Cash ISAs: The Best Currently Available List

wattc

Consumerist wrote: »

A good point but reading between the lines, I think a no-paperwork solution was what was wanted. Also there are no credit checks for ISAs as with current accounts. I don't really know what was behind the question unless it's just a lack of understanding of the ISA rules.

Turns out it took 3 mouse clicks to open a new "ISA Saver Online", so I didn't have to do any new paperwork

I don't really know much about the ISA rules. I certainly didn't know you could open multiple accounts with the same bank, so thanks for that info Consumerist.

Archi Bald - I don't want the hassle of feeding money into those higher interest current accounts - it's just not worth the hassle to me for an extra £50 or so a year.

Thank you both for your help

Archi_Bald

wattc wrote: »

Archi Bald - I don't want the hassle of feeding money into those higher interest current accounts - it's just not worth the hassle to me for an extra £50 or so a year.

If you expected £50 extra a year from 'hassle' accounts, you would make all of about £20 interest in a Halifax 1.55% cash ISA. By your logic, why bother at all. If £50 extra isn't worth it, why bother with £20.

On up to £4,000, you can very easily make over two-and-half times the interest in 'hassle' accounts.

The hassle is negligable - but each to their own.

wattc

Archi_Bald wrote: »

If you expected £50 extra a year from 'hassle' accounts, you would make all of about £20 interest in a Halifax 1.55% cash ISA. By your logic, why bother at all. If £50 extra isn't worth it, why bother with £20.

On up to £4,000, you can very easily make over two-and-half times the interest in 'hassle' accounts.

The hassle is negligable - but each to their own.

If you are self-employed, drip feeding into an account is a hassle.

mary

I'm self employed and with a fixed pension, the hassle doesn't really take as long as you imagine. Set aside 1/2 hr to do the hassle each month. As said before depends how much you welcome an additional £20, £50 into your account each time. For me, it has to make to sense. If you need it, you'll find the time.

Archi_Bald

wattc wrote: »

If you are self-employed, drip feeding into an account is a hassle.

Not sure how drip feeding comes into it - - are you sure you understand how these high interest paying current accounts work?

Consumerist

Hey, come on folks, this is starting to look like bullying.

Us older hands, who know the ropes, find playing the banks at their own game is just a bit of lucrative sport but not everyone is up for it until they're sure of what they are doing. Better that than going into something they don't fully understand.

wattc - there are better returns available if you up for it but if you're not then stick with what you understand. It might be more profitable for you if you do a bit of research into other options mentioned above, however.

wattc

Consumerist wrote: »

Hey, come on folks, this is starting to look like bullying.

You can say that again!

Warren1

Hi guys i know both the Newcastle and Nationwide RS accounts do not allow transfers in but is it still possbile to drip feed my money into one of these accounts from a previous years ISA, or will I loose my tax free status this way?

innovate

It would be a lot easier to explain if you could post how much you have in the previous year(s)'s ISA, and how much new money you plan to deposit this year.

But here goes the theoretical answer:

Assuming the amount of money you wish to transfer from the previous year(s)'s ISA plus any new money you wish to deposit this financial year is less than £15,000, you can deposit from your old ISA(s) without losing the tax free status of your money.

If the above sum exceeds £15,000, you should probably not move the money from the old ISA(s) yourself. An ISA transfer might be more suitable for the old money.

scoot65

Didn't this thread used to be a sticky?

It's very useful so I thought I would bump it!!