Cash ISAs: The Best Currently Available List

RobinGB

Hi Kazza242,

Excellent article, but we should always consider the transfer out penalties. For instance for Halifax it is 180days interest (half a year!!!) and so it is very significant and easily outweighs percentage point differences in interest rates.

Would it be possible to add the tranfer out penalties to your article?

Regards,

Robin

RayWolfe

I suspect that kazza realises that ALL fixed rate offers should only be taken if you can stay the course ... in fact, Halifax is one of the few to actually allow an early closure, albeit at a penalty rate.

LionKing

Hi,

Trying to help my sister out with her finances...

She has total of £8k in a NAtional Australia Group ISAs. I don't think the rate is great. She opened these ISA's a few years ago.

Can she trasnfer this into a new ISA (eg Halifax fixed ISA which allows existing transfers) and open a new NSI ISA for this years allowance?

Also, i read that everyone has ISA allowance of £7k of which 3k is cash. What is the other £4k made up of?

LionKing

Also, can she and her boyfriend consolodate their previous years ISA's into a single ISA under my sisters name?

RayWolfe

1. She can transfer but the new provider will arrange it. She must not draw the cash out and redeposit it.
2. 3K in cash, 4K in shares.
3. ISAs are Individual Savings Accounts. You cannot combine different peoples accounts.

alex871uk

The Newcastle BS Fixed Rate Options ISA 10 is now 6.61% AER Fixed until 15/07/08

I'm new to ISAs but this seems the best choice after the West Brom BS Midland Bond ISA 60 Day - 6.96%. Only about £10 less interest a year on £3000.

cloud_dog

Why isnt this a sticky?

steady__eddie

I have just read that Saffron are dropping the rate on their 180 day notice ISA by a whole 0.25% to 6.05% on New Years Day.

humfer

According to moneyfacts, rates coming down 0.25% effective from 01Jan2008.
6.00% (was 6.25%) Balances £9k +
5.75% (was 6.00%) Balances £1-8,999k

Kazza242

RobinGB wrote: »

Hi Kazza242,

Excellent article, but we should always consider the transfer out penalties. For instance for Halifax it is 180days interest (half a year!!!) and so it is very significant and easily outweighs percentage point differences in interest rates.

Would it be possible to add the tranfer out penalties to your article?

Regards,

Robin

RayWolfe wrote:

I suspect that kazza realises that ALL fixed rate offers should only be taken if you can stay the course ... in fact, Halifax is one of the few to actually allow an early closure, albeit at a penalty rate.

Hi RobinGB,

I agree with RayWolfe on this. People opting for a fixed rate ISA, should only do so if they are sure that they can commit their funds for the whole fixed rate period. Please note that transfer out penalties only apply if you close/transfer out before the end of the fixed rate period. Most ISAs will allow you to transfer out penalty free once the ISA has matured.

I might add a line or two at the top of the fixed ISAs section warning people of the likely penalties should they withdraw, close or transfer out before maturity.