Cash ISAs: The Best Currently Available List

bsms1147

MissyD wrote: »

I personally prefer not to pay further tax on money I have already paid tax on, in my savings in the first instance.

I personally prefer to gain the most money, whether that involves paying tax or not.

If you are a basic rate taxpayer, you'll do better from £2000 in a 5% account than in a 3% ISA. It shouldn't bother you that the first opion you pay tax on, because you will gain more regardless.

Consumerist

bsms1147 wrote: »

If you are a basic rate taxpayer, you'll do better from £2000 in a 5% account than in a 3% ISA. It shouldn't bother you that the first opion you pay tax on, because you will gain more regardless.

The net difference is only 1% of the £2,000 i.e.£20 in your pocket after a year. I can sort of understand that pushing £500 backwards and forwards for a year to get just £20 out of it could seem like it's not worth the effort.

"What effort?" I hear you say but some people just prefer to keep their finances simple.

Archi_Bald

If I didn't care about the occasional £20 here and there, I would be at least a grand worse off at the end of the year. I appreciate that for some people £20, or even £1,000, isn't much, but this is MSE, after all.

Archi_Bald

MissyD wrote: »

That's 5% AER/4.89% gross variable on balances up to £2,000 - NO interest is paid on balances above that.

it is actually £4,000 since you are allowed 2 accounts.

MissyD wrote: »

I personally prefer not to pay further tax on money I have already paid tax on, in my savings in the first instance.

Forgive me, but this sounds highly illogical under the circumstances. Why would you settle for some 2% untaxed when you can get 3.9% after tax? Cutting your nose off to spite your face?

veryintrigued

MissyD wrote: »

That's 5% AER/4.89% gross variable on balances up to £2,000 - NO interest is paid on balances above that.

I personally prefer not to pay further tax on money I have already paid tax on, in my savings in the first instance.
Not to say I don't have current accounts for in-credit paying interest and cashback on bills ;-)

Id prefer to do both.

i.e. drip feed into one of a couple of 4% ISAs that are out there with £1250 each month whilst keeping the balance in 5%, 4% & 3% C/As available.

Makes sense to me anyway

Consumerist

Archi_Bald wrote: »

If I didn't care about the occasional £20 here and there, I would be at least a grand worse off at the end of the year. I appreciate that for some people £20, or even £1,000, isn't much, but this is MSE, after all.

That's about an occasion a week. I'm afraid I don't get that many occasions myself and if I did, I'm not sure how well I would keep abreast.

Ian_W

Kazza,
FYI the National Counties 45 days notice cash ISA appears to be no longer available. The link on p1 takes you to an error page and a search on their site shows only 1 & 2 yr fixed rate ISAs are now being offered.
Bummer as I'm trying to find a home for MrsW's ISA lump following the end of a 3yr 4%+ (those were the days!) and don't want to fix this time. Back to the drawing board!

ETA Principality Promise ISA is now issue 5 with rate reduced from 1.8 to 1.4% inc conditional bonus.

typistretired

Kazza242 - tried to pm you the following but your mailbox is full!!

The following has been emailed by savers friend today:-

New branch-based ISA
Introduced in the past week is this highly competitive two-year fixed rate ISA from Clydesdale Bank and Yorkshire Bank. Requiring a minimum deposit of £2,000, Cash ISA – Fixed Rate Bond (Issue 24) pays 2.00% yearly until 31 May 2016. It should be noted that only one deposit (including the initial deposit) is allowed per tax year as long as the issue remains open, with one further deposit being accepted in July to top up to the new £15,000 allowance.

While this branch-based ISA welcomes transfers in, withdrawals prior to maturity are not allowed. However, it is possible to close the ISA early, and suffer a penalty of up to 180 days’ interest, depending on the time left to maturity but of a minimum of £30. The same penalties apply if transferring out.

Warren1

Hi guys I was looking for a bit of advice on where to collate my ISA's to, I did want a regular saver but both Nationwide and Newcastle BS don't allow transfers in. I usually save 500-700 pm so would I be better off saving in a regular saver and then drip feeding into the TSB 5% current account. Or just lump my old ISAs into a new one and begin saving when the new limit is available in July? The only trouble I find is there's so much information out there it's hard to decipher what the best. Would appreciate any help given thanks

johncr

Just noticed Skipton have cut the rate on their 5 year fixed rate ISA, now 2.75%.