Cash ISAs: The Best Currently Available List

veryintrigued

Notts 2.25 Regular saver has now been pulled Kazza.

patientperson

Update: 5 year FR ISA is now 1.95%

http://www.paragonbank.co.uk/savings/cash-isas/five-year-fixed-cash-isa

gwapenut

Virgin Money are now offering 5 years @ 2% with just 180-day penalty

6022tivo

I'm being a little simple here.

I currently have two large isas that are instant access at 0.75%

If I transfer in to Virgin at 2% as long as I leave them for at least 12 months, I'm making a better decision?
EG, if I need the money at 12 months (unlikely) but I will lose 6 months interest, but it would be the equivalent of 1% I suppose over that year??

Keeping it in over the year just makes this 1% increase over time?
Does this make sense??


Using this logic of accepting the penalty, are there better 5yr 180 days penalty accounts?

mhoc

I am facing a similar dilemma as my 4 year ISA is maturing this year - its earning 2.4%, I was very late to the ISA game.

I am going to open a Nationwide flexclusive ISA which is has a miserable 0.75% but at least I can add and withdraw whenever I need money.
Each month I am going to withdraw enough to feed my collection of regular monthly savings accounts - these pay between 1.7% and 5%

Consumerist

6022tivo wrote: »

. . . Keeping it in over the year just makes this 1% increase over time?
Does this make sense?? . . .

Perfect sense. :cool:

Edit
It is unlikely, though possible, that interest rates will not stay this low for the next five years so you can do the same estimates for 2yrs, 3yrs, .. etc so you can pick the best time to jump when/if rates improve over time.

rivergold

6022tivo wrote: »

I'm being a little simple here.

I currently have two large isas that are instant access at 0.75%

If I transfer in to Virgin at 2% as long as I leave them for at least 12 months, I'm making a better decision?
EG, if I need the money at 12 months (unlikely) but I will lose 6 months interest, but it would be the equivalent of 1% I suppose over that year??

Keeping it in over the year just makes this 1% increase over time?
Does this make sense??


Using this logic of accepting the penalty, are there better 5yr 180 days penalty accounts?

Yes this is correct. If you withdraw after a year, you're quids in versus most of the "instant access" options, at a net amount of 1% after penalty. After 2 years, it gives you an average of 1.5% per year.

6022tivo

rivergold wrote: »

Yes this is correct. If you withdraw after a year, you're quids in versus most of the "instant access" options, at a net amount of 1% after penalty. After 2 years, it gives you an average of 1.5% per year.

I've taken this up and transferred two of my large 0.7 and 0.75 instants in.
Very simple process using the transfer service, money already in the account after 2 working days.

Heinz

I think the 2 year Charter Savings Bank Fixed Rate Cash ISA - 1.41%
Minimum deposit: £1,000.
Notes: Fixed for two years from account opening might have been withdrawn - only the 3 year (1.50%) version appears on their website now AFAICS.

apt

The Yorkshire Bank/Clydesdale Bank 3 year fix at 2% (min £2,000, max £20,000) is a decent improvement. http://www.ybonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-fixed-rate-bond/
No cheers for Coventry BS cutting their Loyalty Reward ISA (existing acc holders only) from 1.75% to 1.4% at the end of August.