Cash ISAs: The Best Currently Available List

pittspitch

Am I correct in reading that to beocme a member of the dotcomunity credit union (Lifetime cost £5) I first have to be a member of the dotcomunity itself, cost £30 PA, this rate for individual membership with no concessions. Thanks

innovate

Either the dotcomcommunity search facility is broken, or I am blind, but is looks as if they are offering no FSCS protection. If I am wrong, someone please post evidence to the contrary.

This was enough for me to not look any further, but if pittspitch is correct (which I wouldn't doubt), there is an upfront cost of £35 for joining the [unprotected] club.

So instead of £172.80 (3% of £5,760), you would only get £137.80 after keeping £5,760 in there for a year. That equates to roundabout 2.39%. A basic rate taxpayer can actually get this sort of money in a current account, and a lot more in a fixed-term ISA with a reputable ISA provider that offers full FSCS protection.

NB. All the numbers are assuming dotcomcommunity haven't gone bust before you can get your interest, and your money out.

rb10

innovate wrote: »

Either the dotcomcommunity search facility is broken, or I am blind, but is looks as if they are offering no FSCS protection. If I am wrong, someone please post evidence to the contrary.

Probably the former:

Your Savings are Safe
Your eligible deposits with DotComUnity Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme.
This limit is applied to the total of any deposits you have with DotComUnity Credit Union. Any total deposits you hold above the £85,000 limit between these brands are not covered.
Further information is available here or visit https://www.fscs.org.uk.

http://www.dotcomunitycreditunion.org.uk/savings-and-loans/

Jo4

My friend opened a Santander Direct ISA (Issue 9) last year which has a 3.3% AER variable interest rate which includes a bonus but it will end on 26th July. From then the new interest rate will be 0.5%. They have less than £4,000 in it. They haven’t paid any money into it since the 5th April and were wondering where they should move it to. They would like access to it, in case the need would arise. What account would be best for them?

DragonQ

The highest paying ISA that allows transfers in is from Cheshire Building Society at 2.3%.

melbury

I eventually settled on the Aldermore one year fixed rate at 2.25%. Have to say they seem to be super efficient, had all of the paperwork in a few days:)

I kept holding off thinking that something better would turn up, but sadly it doesn't look as it anyone is going to offer 5%+;)

I can remember years ago being quite disappointed with only getting 7.75% - can you believe that?:eek::eek:

Jo4

DragonQ wrote: »

The highest paying ISA that allows transfers in is from Cheshire Building Society at 2.3%.

Thanks! Should they wait until 26th July to transfer their ISA or should they transfer it now? The money they would normally put in their ISA is just sitting in their bank account getting no interest.

They would prefer online access. Which ISA is best for online access (as I didn't see one in that link that has all they want), allows for transfers in and has no transfer out penalities?

sparrer

I have looked but couldn't find so apologies if this is a repeat.

I opened a Santander 123 2 year ISA this afternoon and was told by the clerk that I'd opened it just in time as the 3% interest is going down next week, but branches have yet to be informed of the new rate.
Hope this helps someone
S

Consumerist

Jo4 wrote: »

Thanks! Should they wait until 26th July to transfer their ISA or should they transfer it now? The money they would normally put in their ISA is just sitting in their bank account getting no interest.

They would prefer online access. Which ISA is best for online access (as I didn't see one in that link that has all they want), allows for transfers in and has no transfer out penalities?

The money sitting in their current account would be better in an ISA as soon as possible.

If your friend is getting 3.3% till July, it will probably be better to leave it alone until the bonus ends - I don't think they will get 3.3% anywhere else on an instant-access ISA.

So, if they open a new ISA now for the funds sitting in the bank then they will need to make sure it will accept transfers ready for when the bonus expires on the existing ISA in July.

Look through the <first post on this thread> to select an ISA account which suits their requirements.

ceegee

This is a good account for me as I have a lump sum to invest and have no other ISAs to transfer. It requires a deposit of the full £5760 straight away. That is all fine.

However, I do not have £5760 until a fixed rate bond matures on 31st May!

I have cheekily applied for an application pack this afternoon despite not having the funds yet. Is it likely that I can still have the ISA if I wait until 31st May to send my application form and cheque off to them? Is there likely to be a time limit for opening and funding accounts after they have sent out application forms?

Also, if they pulled the account between now and 31st May, would they be likely to still accept my application and cheque?

Sorry for all the garbled questions, but I can't find the answers on their website.

It's such a good rate and it suits me very well........I'd be proper miserable if I couldn't open it at the end of May after all!