Cash ISAs: The Best Currently Available List

dave_dph

zxspeccy said:

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).

In the process of transferring from Coventry Easy Access to Principality Online ISA. As the Tesco rate is slightly higher and the account is accessed through the app, I'll probably switch to them once my Cov to Principality transfer completes. 

refluxer

zxspeccy said:

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 disapointing 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.

Looks like Shawbrook have increased their Easy Access savings account to 1.25% but left the equivalent ISA at 0.92%. Think I'll give them until the end of the week...

CompulsiveSaver

refluxer said:

Looks like Shawbrook have increased their Easy Access savings account to 1.25% but left the equivalent ISA at 0.92%. Think I'll give them until the end of the week...

I still have a Shawbrook ISA @0.92% (now the lowest rate ISA I have by quite some margin), so I am looking to transfer out. Quite a few of my existing ISAs have been increased (or about to be increased) to about 1.4%. I will give them until this Wednesday or it is moving. Shawbrook has been so slow increasing rates, that I might just move it even if they do, so they would need to come up with a significantly better rate (not 1.42%...).

zxspeccy

CompulsiveSaver said:

refluxer said:

Looks like Shawbrook have increased their Easy Access savings account to 1.25% but left the equivalent ISA at 0.92%. Think I'll give them until the end of the week...

I still have a Shawbrook ISA @0.92% (now the lowest rate ISA I have by quite some margin), so I am looking to transfer out. Quite a few of my existing ISAs have been increased (or about to be increased) to about 1.4%. I will give them until this Wednesday or it is moving. Shawbrook has been so slow increasing rates, that I might just move it even if they do, so they would need to come up with a significantly better rate (not 1.42%...).

Looks like their current Easy Access Cash ISA (Issue 20) was introduced on the 18th February with a rate of 0.92% and hasn’t been increased since. Which means that there have been no changes despite the three base rate rises (March, May & June) totalling 0.75%.

I moved my Shawbrook Easy Access Cash ISA to Virgin Defined Cash ISA (paying 1.3%) last week.

I expect to see some movement in Shawbrook’s ISA rates, but it would have to be increased significantly to persuade me to transfer my ISA back to them.

CompulsiveSaver

zxspeccy said:

Looks like their current Easy Access Cash ISA (Issue 20) was introduced on the 18th February with a rate of 0.92% and hasn’t been increased since. Which means that there have been no changes despite the three base rate rises (March, May & June) totalling 0.75%.

I moved my Shawbrook Easy Access Cash ISA to Virgin Defined Cash ISA (paying 1.3%) last week.

I expect to see some movement in Shawbrook’s ISA rates, but it would have to be increased significantly to persuade me to transfer my ISA back to them.

As you detail, I suppose they have already shown their hand by not changing the rate since February; when almost all their competitors have increased rates significantly, so I think it is time to move, I can get an increase of over 0.4% into one of my existing ISAs.

They obviously, don't want the money, so I will transfer it to another institution with a better rate 

Aidanmc

Cynergy easy access ISA  Issue 24   1.4%

https://www.cynergybank.co.uk/personal-savings/online-isa/online-isa-issue-24/

MiserlyMartin

masonic said:

MiserlyMartin said:

I've not seen much movement in ISA rates since our two base rate rises. I had a 0.76% ISA since 2020 with Cynergy. And that has not gone up. 0.65% is frankly a pathetic low rate, being wiped out by 5% inflation.

But both still above the current BoE base rate. When the base rate catches them up, then you could reasonably expect to see some movement. Clearly the base rate is way too low for the circumstances, but a decade of cheap debt has left many exposed to the risk of financial ruin if they were to experience 'normal' interest rates.

And we savers have had two decades of below inflation savings rates. I'm sorry if I don't feel sorry for those who have borrowed lots at ultra low supposed to be emergency only - base rates, who may suffer if and when the BoE returns to sound money policy. Nobody put a gun to their heads and forced them to over extend themselves on mortgages, besides the bank and them should have factored in a return to normal interest rates of 7% +

masonic

MiserlyMartin said:

masonic said:

MiserlyMartin said:

I've not seen much movement in ISA rates since our two base rate rises. I had a 0.76% ISA since 2020 with Cynergy. And that has not gone up. 0.65% is frankly a pathetic low rate, being wiped out by 5% inflation.

But both still above the current BoE base rate. When the base rate catches them up, then you could reasonably expect to see some movement. Clearly the base rate is way too low for the circumstances, but a decade of cheap debt has left many exposed to the risk of financial ruin if they were to experience 'normal' interest rates.

And we savers have had two decades of below inflation savings rates. I'm sorry if I don't feel sorry for those who have borrowed lots at ultra low supposed to be emergency only - base rates, who may suffer if and when the BoE returns to sound money policy. Nobody put a gun to their heads and forced them to over extend themselves on mortgages, besides the bank and them should have factored in a return to normal interest rates of 7% +

It is untrue that savings rates were below inflation for two decades. Over much of the period, savings rates were above the rate of inflation. There were a few periods where this was not the case, but that isn't unusual. Cash tends not to keep up with inflation in normal times, which is why those holding cash over long periods of time are advised (if they seek advice) to invest it in risk assets. That advice is not new, it has been the case since long before 2008.

You don't need to have to feel sorry for anyone. I do have some sympathy for people that have been encouraged to borrow enormous amounts of money to get on the property ladder, even being incentivised to do so by the HTB schemes, LISAs and other free money. These people have been incentivised by government policy to buy homes worth up to £450k using a mortgage of up to £400k. If interest rates were put up to 7%+, then that would surely cause a deep recession and house price crash. Homeowners with large mortgages such as the £400k mortgage on a £450k home mentioned, may be plunged into negative equity to the tune of £100k+, their mortgage payment rise to £3k per month, at the very same time many thousands of people lose their jobs. This would be a complete governmental catastrophe the likes of which they would have to avoid at all costs. So the reality is they cannot risk it whether anyone is sympathetic or not.

refluxer

Shawbrook's Easy Access Cash ISA (issue 20) is now up to 1.40% which means it joins Cynergy and Aldermore at the top of the Easy Access table.

zxspeccy

Fordrefluxer said:

Shawbrook's Easy Access Cash ISA (issue 20) is now up to 1.40% which means it joins Cynergy and Aldermore at the top of the Easy Access table.

A big jump from 0.92%, but then again they have not increased this rate since February, interesting their 6 month fixed ISA is currently showing at 1.20%