Cash ISAs: The Best Currently Available List

MissyD_2

Cheers, all i need to work out now is which of these 2 is going to work out in more interest....I know the 1st has higher rate but Chesire's is for a bit longer...
Santander Direct ISA Saver (issue 1) - 2.50%
Rate guarantee? No. Rate effective from: 01/01/2013.
Minimum deposit: £2,500+. Operated via: Branch, Internet or Post.
Important: The advertised rate is available for the first 12 months and then reverts to a variable rate, currently paying 0.50%.

OR

Cheshire BS ISA Saver (issue 3) - 2.30% NEW Available from 05/04/2013
Rate guarantee? No. Rate effective from: 06/04/2013.
Minimum deposit: £1,000+ (to qualify for the higher rate). Operated via: Post or Telephone.
Important: Rate includes a 1.80% bonus until 31/10/2014.

No, maths + % is not my strong point!
Also, it's worth knowing, that my current ISA rate drops @ end of May, so I would want to transfer that into this one if possible, is it possible?
& I have 2k to start this years with....

Kazza242

MissyD wrote: »

I have learnt a lot over the years when it comes to money, savings, interest rates and ISA's etc, but I still can't get my head round this..... (example from 1st page - thanks Kazza)
http://www.coventrybuildingsociety.co.uk/savings-and-investments/cash-isas/cash-isa/Cash-ISA.aspx?tab=1
Which boasts -
"Our new Poppy ISA gives you a highly competitive variable rate of 2.50% tax-free^ p.a./AER* and the Society makes a donation to the Poppy Appeal based on monthly Poppy ISA balances~
This ISA is for the 2013/14 tax year and includes 0.50% first year bonus"
Question - I thought a variable rate meant it would change.....but also says "In addition we guarantee that the AER* will be at least equal to 2.50% until 5 April 2014"
So is that not fixed for 12 months for arguments sake as I tend to open on 6th...????
I always thought a variable APR meant it could change open up or down, over the period you have the account and whenever they want through out the period (with/without notice)???
Once again really sorry for the dumb question and am certainly not knocking Kazza's work in anyway, it's just the rates are so crap at the moment that these "variable" rates seem to best available for someone who can't commit?

Hi MissyD. The Coventry Building Society Poppy Cash ISA is a variable rate ISA. However, Coventry have guaranteed that the rate will remain at least 2.50% until 05/04/2014.

MissyD_2

Can you transfer previous year's ISA's to your current year's ISA but not as part of your new allowance?

10_66

MissyD wrote: »

Can you transfer previous year's ISA's to your current year's ISA but not as part of your new allowance?

Yes, as long as the terms and conditions of the ISAs permit it. If you transferred previous years' ISAs into your current one, it would not be classed as your new subscription.

innovate

10_66 wrote: »

Yes, as long as the terms and conditions of the ISAs permit it. If you transferred previous years' ISAs into your current one, it would not be classed as your new subscription.

Just to be sure: you must not do the transfer yourself. You must ask the new provider to do it for you. They all have ISA transfer forms for this purpose.

forevergrey

Kazza, I'm a bit confused here. The new Nationwide Flexclusive and Easy Access ISAs are listed on page 1 as allowing transfers in, yet this seems not to be the case:

http://www.nationwide.co.uk/mediacentre/pressreleases/viewarticle.htm?id=2162

Both accounts will appeal to those savers who want to use their 2013/14 tax-free cash ISA allowance straight away but, at the same time, want immediate access to their money. The minimum opening balance for both Flexclusive ISA and Easy ISA is £1, with a maximum deposit of £5,760 for the 2013/14 tax year. Transfers in from existing ISAs held with Nationwide or another provider are not permitted.

Kazza242

Coventry Building Society have increased the interest rate of their Poppy Cash ISA to 2.60%, as of 05/04/2013.

Kazza242

forevergrey wrote: »

Kazza, I'm a bit confused here. The new Nationwide Flexclusive and Easy Access ISAs are listed on page 1 as allowing transfers in, yet this seems not to be the case:

http://www.nationwide.co.uk/mediacentre/pressreleases/viewarticle.htm?id=2162

Hi,

I got the info from a newspaper article (published yesterday morning 04/04/13), which said that both ISAs accepted transfers in. They have since updated the article (no doubt following the upload of the Nationwide press release). There are always going to be some items of info that need to be corrected when further details are released by the institution providing the product.

I prefer to upload the info that I have available at the time and if necessary, correct it later following the product launch/official press release, rather than not post it at all, especially as many people are in the process of initiating ISA transfers to other providers at the moment.

Kazza242

jonmcclelland wrote: »

What's the difference between this and issue 2? Rate and bonus and time are exactly the same!

There isn't really any difference that I can see, just a new issue number. I expect they closed the previous issue to ensure that they could complete the opening of the ISAs for 2012/13 before the deadline. Also, the new issue includes the new ISA allowance limit (£5,760) for 2013/14.

MissyD_2

innovate wrote: »

Just to be sure: you must not do the transfer yourself. You must ask the new provider to do it for you. They all have ISA transfer forms for this purpose.

Yes, of course using the ISA transfer process.
Ok, so I just need some clarification on ISA Transfer timing please...
Can I open say 2.5% ISA from Santander for New tax year starting tomorrow?
I need to transfer my previous ISA a bit later though, as I will get my last interest payment @ 3.01% tax free rate on 01/06/2013 (interest is paid monthly @ 3.01% AER until 30/5/13.
But on the ISA transfer form, in the Declaration section it says:
"I authorise my existing ISA provider to transfer the ISA (tick one):
- Immediately, in which case I accept any consequential
loss of interest or penalty.
- After serving the full notice period on the account or at
maturity on a fixed rate ISA (this option is not recommended
if maturity date is more than 30 days from submitting
this form).
The transfer should be made immediately if neither of the above
is ticked."
I'm ticking the latter option, so does that mean that I can still transfer my old ISA into this one but I don't have to complete & send this form immediately??
Sorry, but I have never done it this way before (I withdrew £2500 from Britannia Building Society [branch only access] on maturity and rate drop and sprinted to the Barclay's branch to deposit it, this was about 5 years ago!)