any disadvantages to opening a current account just to get an ISA? I would close the current account if I was transferring to another provider. Does this kind of thing affect your credit rating?

I would not normally consider opening a current account to get an ISA but am currently with M&S, their rate is dropping in March and there's not much out there.:(

The effect on your credit score would be minimal.

The main thing to bear in mind is that HSBC have had this rate on their ISA for a long time now, whilst other rates have been dropping around it. I wouldn't be surprised if they didn't cut this rate fairly soon.

Remember that HSBC current accounts have a minimum monthly funding requirement of £500, so you would need to ensure you can credit this each month. Whilst this doesn't have to be salary (a faster payment in from your main account, then immediately returning the money), HSBC's internet banking is a bit of a faff compared to other banks.

Stompa

Somerset wrote: »

I've got an old shares isa with Selftrade. Would I be a new or existing applicant re their cash isa ?

I took a look at this last week, as I also have a share account with them. As an experiment I tried starting the application process and it looks as though they will allow you to open a Cash ISA. Though since I don't want one right now I aborted the application procedure before reaching the end, so can't be 100% sure.

purplestar133

rb10 wrote: »

The effect on your credit score would be minimal.

The main thing to bear in mind is that HSBC have had this rate on their ISA for a long time now, whilst other rates have been dropping around it. I wouldn't be surprised if they didn't cut this rate fairly soon.

Remember that HSBC current accounts have a minimum monthly funding requirement of £500, so you would need to ensure you can credit this each month. Whilst this doesn't have to be salary (a faster payment in from your main account, then immediately returning the money), HSBC's internet banking is a bit of a faff compared to other banks.

Thanks very much for that info. I hadn't realised there was a minimum funding requirement - hadn't got that far into terms and conditions yet. Might leave it then. The wait for a decent ISA continues...

innovate

purplestar133 wrote: »

Thanks very much for that info. I hadn't realised there was a minimum funding requirement - hadn't got that far into terms and conditions yet. Might leave it then. The wait for a decent ISA continues...

Minimum funding requirement is very easy to achieve.

As rb10 already outlined: a faster payment in from your main account, then immediately returning the money.

marathonic

Selftrade seem to be accepting new customers again!

Looks like the fixed rate bonus lasts 12 months from the first deposit and is payable on 16th April. I assume this means that the best time to fund this account with your initial deposit would be on the 16th April - so as to avoid having to keep money there earning the standard variable rate until the bonus is paid.

Kazza242

Barclays have launched two new Cash ISAs:

• Barclays Flexible Cash ISA (issue 1), paying 2.30% on balances of £30,000+. A rate of 2.20% is paid on balances of £15,000 to £29,999 and 2.10% on £1 to £14,999. Though the rate is fixed, Flexible ISA allows you to make three penalty free withdrawals of up to 10% of the current balance without notice.
  
  It also allows additional subscriptions (up to your total annual cash ISA limit) until 05/04/2014. It can be operated via a Barclays branch. Access online or by telephone is also available if you have a Barclays current account and are registered for Online and Telephone Banking.
  
  
• Barclays Instant Cash ISA (issue 1), also paying 2.30% on balances of £30,000+. A rate of 2.20% is paid on balances of £15,000 to £29,999 and 2.10% on £1 to £14,999. The rate includes a 0.80% fixed bonus for the first 12 months.
  
  It allows instant access to your cash. It can be operated via a Barclays branch. Access online or by telephone is also available if you have a Barclays current account and are registered for Online and Telephone Banking.
  
  

Both ISAs have been added to the first post.

innovate

marathonic wrote: »

Selftrade seem to be accepting new customers again!

As of right now, their online application form still says

We are undertaking a review to enhance some of our processes, so we are unable to progress your application at this time

http://www.selftrade.co.uk/open-an-account.php

Have you found a way to apply?

marathonic

No, sorry. I'd just spotted it on MSE's best buy list for the first time, assumed it was new and searched here for reviews. You must be right.

elektra

rb10 wrote: »

Remember that HSBC current accounts have a minimum monthly funding requirement of £500, so you would need to ensure you can credit this each month. Whilst this doesn't have to be salary (a faster payment in from your main account, then immediately returning the money), HSBC's internet banking is a bit of a faff compared to other banks.

purplestar133 wrote: »

Thanks very much for that info. I hadn't realised there was a minimum funding requirement - hadn't got that far into terms and conditions yet. Might leave it then. The wait for a decent ISA continues...

ISA says
you're eligible for a Cash e-ISA if you are an existing current account customer

I'm not sure there is a funding requirement - see below

HSBC Bank account - are you eligible ?
Will you be paying at least £500 per month into this account?
(If you don't make the £500 monthly payment required to maintain your account, we will either change it to a Current Account or give you notice that we will be closing your account. If you are under the age of 24, the qualification criteria will not apply.)

I still have an ancient current account that is not funded regularly. I shall find out later this month in my account meets condtions when I attempt to transfer ISA - if account/rate is still about then. Never thought I would be transferring a savings account to HSBC though, they haven't had a good savings rate for years.