Cash ISAs: The Best Currently Available List

intalex

gwapenut said:

intalex said:

Just noticed a 3-year fixed rate ISA at Skipton at 4.20% AER with a deposit/transfer window until 22/03/2023... worth opening empty as and holding as an option for now if a 3-year fix is of interest...

Given the time period, and having almost jumped too soon on a number of good-then-bad-now fixes this year, I've decided I prefer the 3 year M&S ISA at 4%. It's just slightly less, but the penalty is a flat £100 which, on a large balance, I can easily write-off if rates rise above this level at any time over the next 3 years.

This is good intel - worth its own thread!

gwapenut

Just to point out a couple of things with M&S that I spotted in the T&Cs:
1. It seems that each incoming transfer has its own 3-year period. It follows that each would have its own £100 penalty. So if assembling an ISA from several others, collate them externally in a donor account unless you may are likely to want to partially withdraw, in which case this may workm in your favour (see 2 below)
2. Partial withdrawals aren't possible. So if you need some of the money, you'd need to transfer out with £100 penalty, then partially withdraw. Of course, if you're just hedging against this becoming an uncompetitive account in the future, you'd probably want to fully transfer anyway.

Oasis1

Coventry just e-mailed to say their Limited Access ISA (Online) (3) is going up from 2.95% to 3.1% on 1 March.

Details here of all interest rises here: https://www.coventrybuildingsociety.co.uk/member/help/member-support/bank-of-england-base-rate.html?utm_source=RTC205&utm_medium=Email&utm_campaign=questions

hamski

I’m also thinking of doing a transfer from West Brom to m&s isa, after talking to them on phone I was sent forms to initiate a transfer but there listed as being part of the electronic transfer scheme .Anyone know how the transfer would go through paper or electronic as there’s just a 5 day window with the West Brom from the start of the notice.Wouldn’t want it to go wrong after waiting 6 months to transfer penalty free.

Consumerist

hamski said:

I’m also thinking of doing a transfer from West Brom to m&s isa, after talking to them on phone I was sent forms to initiate a transfer but there listed as being part of the electronic transfer scheme .Anyone know how the transfer would go through paper or electronic as there’s just a 5 day window with the West Brom from the start of the notice.Wouldn’t want it to go wrong after waiting 6 months to transfer penalty free.

If both ISA managers are signed up to electronic transfers then just open an M&S ISA account; you are usually asked if you want to transfer-in an ISA as part of the application - so have the West Brom account details ready. M&S should notify West Brom of the transfer request on the same or next working day.

RobertKr

In terms of the M&S fixed isa account, how do you move money to the account (not transfer from another isa acc). I recently opened new 2y fixed isa with charter savings bank (i think with 4.05% interst) but i haven't moved money yet (20k) as I wasn't sure about penalty for withdrawal (180 days of interest). I probably need this money at around march/may 2025 (remortgage) but also might need it earlier so penalty was bothering me and the 30 days window to fund in approach. M&S 3 year fixed look much better (only £100 if i withdraw it in 2025 or earlier, and i can keep it for full 3 years) but when i tried to open account i have been asked about debit card details and then it seemed on another page m&s will debit my card for 20k£ (I am not even sure if lloyds will allow it?). I have the money on saving account i could move it to lloyds but i wanted to open account then transfer 20k from lloyds by online bank transfer, can i do it with m&s?

rallycurve

RobertKr said:

In terms of the M&S fixed isa account, how do you move money to the account (not transfer from another isa acc). I recently opened new 2y fixed isa with charter savings bank (i think with 4.05% interst) but i haven't moved money yet (20k) as I wasn't sure about penalty for withdrawal (180 days of interest). I probably need this money at around march/may 2025 (remortgage) but also might need it earlier so penalty was bothering me and the 30 days window to fund in approach. M&S 3 year fixed look much better (only £100 if i withdraw it in 2025 or earlier, and i can keep it for full 3 years) but when i tried to open account i have been asked about debit card details and then it seemed on another page m&s will debit my card for 20k£ (I am not even sure if lloyds will allow it?). I have the money on saving account i could move it to lloyds but i wanted to open account then transfer 20k from lloyds by online bank transfer, can i do it with m&s?

I don't think you can open it without funding it and there does not seem to be an option to receive a bank transfer either.
You are required to enter your card details during the application process. Alternatively I think you can post an application form with a cheque. The third funding option is an ISA transfer (also by post)

I applied last Monday and provided my card details, the amount was debited on Friday when they sent me an email confirming the request was completed and a certificate of deposit is coming my way. I was also worried about the bank declining a large debit card payment but everything seems to have gone though successfully

Catbells

I am in the process of applying for an M&S cash ISA for £5000.  I bought a YBS ISA a few days ago (£10000).  M&S state they won't accept an application if a cash ISA has been bought within the last 12 months.  What I would like to know is why is it not permissible to do this given that I haven't spent the maximum £20,000 this year on ISAs?   (New to buying ISAs).

hamski

Think your only allowed to fund one type of isa per year (one cash and one stocks and share)

Catbells

Thats very helpful Hamski.  Thanks.  In that case I will transfer an existing S&S ISA into another one but I guess this thread is only for Cash ISAs so will look on here for the right thread.