Cash ISAs: The Best Currently Available List

MDMD

Tom_Hendo said:

pecunianonolet said:

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

This is currently what I am considering. I've never actually seen a fixed ISA account that lets you add to it after the initial window, really like that option being available. 

Also if in April there is a better rate it gives you the option to utilise that instead of adding to this ISA. 

I've never fixed money away for more than a year so I am leaning towards the 1 year version. Ooo decisions 

Barclays have had a similar account in the past:

https://forums.moneysavingexpert.com/discussion/comment/59628397/#Comment_59628397

I’m planning on opening with £1, and if something better comes along, then I can transfer the £1 (on which the penalty will be minimal) and pay into that.

Tom_Hendo

MDMD said:

Tom_Hendo said:

pecunianonolet said:

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

This is currently what I am considering. I've never actually seen a fixed ISA account that lets you add to it after the initial window, really like that option being available. 

Also if in April there is a better rate it gives you the option to utilise that instead of adding to this ISA. 

I've never fixed money away for more than a year so I am leaning towards the 1 year version. Ooo decisions 

Barclays have had a similar account in the past:

https://forums.moneysavingexpert.com/discussion/comment/59628397/#Comment_59628397

I’m planning on opening with £1, and if something better comes along, then I can transfer the £1 (on which the penalty will be minimal) and pay into that.

Wouldn't that be paying into 2 ISA accoutns in a single tax year? 

MDMD

Tom_Hendo said:

MDMD said:

Tom_Hendo said:

pecunianonolet said:

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

This is currently what I am considering. I've never actually seen a fixed ISA account that lets you add to it after the initial window, really like that option being available. 

Also if in April there is a better rate it gives you the option to utilise that instead of adding to this ISA. 

I've never fixed money away for more than a year so I am leaning towards the 1 year version. Ooo decisions 

Barclays have had a similar account in the past:

https://forums.moneysavingexpert.com/discussion/comment/59628397/#Comment_59628397

I’m planning on opening with £1, and if something better comes along, then I can transfer the £1 (on which the penalty will be minimal) and pay into that.

Wouldn't that be paying into 2 ISA accoutns in a single tax year? 

You can make in year transfers of current Year contributions as long as they are transferred in their entirety, and then you can pay the remaining allowance into the new account.

Tom_Hendo

MDMD said:

Tom_Hendo said:

MDMD said:

Tom_Hendo said:

pecunianonolet said:

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

This is currently what I am considering. I've never actually seen a fixed ISA account that lets you add to it after the initial window, really like that option being available. 

Also if in April there is a better rate it gives you the option to utilise that instead of adding to this ISA. 

I've never fixed money away for more than a year so I am leaning towards the 1 year version. Ooo decisions 

Barclays have had a similar account in the past:

https://forums.moneysavingexpert.com/discussion/comment/59628397/#Comment_59628397

I’m planning on opening with £1, and if something better comes along, then I can transfer the £1 (on which the penalty will be minimal) and pay into that.

Wouldn't that be paying into 2 ISA accoutns in a single tax year? 

You can make in year transfers of current Year contributions as long as they are transferred in their entirety, and then you can pay the remaining allowance into the new account.

Thanks. Every day is a school day! 

pecunianonolet

Very good points but when you open now with only £1 your remaining blance of £19,999 would need to be sitting elsewhere for 4% as you would otherwise be at a loss wasting potentially 3.5 months out of the 12/24 months term. 

Am I understanding this right, if I put the full 20k in now but a better deal becomes available in March I could make the 3 withdrawals of 10% each and the remaining balance I can transfer and only pay 90 days interest penalty on that remaining balance? The funds basically sat there 3 months for free. In that case monthly interest would probably more an advantage.

1 or 2 years.... decisions, decisions...

MDMD

pecunianonolet said:

Very good points but when you open now with only £1 your remaining blance of £19,999 would need to be sitting elsewhere for 4% as you would otherwise be at a loss wasting potentially 3.5 months out of the 12/24 months term. 

Am I understanding this right, if I put the full 20k in now but a better deal becomes available in March I could make the 3 withdrawals of 10% each and the remaining balance I can transfer and only pay 90 days interest penalty on that remaining balance? The funds basically sat there 3 months for free. In that case monthly interest would probably more an advantage.

1 or 2 years.... decisions, decisions...

true, but at the moment the £19.999 is either money I don’t have or is tied up in regular savers earning below 5% - which will be closed in early April to get the income in this year’s PSA. From next year the after tax return is below 3% which means Cash ISAs are worth looking at again….

andyhicks88

It seems you already have to bank with them though?  You can't seem to actually apply online unless you already do.  They direct you to phone them or go in branch if you don't already have an account with them. Though I suppose you could open a current account with them if you really want access to this, plus they do have the rainy day saver you can get if you have a current account with them too as well which is very good so it might really be worth it.

Aidanmc

andyhicks88 said:

It seems you already have to bank with them though?  You can't seem to actually apply online unless you already do.  They direct you to phone them or go in branch if you don't already have an account with them. Though I suppose you could open a current account with them if you really want access to this, plus they do have the rainy day saver you can get if you have a current account with them too as well which is very good so it might really be worth it.

Yeah, I noticed that too. I had accounts at Barclays in the past but none at the moment so won't let me log in online to apply for the isa. Maybe they bring out a switching offer in New Year!

refluxer

As Barclays didn't specify having a current account as a condition of that ISA, I must admit I'd presumed that they'd allow you to apply for internet banking as part of the ISA application process. 

andyhicks88

Well actually i suppose you could just open an easy access and get the online banking details?  Yeh you won't need a current account will you, just it seems, be an existing customer with online banking access. I don't think you need to be an actual current account holder.