Cash ISAs: The Best Currently Available List

Consumerist

purplestar133 wrote: »

Haven't looked into the details yet but KTF says you can't open it with a transfer so Cydney would have to wait until new tax year as already used this year's allowance. Unless I'm missing something? Entirely possible!

See post #3599 above.

purplestar133

Consumerist wrote: »

See post #3599 above.

I DID miss something!

diy1950

diy1950 wrote: »

Quote from krps. "If you wish to transfer existing ISA funds in from another ISA provider, you will need to complete and return a paper transfer in form once you have made your initial deposit and your new ISA is open. If you only wish to transfer existing ISA funds (and do not have new funds to subscribe), please download, complete and return a paper application form and transfer in form - do not use this online application process."

As I understand it you can open the tracker isa just with transferred funds but the application can't be made online

Further to my above post, the following is stated on the application form for the kbs tracker isa. NOTE this can not be done in the online application. If you are only transferring funds you must use the paper application

2 INITIAL DEPOSIT AND/OR TRANSFER DETAILS (MINIMUM £1,000)
You have four options. Tick all which apply:
1. Deposit by cheque. Initial opening deposit £ (subject to HM Revenue & Customs limit currently £5,760 p.a.).
Cheques must be made payable in your name. Please write your address on the reverse of the cheque.
2. Transfer in cash ISA funds from another provider(s) and enclose the appropriate transfer form(s).
Please complete one form for each ISA. Number of forms enclosed
3. Make a partial transfer of £ or transfer the full balance complete as appropriate from my existing
Kent Reliance cash ISA to the above account. Please return your passbook (if applicable).
My existing Kent Reliance ISA number is
4. Make a partial transfer of £ or transfer the full balance complete as appropriate (subject to HM Revenue
& Customs limits) from an existing Kent Reliance non ISA to the above account. Please return your passbook (if applicable).

purplestar133

With regards to the KRBS tracker, can anyone who is better at maths than me tell me what the interest rate would work out at (say if the base rate stayed as it was) if I paid the 180 days interest penalty by leaving early?

Thinking out loud, I think this is my plan. Got the Cheshire ISA saver at 2.5% until July 14, Santander Major ISA at 4.01%maturing May 14, and this tax year's money in a Nationwide FlexDirect account.

Thinking of putting the FlexDirect money into the Chesire at 2.5%. Would have to wait until the new tax year to open the KRBS tracker if it's still open, then transfer in the Cheshire and Santander when they expire. Save next year's money in a Yorkshire Bank current acct, and drop that into KRBS at the end of the tax year or when the rate drops.

Can anyone see any holes in that, or a better plan?

My concern is tying all my funds up in one place for two years as I might be buying a house at some point and need the funds. 1 year would be ok but 2 is stretching it. (Though I might never buy a house!) So I'm wondering if it's still worth it if I end up having to leave it early.

Any thoughts appreciated!:o

Consumerist

purplestar133 wrote: »

With regards to the KRBS tracker, can anyone who is better at maths than me tell me what the interest rate would work out at (say if the base rate stayed as it was) if I paid the 180 days interest penalty by leaving early?

It depends on when you transfer out and how much you transfer at the time.

Say you transferred all of it after 18 months (1.5 yrs) then :-

On the back of an envelope,

2.0% pa for 1.5 yrs = 3.0% (interest for 1.5 yrs)
- 2.0 % for 0.5 yrs = - 1.0% (180-day penalty) [this would be the same in all cases]

So your net return would be about 2.0% over 1.5 years or the equivalent of about 1.3% pa.

Substitute your own time figure in line 1 of the calc.

diy1950

I am definitely interested in this tracker isa. However I note that KRBS is a trading name for OneSavings bank plc.

quote "krbs, krbs.com, Kent Reliance Banking Services and Kent Reliance are trading names of OneSavings Bank plc.
Registered in England and Wales (company number 7312896). Registered office: Reliance House, Sun Pier, Chatham, Kent, ME4 4ET.
OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority (registered number 530504)."


Should I be worried about this? I was under the impression that KRBS was just a building society.

Any comments would be welcome. Anyone held isas with KRBS? What were your experiences?

Consumerist

OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). We subscribe to the Financial Services Compensation Scheme and the Financial Ombudsman Service.

Sounds safe enough to me.

Archi_Bald

KRBS are covered by the FSCS £85K guarantee, so your cash up to that value is as safe with them as with any more well known outfit.

I have a regular saver with them, and apart from having to open and close it in Branch, it's fine. If you have a branch nearby. I think all their ISAs are now fully online though.

purplestar133

diy1950 wrote: »

I am definitely interested in this tracker isa. However I note that KRBS is a trading name for OneSavings bank plc.

quote "krbs, krbs.com, Kent Reliance Banking Services and Kent Reliance are trading names of OneSavings Bank plc.
Registered in England and Wales (company number 7312896). Registered office: Reliance House, Sun Pier, Chatham, Kent, ME4 4ET.
OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority (registered number 530504)."


Should I be worried about this? I was under the impression that KRBS was just a building society.

Any comments would be welcome. Anyone held isas with KRBS? What were your experiences?

I like KRBS. I've had a few ISAs with them before. Everything's been straightforward and they used to offer competitive rates. This is the first ISA of interest I've seen from them in a few years though.

DragonQ

So is there any downside to the KRBS tracker ISA? 2% and will increase with base rate, can include transfers, and instant access. Seems easily the best around.