Cash ISAs: The Best Currently Available List

eskbanker

MDMD said:

kuepper said:

sparkiemalarkie said:

kuepper said:

sparkiemalarkie said:

Virgin Money 1yr Fixed Rate Cash ISA 2%
Maturity  30/06/2023

1 Year Fixed Rate Cash ISA Exclusive | ISAs | Savings | Virgin Money UK

so annoying I only opened the 1.76 % last week

I think there is a 14 day cooling off period where they will return your money without penalty.
Worth phoning CS

sx

Just had a thought - if I can cancel it will I be allowed to open another cash ISA because of the rule about only being able to open one cash ISA in the same tax year?

There is no such rule. The rule is you can’t subscribe ( pay new money ) into more than one* of each type of ISA. You can open a hundred Cash ISAs if you want as long as you only pay new money into one.

* other than portfolio providers of which there are not many.

But to answer the question that was effectively being asked, cancelling an ISA within the cooling-off period has the effect of reversing the subscription as if it never happened, leaving the poster free to pay into another cash ISA in the same tax year.

kuepper

kuepper said:

sparkiemalarkie said:

kuepper said:

sparkiemalarkie said:

Virgin Money 1yr Fixed Rate Cash ISA 2%
Maturity  30/06/2023

1 Year Fixed Rate Cash ISA Exclusive | ISAs | Savings | Virgin Money UK

so annoying I only opened the 1.76 % last week

I think there is a 14 day cooling off period where they will return your money without penalty.
Worth phoning CS

sx

Cheers that never occurred to me and just checked their key facts and it says can cancel without charge in 'the first fortnight' so should be OK. Annoying they're closed today to discuss ISA, their undated welcome letter says they're phoneline is open 10-4 today but they're not and their online  chat said they can't help me and I'll have to phone...

After 2 phone calls totalling 1 hr 50 mins because of no. of people in queue .....their advice was to open their issue 3 (2%) ISA online and opt to fund it by the transfer in of the issue 2 (1.76) ISA when prompted with that option. I did that but got an error message when I pressed the submit button for the transfer of the issue 2 ISA so I called again and person I spoke to said she'd ask for the transfer to be completed and it should be done in 24 hours. So fingers crossed.

eskbanker

kuepper said:

kuepper said:

sparkiemalarkie said:

kuepper said:

sparkiemalarkie said:

Virgin Money 1yr Fixed Rate Cash ISA 2%
Maturity  30/06/2023

1 Year Fixed Rate Cash ISA Exclusive | ISAs | Savings | Virgin Money UK

so annoying I only opened the 1.76 % last week

I think there is a 14 day cooling off period where they will return your money without penalty.
Worth phoning CS

sx

Cheers that never occurred to me and just checked their key facts and it says can cancel without charge in 'the first fortnight' so should be OK. Annoying they're closed today to discuss ISA, their undated welcome letter says they're phoneline is open 10-4 today but they're not and their online  chat said they can't help me and I'll have to phone...

After 2 phone calls totalling 1 hr 50 mins because of no. of people in queue .....their advice was to open their issue 3 (2%) ISA online and opt to fund it by the transfer in of the issue 2 (1.76) ISA when prompted with that option. I did that but got an error message when I pressed the submit button for the transfer of the issue 2 ISA so I called again and person I spoke to said she'd ask for the transfer to be completed and it should be done in 24 hours. So fingers crossed.

Are you sure they won't charge the interest penalty for premature access to the funds in issue 2 without cancelling it as such?  Personally I'd want that in writing rather than verbally by phone, or at least make sure you know timestamps of calls if there's ultimately a requirement to access a recording....

kuepper

eskbanker said:

kuepper said:

kuepper said:

sparkiemalarkie said:

kuepper said:

sparkiemalarkie said:

Virgin Money 1yr Fixed Rate Cash ISA 2%
Maturity  30/06/2023

1 Year Fixed Rate Cash ISA Exclusive | ISAs | Savings | Virgin Money UK

so annoying I only opened the 1.76 % last week

I think there is a 14 day cooling off period where they will return your money without penalty.
Worth phoning CS

sx

Cheers that never occurred to me and just checked their key facts and it says can cancel without charge in 'the first fortnight' so should be OK. Annoying they're closed today to discuss ISA, their undated welcome letter says they're phoneline is open 10-4 today but they're not and their online  chat said they can't help me and I'll have to phone...

After 2 phone calls totalling 1 hr 50 mins because of no. of people in queue .....their advice was to open their issue 3 (2%) ISA online and opt to fund it by the transfer in of the issue 2 (1.76) ISA when prompted with that option. I did that but got an error message when I pressed the submit button for the transfer of the issue 2 ISA so I called again and person I spoke to said she'd ask for the transfer to be completed and it should be done in 24 hours. So fingers crossed.

