Cash ISAs: The Best Currently Available List

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.  

Aidanmc

rallycurve said:

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

You can open the fixed Isa without subscribing, I called them about this.

Told me just to print off transfer form and they will open the account and arrange transfer. No need to do online application.

hamski

I was given that information when I rang them too.
 I also asked about the transfer procedure as I was concerned about how long the postal application would take, I was told once the forms are received by m&s bank the transfer is done electronically.
Posted transfer forms today ,fingers crossed it all goes smoothly 

hamski

Catbells said:

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).

You have the option to cancel within 14days of opening your isa if you wanted to do that

Stompa

Cynergy Bank Online ISA (Issue 30) 3.00%

https://www.cynergybank.co.uk/personal-savings/online-isa/online-isa/

Consumerist

Catbells said:

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).

Are you sure they specified the last 12 months? The normal restriction is that you have not contributed to another ISA within the last tax year (2022/23). Transfers, however, are not new contributions.

It may help you to have a read of <M&S Cash ISAs>. Hope it helps.

Catbells

Thats what I thought too Consumerist.  Hamski on here said he thought you could only fund one type of ISA per year,  ie a Cash ISA and a S&S ISA so have been looking at what's on offer in the way of S&S ISAs this evening.   I was half way through applying via M&S site earlier when I came across this stipulation.

Eligibility criteria

To apply for an M&S Cash ISA you must:

• be a UK resident*
• be aged 16 or over
• have not subscribed to another Cash ISA in the current tax year

* If not a UK resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with, such a person. The M&S Cash ISA is not available to residents of the Channel Islands and the Isle of Man.

Consumerist

Catbells said:

Thats what I thought too Consumerist.  . .

Just to be clear: since you contributed to your existing ISA within this tax year, those contributions will count as part of this tax year's £20,000 limit.

Emily_Joy

hamski said:

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

+ one LISA, if you have one. So 3 in total: one cash, one S&S, one LISA.

eskbanker

Emily_Joy said:

hamski said:

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

+ one LISA, if you have one. So 3 in total: one cash, one S&S, one LISA.

Four actually!

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.