Cash ISAs: The Best Currently Available List

refluxer

pecunianonolet said:

fabsaver said:

Virgin Money have launched a 4.25% 1 Year Fixed Rate Cash ISA Exclusive Issue 4 
https://uk.virginmoney.com/savings/products/1_year_fixed_rate_cash_isa_exclusive_issue_4/

Let's see if Barclays is going to beat this as they currently offfer 4% and I was about to go with that, also because the other terms seemed good.

Barclays don't raise and lower their savings product interest rates anywhere near as often as the challenger banks you see featured in the MSE top tables so I would say that's pretty unlikely, unless the whole of the market takes a very definite upturn.
 
This is the first time in a very long time (decades ?) that I remember seeing a Barclays ISA with a competitive interest rate. 

pecunianonolet

refluxer said:

pecunianonolet said:

fabsaver said:

Virgin Money have launched a 4.25% 1 Year Fixed Rate Cash ISA Exclusive Issue 4 
https://uk.virginmoney.com/savings/products/1_year_fixed_rate_cash_isa_exclusive_issue_4/

Let's see if Barclays is going to beat this as they currently offfer 4% and I was about to go with that, also because the other terms seemed good.

Barclays don't raise and lower their savings product interest rates anywhere near as often as the challenger banks you see featured in the MSE top tables so I would say that's pretty unlikely, unless the whole of the market takes a very definite upturn.
 
This is the first time in a very long time (decades ?) that I remember seeing a Barclays ISA with a competitive interest rate. 

Probably true but there is always hope and the market player might act in their own interest. Who would have thought that we now have an ISA 1y fix which pays basically as much as a normal 1y bond. We also have some further interest rate movements ahead of us, a more or less certain increase at the next BOE meeting, so I guess this has already been priced into this offer.

The question is how long it will be available. Annoyingly, the maturity date is fixed so 22 days from today Barclays becomes attractive again as you would still get the full 12 months. 

Assuming a straight 20k pay in means £850 in interest for a full year at 4.25% vs £800 with Barclays at 4%. 

At Virgin you get on £20k with 4.25% ca. £2.33/day so after 22 days that's ca. £51.26

--> 22 days from today (launch of product) the Barclays 4% will generate a better yield due to the non fixed maturity date. 

Pay in is flexible:

"You can pay money into your ISA as soon as it's opened, right up until 30 days after we stop selling this account. After that you can't pay in any more money. You can pay as much as you like into your account – up to the annual ISA allowance. Check your Terms for more details."

alternate

fixed isa rates are closer to normal fixed rates than I have seen them in a long time.  There will always be an extra cost to the bank as isa has more admin and they have to allow early transfer, albeit with a penalty.

AmityNeon

4.25% beats every regular saver (except FD) after tax and is on par with the best standard 1Y fixes, but with withdrawal flexibility if necessary. It may be viable for me to close most of my regular savers, get paid the interest now in this tax year (within my PSA), and transfer everything to the ISA whilst deposits are still permitted. With a fixed maturity date of 31 Jan 2024 on a product advertised as 1 Year, I'm not sure how much longer it will be available.

kaMelo

AmityNeon said:

4.25% beats every regular saver (except FD) after tax and is on par with the best standard 1Y fixes, but with withdrawal flexibility if necessary. It may be viable for me to close most of my regular savers, get paid the interest now in this tax year (within my PSA), and transfer everything to the ISA whilst deposits are still permitted. With a fixed maturity date of 31 Jan 2024 on a product advertised as 1 Year, I'm not sure how much longer it will be available.

It beats First Direct too for higher rate taxpayers. It's a decent rate but unfortunately I'm going to miss out as my ISA contributions are already maxed this year and not worth doing a transfer as all previous years ISA's were transferred to The Cumberland's five year ISA @ 5.05%

Still it's good to see a competitive rate, I'm hazarding a guess they are trying to hoover up much of the ISA market for those who still have room for this years contributions.

Ocelot

refluxer said:

pecunianonolet said:

fabsaver said:

Virgin Money have launched a 4.25% 1 Year Fixed Rate Cash ISA Exclusive Issue 4 
https://uk.virginmoney.com/savings/products/1_year_fixed_rate_cash_isa_exclusive_issue_4/

Let's see if Barclays is going to beat this as they currently offfer 4% and I was about to go with that, also because the other terms seemed good.

Barclays don't raise and lower their savings product interest rates anywhere near as often as the challenger banks you see featured in the MSE top tables so I would say that's pretty unlikely, unless the whole of the market takes a very definite upturn.
 
This is the first time in a very long time (decades ?) that I remember seeing a Barclays ISA with a competitive interest rate. 

I did open a 3 year ISA with them at the beginning of 2020 at 1.8%, which was the best around at the time, surprisingly.

andyhicks88

It' somewhat annoying to miss out on this and if further rate increases happen elsewhere, but I took the option of the 2yr Barclays Fixed ISA and deposited the full 20k in there. I just liked the flexibility of it, the way you can get penalty free access to some of the money and just the fact that I know I had an account there with a competitive rate that I could simply add another 20k to in April and not have the faff of opening another separate one then or having to transfer next year.  Obviously we do have one now that's 0.15% higher (for 1yr) but I think all the above is probably worth losing that extra £50 interest for me.

Indout96

pecunianonolet said:

Let's see if Barclays is going to beat this as they currently offfer 4% and I was about to go with that, also because the other terms seemed good. Is this the start of the end of year ISA rally?

I rang Barclays last Friday to book an appointment to open their 4% ISA for both me & Mrs Indout - earliest appointment was last week in March.
Went with Shawbrook instead.

Stargunner

Indout96 said:

pecunianonolet said:

Let's see if Barclays is going to beat this as they currently offfer 4% and I was about to go with that, also because the other terms seemed good. Is this the start of the end of year ISA rally?

I rang Barclays last Friday to book an appointment to open their 4% ISA for both me & Mrs Indout - earliest appointment was last week in March.
Went with Shawbrook instead.

Far easier to just apply online for a current account with them and then you can apply for the ISA online . The whole process for both accounts including funding the ISA took less than an hour 

rallycurve

Shawbrook Easy Access Cash ISA now up to 2.77%