Cash ISAs: The Best Currently Available List

AndyPK

Humm, and there 3 year one is cut to 2% etc.

Just as well I did it last weekend hopefully...

mary

My Santander 2 year fix is maturing on May 1st as well as another one with BMidshires the same day. I was looking to transfer into the Santander 123 2 year fixed Isa for 2.3% as I have a 123 current account. It does say you can upgrade within 28 days of maturity - so would that mean you would be penalised for effectively transferring early?

I was thinking of doing this, so the account would be opened for me to then transfer also the BMidshires one into the 123 Fixed Isa.

meanscot

Hi Mary


I am in a similar position.


I phoned Santander (use 0800 587 2764)and was told if I transferred before the maturing date (1st May) I would lose 120 days interest.


However, the nice call centre person said I could open a new ISA without any deposit and on maturity of my old ISA, they would transfer the money into the 2.3% new 123 ISA automatically. She then did this for me on the phone.


meanscot

mary

meanscot wrote: »

Hi Mary


I am in a similar position.


I phoned Santander (use 0800 587 2764)and was told if I transferred before the maturing date (1st May) I would lose 120 days interest.


However, the nice call centre person said I could open a new ISA without any deposit and on maturity of my old ISA, they would transfer the money into the 2.3% new 123 ISA automatically. She then did this for me on the phone.


meanscot

Does this newly opened ISA not become a new one for the new tax year, by doing that? I was going to open a 14/15 with new money elsewhere.

meanscot

mary wrote: »

Does this newly opened ISA not become a new one for the new tax year, by doing that? I was going to open a 14/15 with new money elsewhere.

This does become a new ISA for 14/15 but I'm sure if you don't pay in any "new" money and only transfer in the money from your old ISA, I think you can still open another ISA for 14/15 to pay in your new money.


Perhaps another forum member might confirm this.


meanscot

Archi_Bald

mary wrote: »

Does this newly opened ISA not become a new one for the new tax year, by doing that? I was going to open a 14/15 with new money elsewhere.

If you only transfer (using official ISA transfer procedure) to one or more ISAs, and not deposit any new money into any of these, you can still also have one other ISA for new deposits ("subscriptions") in the same financial year. And of course, you can have one S&S ISA and one cash ISA, both for new money, in the same financial year.

boobbby

I used the money I would normally have put in an ISA into various higher % current accounts and have used my previous years ISA to open new ISA,s. In fact I have used some money from an old ISA to top up the current accounts to the max. My last thought is should I get a 2% £20000 FRISA at Lloyds or the instant ISA from Lloyds giving 1.5% (means I will lose out with £100 interest but I will have the funds to transfer to a new ISA if interest rates improve) Any thoughts !

innovate

make your decision in March 2015? Nobody will nick your ISA allowance before then, and interest rates will almost certainly not be worse than they are now. Even if they were, you still have a £100 advantage in the bag. But only you can decide what's best for you

Consumerist

boobbby wrote: »

. . . My last thought is should I get a 2% £20000 FRISA at Lloyds or the instant ISA from Lloyds giving 1.5% (means I will lose out with £100 interest but I will have the funds to transfer to a new ISA if interest rates improve) Any thoughts !

If the £20K is coming from one of the high % current accounts then why not just let it earn its high % (> 2% net) until March 2015 and make up your mind at that time? I'd say your position has more flexibility like that.

purplestar133

Last month I opened a Halifax fixed rate ISA to transfer my maturing Santander Major ISA to on 1st May. I have £5,500 in there, and won't be able to reach the new £15,000 ISA limit this year, so have decided to take it out of ISAs and put into current accts, at least until near the end of the tax year.

So, I've opened two new TSB plus accounts today to put £2000 each into, but that leaves me with £1,500. I've already got a Yorkshire Bank current acct, that I'm using to save this year's ISA money into. I don't want to put my remaining £1,500 into that or I'll max it out and won't have anywhere to put my monthly savings.

Are there any other high interest paying current accts? Santander 123 is not an option for me as I don't pay enough bills for the cashback to outweigh the fee. I gather Lloyds Vantage might have been an option but it's dropping its rate in July?

Or should I just transfer the remaining £1500 into the Halifax at 2% anyway?