Cash ISAs: The Best Currently Available List

zxspeccy

Oasis1 said:

zxspeccy said:

Email from Ford Money to advise they have increased their Flexible Cash ISA from 1.25% to 1.35%, so only a small increase (however they did increase from 1.00% to 1.20% on 13th July and to 1.25% on 26th July). This would be their third increase since 13/07 and just before today' base rate announcement.

Still doesn't beat any of MSE's Top Picks: https://www.moneysavingexpert.com/savings/best-cash-isa/#topeasy. Is there a reason you're sticking with Ford?

The first two on that list (1.50%) do not allow transfers in, whilst the second two (1.40% and 1.36%) do not offer monthly interest (which is my preference). The nearest like for like ISA for me is Shawbrook Easy Access Cash ISA at 1.40%.

I will exceed my PSA this year so Cash ISAs still serve a purpose to me, however there is always a tipping point. When rates on other savings products pay over 20% more than I can get from an ISA, then it maybe worth ditching and switching and take the hit on the tax. That said I don’t really need any access to my ISA money so can also consider a Fixed Rate ISA. I will hold fire at the moment to see what reaction the banks have to the Base Rate change from yesterday, however I feel it may soon be time to consider 1-year fixed rates for some of my money.

goRt

zxspeccy said:

Oasis1 said:

zxspeccy said:

Email from Ford Money to advise they have increased their Flexible Cash ISA from 1.25% to 1.35%, so only a small increase (however they did increase from 1.00% to 1.20% on 13th July and to 1.25% on 26th July). This would be their third increase since 13/07 and just before today' base rate announcement.

Still doesn't beat any of MSE's Top Picks: https://www.moneysavingexpert.com/savings/best-cash-isa/#topeasy. Is there a reason you're sticking with Ford?

The first two on that list (1.50%) do not allow transfers in, whilst the second two (1.40% and 1.36%) do not offer monthly interest (which is my preference). The nearest like for like ISA for me is Shawbrook Easy Access Cash ISA at 1.40%.

I will exceed my PSA this year so Cash ISAs still serve a purpose to me, however there is always a tipping point. When rates on other savings products pay over 20% more than I can get from an ISA, then it maybe worth ditching and switching and take the hit on the tax. That said I don’t really need any access to my ISA money so can also consider a Fixed Rate ISA. I will hold fire at the moment to see what reaction the banks have to the Base Rate change from yesterday, however I feel it may soon be time to consider 1-year fixed rates for some of my money.

The "tipping point" would be 25% more

Expotter

I don't know why but the MSE list doesn't mention the Triple Access cash ISA ( Issue 2) from Newcastle Building Society at 1.5%. It does accept transfers and is a flexible ISA.

steveksullivan

goRt said:

zxspeccy said:

I will exceed my PSA this year so Cash ISAs still serve a purpose to me, however there is always a tipping point. When rates on other savings products pay over 20% more than I can get from an ISA, then it maybe worth ditching and switching and take the hit on the tax. T

The "tipping point" would be 25% more

@goRt  - oe anyone else - Just checking what I'm missing, but to save me some time - why 25% and not 20%?

Expotter

Say you've got £1k, 25% of 1000=250= 20% of 1250.

steveksullivan

Expotter said:

Say you've got £1k, 25% of 1000=250= 20% of 1250.

I cant fault the maths ...... but .....

1K is your capital invested ...... you pay 20% tax on the INTEREST ONLY  (surely.... ??)

So why are you calculating 20% of £1250?

Apologies again if I'm being even more stupid than usual ..... it's a bit early for a drink to help ....(haha!!)

Expotter

This might be clearer,
A gross rate of 2% is after 20% tax equivalent to 1.6% (or 1.2% if 40% tax is applied). 20% of 2 is 0.4= 25% of 1.6%

refluxer

Paragon have upped the rate of some of their previously-issued Triple Access Cash ISAs to 1.55% (issues 7 & 8 that I know of - possibly others) but not the currently-available issue 9, curiously.

Oasis1

Nude now doing 1.75% - cracking rate for me personally, compared to 0.9% with Beehive (even with £2 monthly fee) https://www.getnude.com/lisa

freeguy1984uk

Hello, I've been keenly viewing this thread for the past couple of months and have finally signed up to the forum.

I have a question please: Is it normal that variable ISA's don't automatically increase rates for existing accounts?

They were happy to reduce rates automatically, but recently I have to keep asking them to give me their new increased rate.

This is for Sainsbury's ISA by the way, I have emailed a few other providers with mind of switching to them, but they say the same thing, no automatic rate increase, I have to manually keep an eye on it and addres it myelf.