Cash ISAs: The Best Currently Available List

refluxer

Secure Trust have increased their 1 year Fixed Rate Cash ISA to 2.05% which takes them to second place in the table and only a whisker off Virgin's 2.06%.

zxspeccy

Transferred my old Virgin ISA (paying 0.25%) as few months ago to Shawbrook's easy ISA, which at the time was one of the best easy access with monthly interest (0.92%). However this rate was not increased when the base rate was increased to 1.00% and no movement since the rate was increased again to 1.25%. So I messaged them last week to see if there is likely to be any increase in their easy access and was informed that "Interest rates are reviewed on a weekly basis but regret we've not been informed of any imminent changes to our Easy Access products. Our Easy Access Cash ISA was a market leader for quite some time and we still have a steady flow on new deposits so there hasn't been a real urgency to adjust the rates on this particular product."
This seems a little disappointing as they have adjusted the rates on all of their fixed term accounts, and the easy access ISA was last increased back in February. Fortunately even though I transferred my Virgin ISA to Shawbrook it was easy to log back into Virgin today, open their defined access ISA (1.30%) with monthly interest, and transfer everything back again.

2010

If interest rates are going to keep rising as predicted, a variable cash ISA is probably a better choice than a fix.

zxspeccy

2010 said:

If interest rates are going to keep rising as predicted, a variable cash ISA is probably a better choice than a fix.

I agree, also it is worth considering defined access ISAs (like Virgin) where you can make up to three withdrawals in the year without affecting the interest rate (currently 1.3%). One of these withdrawals can be a transfer out, so if you find a better deal elsewhere it is easy to switch.

refluxer

zxspeccy said:

Transferred my old Virgin ISA (paying 0.25%) as few months ago to Shawbrook's easy ISA, which at the time was one of the best easy access with monthly interest (0.92%). However this rate was not increased when the base rate was increased to 1.00% and no movement since the rate was increased again to 1.25%. So I messaged them last week to see if there is likely to be any increase in their easy access and was informed that "Interest rates are reviewed on a weekly basis but regret we've not been informed of any imminent changes to our Easy Access products. Our Easy Access Cash ISA was a market leader for quite some time and we still have a steady flow on new deposits so there hasn't been a real urgency to adjust the rates on this particular product."

That's disappointing to hear. I opened one of these back in March and was presuming that a rate increase would be imminent but, based on that response, I might start looking at transferring.

I'm surprised to hear that people are still opening this account now - I had never heard of Shawbrook until I started seeing them featured in the MSE top-tables and would have thought a significant proportion of their new customers would have been via MSE, in which case focus would surely now have shifted to alternative providers at the top of the Easy Access Cash ISA who are paying around 50% more than Shawbrook.

zxspeccy

refluxer said:

zxspeccy said:

Transferred my old Virgin ISA (paying 0.25%) as few months ago to Shawbrook's easy ISA, which at the time was one of the best easy access with monthly interest (0.92%). However this rate was not increased when the base rate was increased to 1.00% and no movement since the rate was increased again to 1.25%. So I messaged them last week to see if there is likely to be any increase in their easy access and was informed that "Interest rates are reviewed on a weekly basis but regret we've not been informed of any imminent changes to our Easy Access products. Our Easy Access Cash ISA was a market leader for quite some time and we still have a steady flow on new deposits so there hasn't been a real urgency to adjust the rates on this particular product."

That's disappointing to hear. I opened one of these back in March and was presuming that a rate increase would be imminent but, based on that response, I might start looking at transferring.

I'm surprised to hear that people are still opening this account now - I had never heard of Shawbrook until I started seeing them featured in the MSE top-tables and would have thought a significant proportion of their new customers would have been via MSE, in which case focus would surely now have shifted to alternative providers at the top of the Easy Access Cash ISA who are paying around 50% more than Shawbrook.

The message I got from them was just prior to the last rate rise, but still no movement from Shawbrook since then either. I guess they are a small bank that are busy dealing with deposits and won't look to increase their rates until the new deposits dry up and people start taking their money out. It would make sense as they don't want to get themselve in a Chase situation where they don't have enough staff to handle the work.

I was impressed with their online account opening process, and how quickyl my ISA was transferred in, although I gather that is more down to Virgin transferring the ISA to them than anything they did.

Just disapointig that they have not increased this rate since February, but would be happy to reconsider them in future if they become more competitive with their rates.

refluxer

Well that top-of-the-table Paragon 1 Year Fixed Rate Cash ISA @ 2.1% didn't last long - just a few days ? I'm sure it won't be long before others follow with a similar rate in order to beat Virgin, though.

Silverbird65

The paragon ISA 2.1 is still open. I am just not sure has I have a large amount and hanging about waiting is losing out now.

refluxer

Silverbird65 said:

The paragon ISA 2.1 is still open. I am just not sure has I have a large amount and hanging about waiting is losing out now.

Ah, looks like it's still available for existing customers but has been pulled for new customers.

zxspeccy

Looks like Tesco have moved a little on their ISA rates, Instant Access Cash ISA up to 1.32% (from 1.21%). Their 1 year fixed rate ISA is now 2.00% (up from 1.76%). Tesco allow transfers in however the interest is a paid annually (no option for monthly interest).