Cash ISAs: The Best Currently Available List

jak22

Payments into the account
• Deposits up to the annual ISA subscription limit* each tax year may be made throughout the term of the Flexible Cash ISA. *Annual ISA subscription limit for the tax year 2022/2023 (6 April 2022 to 5 April 2023) is £20,000.
• Funds withdrawn from your Flexible Cash ISA can be replaced in the same tax year without counting towards your annual ISA allowance. Please note the tax year runs from 6 April to 5 April the following year.
• ISA Transfers-in are allowed into this account. ISA Transfer-in requests must be received within 30 calendar days from the date of account opening. We do not allow Transfers-in to a Cash ISA from an Innovative Finance ISA or a Lifetime ISA.


Maturity
• At the end of the 1 year term the Flexible Cash ISA Issue 36 will convert into an instant access variable rate cash ISA.

so no need to contact to avoid an unwanted re-investment at maturity

pecunianonolet

Very tempted to open this and clear by YBS 3% acount and my HSBC bonus saver and fill up gradually the rest until end of March. Doubt there will be better rates anytime soon, although there might be end of year rush and offers. Not planning to take any out and in absolute emergency there is the 3 x 10% and if things are even worse I can close down. 

Anything I might have overlooked?

refluxer

pecunianonolet said:

Very tempted to open this and clear by YBS 3% acount and my HSBC bonus saver and fill up gradually the rest until end of March. Doubt there will be better rates anytime soon, although there might be end of year rush and offers. Not planning to take any out and in absolute emergency there is the 3 x 10% and if things are even worse I can close down. 

Anything I might have overlooked?

Just be aware of the 90-day interest penalty if you were to actually close the account before the maturity date.

Doing a few sums to see what amounts you'd potentially have access to - by the looks of it, if you put the maximum £20k in on day 1, you'd be able to withdraw £2000 + £1800 + £1620 = £5420 in total during the year without paying a penalty (or a maximum of £2000 x 3 = £6000 if you kept replacing the £2000 in-between withdrawals).

While this is a cool feature that some may end up taking advantage of, I would definitely look at this ISA as a Flexible Fixed Rate ISA rather than a Flexible Easy Access ISA, due to the withdrawal restrictions.

Snapdragon

jak22 said:

Payments into the account
• Deposits up to the annual ISA subscription limit* each tax year may be made throughout the term of the Flexible Cash ISA. *Annual ISA subscription limit for the tax year 2022/2023 (6 April 2022 to 5 April 2023) is £20,000.
• Funds withdrawn from your Flexible Cash ISA can be replaced in the same tax year without counting towards your annual ISA allowance. Please note the tax year runs from 6 April to 5 April the following year.
• ISA Transfers-in are allowed into this account. ISA Transfer-in requests must be received within 30 calendar days from the date of account opening. We do not allow Transfers-in to a Cash ISA from an Innovative Finance ISA or a Lifetime ISA.


Maturity
• At the end of the 1 year term the Flexible Cash ISA Issue 36 will convert into an instant access variable rate cash ISA.

so no need to contact to avoid an unwanted re-investment at maturity

So am I correct in thinking....
I could open this now and deposit this year's allowance £20,000 (haven't used any of this year's allowance yet) getting 4% for 12 months, then come April 6th I could deposit a further £20,000, at that point in essence getting an 8 month fix @ 4% on next years £20,000 allowance? Then presumably come Dec 2023 would have to look for a decent offer that I can move the £40,000 into? I don't think I have seen anything that 'generous' available or have I missed something obvious?

pecunianonolet

refluxer said:

pecunianonolet said:

Very tempted to open this and clear by YBS 3% acount and my HSBC bonus saver and fill up gradually the rest until end of March. Doubt there will be better rates anytime soon, although there might be end of year rush and offers. Not planning to take any out and in absolute emergency there is the 3 x 10% and if things are even worse I can close down. 

Anything I might have overlooked?

Just be aware of the 90-day interest penalty if you were to actually close the account before the maturity date.

Doing a few sums to see what amounts you'd potentially have access to - by the looks of it, if you put the maximum £20k in on day 1, you'd be able to withdraw £2000 + £1800 + £1620 = £5420 in total during the year without paying a penalty (or a maximum of £2000 x 3 = £6000 if you kept replacing the £2000 in-between withdrawals).

While this is a cool feature that some may end up taking advantage of, I would definitely look at this ISA as a Flexible Fixed Rate ISA rather than a Flexible Easy Access ISA, due to the withdrawal restrictions.

I am not planning to take any cash out and was holding off until know putting stuff in an ISA in anticipation of better rates (gambling a bit) and was always planning with a 1y fix so having the 3 withdrawel option is a nice bonus on top of the fix. Nothing better listed on moneyfacts either so this must be the top rate, rather sure also the, anticipated, 0.5% rate rise of tomorrow is priced in already. 

I'll probably wait until tomorrow/Friday to see if there is andy ad hoc market reaction. 

refluxer

Snapdragon said:

So am I correct in thinking....
I could open this now and deposit this year's allowance £20,000 (haven't used any of this year's allowance yet) getting 4% for 12 months, then come April 6th I could deposit a further £20,000, at that point in essence getting an 8 month fix @ 4% on next years £20,000 allowance? Then presumably come Dec 2023 would have to look for a decent offer that I can move the £40,000 into? I don't think I have seen anything that 'generous' available or have I missed something obvious?

I haven't read anything that says you can't do as you suggested.

Obviously, you would need to assess whether putting £20k away for 8 months at that rate was a good option nearer the time but the ability to be able to add another £20k to this ISA from April 6th next year @ 4% could well be a potential advantage of taking one out now if you think rates will fall between now and then.

pecunianonolet

Snapdragon said:

So am I correct in thinking....
I could open this now and deposit this year's allowance £20,000 (haven't used any of this year's allowance yet) getting 4% for 12 months, then come April 6th I could deposit a further £20,000, at that point in essence getting an 8 month fix @ 4% on next years £20,000 allowance? Then presumably come Dec 2023 would have to look for a decent offer that I can move the £40,000 into? I don't think I have seen anything that 'generous' available or have I missed something obvious?

They also have a 2y with the same rate and terms you could do. That should roughly get you £3441

Only did a very quick and brief calculation with many assumptions 

20k 14th Dec 22 for 24 months =  £1600
20k 6th April 23 for 20 months = £1315
20k 6th April 24 for 8 months = £526

jak22

The 2 YR rate is actually 4.1% and both get another 0.1% for Premier or Wealth Management customers. The ability to add more funds next year and even the year after - and at this rate - could be pretty attractive.

pecunianonolet

jak22 said:

The 2 YR rate is actually 4.1% and both get another 0.1% for Premier or Wealth Management customers. The ability to add more funds next year and even the year after - and at this rate - could be pretty attractive.

They must have updated the rate. When I looked earlier it was 4%. Premier and Wealth Management is probably for the majority here not applicable. 

jak22

It was 4.1% by 1pm looking at posts above - about 20mins after the original 1YR post