Are you sure they won't charge the interest penalty for premature access to the funds in issue 2 without cancelling it as such?  Personally I'd want that in writing rather than verbally by phone, or at least make sure you know timestamps of calls if there's ultimately a requirement to access a recording....

well they said not as i've only had the a/c for a week and i'll be checking the new account regularly for the next 48 hrs and getting back onto them if there's a problem. Obviously i'd rather have it all in writing but no chance of that these days in any walk of life in my experience, but i know the times i phoned and i'm definitely still within the 14 day cooling off period until the weekend

kuepper

kuepper said:

eskbanker said:

kuepper said:

kuepper said:

sparkiemalarkie said:

kuepper said:

sparkiemalarkie said:

Virgin Money 1yr Fixed Rate Cash ISA 2%
Maturity  30/06/2023

1 Year Fixed Rate Cash ISA Exclusive | ISAs | Savings | Virgin Money UK

so annoying I only opened the 1.76 % last week

I think there is a 14 day cooling off period where they will return your money without penalty.
Worth phoning CS

sx

Cheers that never occurred to me and just checked their key facts and it says can cancel without charge in 'the first fortnight' so should be OK. Annoying they're closed today to discuss ISA, their undated welcome letter says they're phoneline is open 10-4 today but they're not and their online  chat said they can't help me and I'll have to phone...

After 2 phone calls totalling 1 hr 50 mins because of no. of people in queue .....their advice was to open their issue 3 (2%) ISA online and opt to fund it by the transfer in of the issue 2 (1.76) ISA when prompted with that option. I did that but got an error message when I pressed the submit button for the transfer of the issue 2 ISA so I called again and person I spoke to said she'd ask for the transfer to be completed and it should be done in 24 hours. So fingers crossed.

Are you sure they won't charge the interest penalty for premature access to the funds in issue 2 without cancelling it as such?  Personally I'd want that in writing rather than verbally by phone, or at least make sure you know timestamps of calls if there's ultimately a requirement to access a recording....

well they said not as i've only had the a/c for a week and i'll be checking the new account regularly for the next 48 hrs and getting back onto them if there's a problem. Obviously i'd rather have it all in writing but no chance of that these days in any walk of life in my experience, but i know the times i phoned and i'm definitely still within the 14 day cooling off period until the weekend

All sorted so v pleased 👍 

dc_scotland

I notice that the Tescobank Instant Cash ISA has now been increased from 0.95% to 1.21%.   Includes a fixed bonus rate of 0.96% for 12 months.

Their 1 year Fixed Rate ISA is now 1.76%.

zxspeccy

dc_scotland said:

I notice that the Tescobank Instant Cash ISA has now been increased from 0.95% to 1.21%.   Includes a fixed bonus rate of 0.96% for 12 months.

Their 1 year Fixed Rate ISA is now 1.76%.

This is Tesco's second increase since the last base rate rise. Instant Access ISA was previously 0.75%, then went to 0.96% after the base rate rise in May and now 1.21%.

Same for the 1 year fixed which was 1.35% before the last base rate rise, before increasing to 1.50% and now 1.76%.

Nice to see some movement in the Cash ISA rates, but I suspect this may be due to the BoE meeting on Thursday when the base rate will almost definitely rise again. Likely to be a 0.25% increase, but could also go to 0.50% which would make things interesting.

refluxer

Strange how the Easy Access Cash ISA rates are similar to the equivalent Easy Access savings accounts (Chase and Virgin excluded), yet the best fixed rate ISAs are lagging so far behind their non-ISA counterparts. Is there a reason for this ?

masonic

refluxer said:

Strange how the Easy Access Cash ISA rates are similar to the equivalent Easy Access savings accounts (Chase and Virgin excluded), yet the best fixed rate ISAs are lagging so far behind their non-ISA counterparts. Is there a reason for this ?

Yes, fixed rate ISAs are not fixed term. You can access at any time (subject to an interest penalty). So they are in effect more like notice accounts.

SnowMan

dc_scotland said:

I notice that the Tescobank Instant Cash ISA has now been increased from 0.95% to 1.21%.   Includes a fixed bonus rate of 0.96% for 12 months.

Their 1 year Fixed Rate ISA is now 1.76%.

Thanks, I've switched to the new account today. But important to say that the rate increase doesn't apply to the old 0.95% account, you have to open a new 1.21% account and  do an ISA transfer between ISA accounts.

It's possible to open a new Tesco cash ISA (1.21%) and transfer through the ISA transfer process the older Tesco cash ISA (0.95%). You need to do that by ringing them up, they'll do it there and then (but will take a few days to actually process through). It's possible to do it by paper transfer form but that will take an age.

Don't attempt an internal transfer yourself even though it looks like you can choose such an internal transfer through the online functionality between ISAs. I'm told by Tesco this probably doesn't constitute the ISA transfer process and the system may not even allow you when you press the final button to do this internal transfer. The result would then be that you might be deemed to have taken money out of the old ISA and then treated as having subscribed new money to the new ISA.

Need to be careful if you have already taken money out of the old ISA (expecting to put it back in later in the tax year since it is a flexible ISA) because the flexibility to replace that withdrawal won't also transfer if you do a full internal ISA transfer closing the old account. In that scenario you would either need to replenish the old ISA before transfer or do a partial transfer leaving say a £1 (and any accrued but not yet credited interest) in the old Tesco ISA account. That then leaves you with various options to utilise the flexibility from the old account. Gets complicated if you have already subscribed some of this year's allowance already to the old ISA.