Cash ISAs: The Best Currently Available List

veryintrigued

This will be the same as last years - i.e. 3%.

Detail is :

Starter ISA issue 6
3% variable
New money only
Opening balance of £10
Multiple monthly payments accepted
March 2017 can be used to make up any remaining balance if not used the £1270 in previous months.
New & existing customers
Transfers out subject to 180days loss of interest on transferred amount
Interest paid on maturity

colsten

For the vast majority of people it would make a lot more sense to save into 5% Nationwide and TSB Regular Savers, as well as the requisite current accounts. If they must put the money into an ISA, they can still do move the lot into an ISA end of March next year.

veryintrigued

colsten wrote: »

For the vast majority of people it would make a lot more sense to save into 5% Nationwide and TSB Regular Savers, as well as the requisite current accounts. If they must put the money into an ISA, they can still do move the lot into an ISA end of March next year.

I don't disagree with this.

However these 3% Saffron and Notts Regular Saving ISAs are still very useful to a small minority.

Our discussions, on this thread, from this time last year, made me smile when I reminded myself of them a week or so ago (I was keen to know what date(ish) these two institutions released their new offerings last year).

colsten

I understand there might be a small minority for whom these ISAs have a value. That small minority should indicate this when they "advertise" those apparently good rates, as this thread will probably be visited by many who don't understand ISAs and/or the interest rate landscape as well as the regulars on this forum do.

I feel it would be a great shame if people who can get 5% or even 6% tax free in non-ISA accounts would be misled into a 3% ISA.

Before anyone starts the "long-term value of an ISA" talk: I understand that as well. I am talking of the vast majority of people who don't have anything like £15,240 (or £20,000 next year) in savings, or those who have up to £50,000 and know they will spend it over the next 3-5 years on a house.

veryintrigued

colsten wrote: »

That small minority should indicate this when they "advertise" .

Advertising?

Really?

Highlighting a couple of decent products that may be of use to some forumites constitutes advertising?

*sigh* - still its an improvement on the language used last year when I think I was accused of 'promoting' them.

Hey ho...onwards...

Consumerist

Kazza, did you realise your whole thread is advertising ISAs - in the minds of a small (well off) minority who want to advertise something else?

MARTYM8`

colsten wrote: »

I understand there might be a small minority for whom these ISAs have a value. That small minority should indicate this when they "advertise" those apparently good rates, as this thread will probably be visited by many who don't understand ISAs and/or the interest rate landscape as well as the regulars on this forum do.

I feel it would be a great shame if people who can get 5% or even 6% tax free in non-ISA accounts would be misled into a 3% ISA.

Before anyone starts the "long-term value of an ISA" talk: I understand that as well. I am talking of the vast majority of people who don't have anything like £15,240 (or £20,000 next year) in savings, or those who have up to £50,000 and know they will spend it over the next 3-5 years on a house.

This is a thread about cash isas.

While I accept your point not everyone can or does want to operate multiple current accounts which are needed for those regular savers.

Anyone can open a savings account/ISA - not everyone will get accepted for a current account with First Direct, Nationwide, TSB, HSBC, Santander and/or M&S and have to move potentially hundreds or thousands around monthly when a simple standing order from their one bank account to a cash isa savings account may do.

ISA funds can of course be moved to stocks and shares or IFISAs - and remain tax free for ever. They won't stay with the Saffron or Notts BS for ever.

So yes - but its never that simple.

beefturnmail

veryintrigued wrote: »

I don't disagree with this.

However these 3% Saffron and Notts Regular Saving ISAs are still very useful to a small minority.

Our discussions, on this thread, from this time last year, made me smile when I reminded myself of them a week or so ago (I was keen to know what date(ish) these two institutions released their new offerings last year).

Do you know how much you can save each month, whether this needs to be opened in branch (or can do via internet phone) and how you actually become a member (does it require a current account?)

P.S. As a higher rate taxpayer who has already maxed out TSB\Lloyds etc, thanks for 'advertising' this to me!

MARTYM8`

beefturnmail wrote: »

Do you know how much you can save each month, whether this needs to be opened in branch (or can do via internet phone) and how you actually become a member (does it require a current account?)

P.S. As a higher rate taxpayer who has already maxed out TSB\Lloyds etc, thanks for 'advertising' this to me!

Here are the terms for the Saffron regular saver isa for 2015-16. It was available to open for less than two weeks and was 'members' only as defined below. Their branches are exclusively in Hertfordshire and Essex - nearest ones to London being Ware and Brentwood.

http://www.saffronbs.co.uk/savings/

http://moneyfacts.co.uk/product-news/isas/new-regular-isa-for-loyal-savers/

'This account can be opened online and in branch with a minimum deposit of just £10. It can then be managed in branch or by post. This ISA is only available to existing customers of 12 months or more who have a mortgage or savings account of at least £100 with the building society.

A minimum monthly deposit of £10 must be deposited each month, up to a maximum monthly deposit of £1,270. Multiple payments can be made as long as the monthly maximum investment is not exceeded. Savers should note that a missed payment cannot be made up in later months, and that transfers in are not accepted.

Unlimited, instant withdrawals can be made penalty-free, granting savers considerable flexibility.

The Nottingham BS regular savings isa was open to anyone and had similar terms I think. However you could only open it in branch. Most of their branches are in the east Midlands as you would expect but they do have some further south in Herts (St Albans and Harpenden).

https://www.thenottingham.com


Not sure if their 2016-17 offerings will have the same requirements.

gwapenut

colsten wrote: »

I understand there might be a small minority for whom these ISAs have a value. That small minority should indicate this when they "advertise" those apparently good rates, as this thread will probably be visited by many who don't understand ISAs and/or the interest rate landscape as well as the regulars on this forum do.

Colsten
I will do no such thing. Can i remind you that this thread is called "best mini cash isas" rather than "top savings rates"?

I accept that a minority of posters feel the need to always answer an isa question with" have you filled up your current accounts and faffy regular savers yet "

If you take a higher rate taxpayer then there is only room for £10k or so in 5% / 4% accounts before we use up our £500 allowance and then need to resort to taxed 3% accounts, which I have just bettered last week with an isa transfer.

Given isas can be quite large sums, and often more than 10k, i think your use of the phrase "small minority" is a little on the sensationalist side.

I do think there is value in reminding people of the alternatives, but i object to being told what i can and can't say when it is not me who is the one cross-promoting on quite a specific thread.