Cash ISAs: The Best Currently Available List

MARTYM8`

veryintrigued wrote: »

Is it worth mentioning that the final (March 2017) payment can be used to make up ay remaining balance i.e. greater than £1270.

Also on the Saffron ISA is it definitely no withdrawals?

Transfers out are allowed and withdrawals 'result in the loss of ISA status' - but it doesn't say what rate you would get if you transfer out/withdraw within the 12 month term (e.g. 3% to that point or a lower rate?)

With Saffron as you say you can only invest a maximum of £1,270 a month - and it has a 12 month fixed term from the date of opening. If you pay in less than £1,270 each month you cannot make this up later - so if this is your only ISA you would not be able to use your full allowance of £15,240. The Nottingham version is more flexible - as you can add any unused balance of your annual allowance in March 2017.

As with Nottingham it does not say the 3% is a fixed rate - its a fixed 12 month term. But it suggests - by giving you an estimated interest payment - that it is a fixed rate.


Presumably their definition of month is not a calendar month - but monthly from the date of opening (e.g. if you opened an account today your next deposit would be between 7 May and 6 June - and they would reject/return a deposit made between 1-6 May) and so on. But again its a bit vague on that point.


http://www.saffronbs.co.uk/savings/display.product.php?categoryID=2&category=tax-free&productID=t6


The product will be available up to 30 April at the latest - but could be withdrawn earlier.


Here is the relevant wording - however there is no detailed product leaflet online which presumably would provide more clarity on closure/withdrawals/transfers and the rate you would get if you didn't stick with the 12 month term.

"Missed payments cannot be added at a later date.
Deposit by cash, cheque or bank transfer.
Transfers in from other ISA providers are not permitted.
Any withdrawal or closure of the account will result in loss of ISA status. Transfers out will not affect ISA status.
If you do not pay in the maximum amount each month you will not utilise your full ISA allowance."

veryintrigued

MARTYM8` wrote: »

The Nottingham version is more flexible - as you can add any unused balance of your annual allowance in March 2017.

Agreed - that was what I was attempting to highlight by quoting the Notts thing and that it ideally needs changing in the first post.

MARTYM8` wrote: »

Transfers out are allowed and withdrawals 'result in the loss of ISA status' - but it doesn't say what rate you would get if you transfer out/withdraw within the 12 month term (e.g. 3% to that point or a lower rate?)

Which still isn't clear to me at least.

oofazi

Ladies, Gentlemen,

Can I ask if the United Trust bank 2.3% 5 yr fixed ISA is ONLY for existing ISA'd money? The way it is advertised, this is the case, however I would like to add this fiscal years money to an ISA, and after downloading the small print terms and conditions from their site, an ambiguity exists where '....cheques paid to us will require clearing....'.

Anyone got an answer with this from their own experience?

The Shawbrook have also dropped their rate aswell....no longer the 2.25% for a 5 yr fix as it says above, they must have recently changed it today, only 1.70% now!!!!!!

Thanks

Speculator

veryintrigued wrote: »

Which still isn't clear to me at least.

The 2014 version said "You can take money out whenever you like but withdrawn funds will lose ISA status."


The 2015 version says "Should you require access to your funds during the term you can do so immediately and without penalty. Any withdrawal or closure of the account may result in loss of Isa status"


The 2016 version says "Any withdrawal or closure of the account will result in loss of ISA status. Transfers out will not affect ISA status."


Looks like no withdrawals allowed for the latest version.


I did ask about withdrawing from the 2015 version and they told me the withdrawn funds will lose isa status but the account will remain an ISA earning 3.5%.

ThriftyFelicity

oofazi wrote: »

Ladies, Gentlemen,

Can I ask if the United Trust bank 2.3% 5 yr fixed ISA is ONLY for existing ISA'd money? The way it is advertised, this is the case, however I would like to add this fiscal years money to an ISA, and after downloading the small print terms and conditions from their site, an ambiguity exists where '....cheques paid to us will require clearing....'.

Anyone got an answer with this from their own experience?

The Shawbrook have also dropped their rate aswell....no longer the 2.25% for a 5 yr fix as it says above, they must have recently changed it today, only 1.70% now!!!!!!

Thanks

Yes United Trust Bank only accept transfers in, so open your ISA account elsewhere and then fill in their ISA transfer form and send it to them; they will then transfer your newly opened ISA to themselves.

I opened a Halifax variable ISA online, which appeared instantly in my online account (I'm an existing customer), funded it and sent the transfer forms off to United Trust Bank, all in one day.

Speculator

veryintrigued wrote: »

Which still isn't clear to me at least.

Just spoke to Saffron BS.


She said you are allowed to make penalty free withdrawals from the new 2016 Members' Regular Saver Cash ISA like the previous year and their internal leaflet does state that.


However when I said it does not say you're allowed to make penalty free withdrawals on their website, she said she will speak to their Marketing dept about that.

Speculator

Speculator

My existing Saffron Members Reg ISA matured today but took out £10K on 29/3.


Closed account today and received £287.34 in interest. The advisor said you only lose ISA status on amount withdrawn.

Consumerist

Speculator wrote: »

. . . Closed account today and received £287.34 in interest. The advisor said you only lose ISA status on amount withdrawn.

It's not quite clear what it is you're saying here but if you have now closed the account, as opposed to transferring it, then all the remaining funds will have lost the ISA status. i.e. its no longer an ISA.

snowy1256

I have a quick question, hopefully somebody can answer.

I'm currently on a HSBC Loyalty ISA which over the past year the rate has plummeted from 1.4% to 1.0% so I'm looking at moving to another easy access ISA, I was looking to open one with Skipton BS.

However most of the easy-access say no transfers avaliable, does this mean I couldn't take some of the money out of my current ISA, into a current account and then pay it into the new ISA?

Or is it just purely transferring between two ISAs to avoid using up the ISA limit.