Cash ISAs: The Best Currently Available List

Kazza242

The Marcus and Saga Cash ISA rates have been increased to 3.00% today.  

CompulsiveSaver

Kazza242 said:

The Marcus and Saga Cash ISA rates have been increased to 3.00% today.  

Wow, that means Virgin Money are now on a par with the Marcus accounts; those that didn't seem to be bothered about being competitive... and well off the best. My £80K is looking to leave Virgin Money within the next week as much better rates are available! wonder if they will improve?

where_are_we

Surely, if you make a deposit into a cash ISA after 6th April 2023, that will form part of your 2023-2024 ISA allowance regardless of when you opened the ISA?

refluxer

FB13 said:

“The ISA allowance for the 2023/24 tax year is £20,000 and deposits can be made from 6 April 2023 up to and including 30 April 2023.” 

Am I reading this correctly that if you open one of the new Santander fixed accounts today that while you only have 14 days to start a transfer in that you could deposit new money on 30 April 2023 (ie 5+ weeks after the account was opened)? 

Yes - it sounds like you can, but that would count against your 2023-2024 allowance.

That's a very unusual funding window though, as normally they state a fixed period (eg. 1 month) rather than specifying a certain date.

Contador38

Santander Fixed ISA.
The TCs say - Minimum opening deposit of £500
Does it mean that one has to open the account with £500.
If so, this will be a problem for people who want this product for 23/24.
I will have to wait for 6 April to open this account as I have already used my 22/23 allocation.
Is that how people see it ?

masonic

RG2015 said:

eskbanker said:

RG2015 said:

Just to clarity then, if you are paying every month into an HTB ISA then you cannot open another Cash ISA with a different provider? 

To make the usual pedantic but important distinction, you can open a cash ISA with a different provider but can't pay new money into it if you're already funding another cash ISA in the same tax year.

And as final a clarification, the HTB ISA is classified as a Cash ISA for the purposes of subscribing to different types of ISA in the same tax year?

Yes, a HTB ISA is a cash ISA (unlike a cash LISA).

refluxer

Contador38 said:

Santander Fixed ISA.
The TCs say - Minimum opening deposit of £500
Does it mean that one has to open the account with £500.
If so, this will be a problem for people who want this product for 23/24.
I will have to wait for 6 April to open this account as I have already used my 22/23 allocation.
Is that how people see it ?

I guess it depends whether they allow you to open it with a zero balance and then pay or transfer into it at a later stage (within the funding window), or whether they insist on either a £500 initial deposit or transfer request at the time of application.

The following statement from the T&Cs suggests that you might need to make an initial £500 payment when applying, if you're not arranging a transfer...

"You can open the account with a zero balance if you are transferring in existing ISAs with a balance of at least £500."

RetSol

Santander Fixed ISA.
The TCs say - Minimum opening deposit of £500
Does it mean that one has to open the account with £500.
If so, this will be a problem for people who want this product for 23/24.
I will have to wait for 6 April to open this account as I have already used my 22/23 allocation.
Is that how people see it ?

Good question. 

I was wondering the same as I have already paid into one cash isa this year. 

Also - 

"AER is based on funds deposited by 1 April 2023. If you deposit funds after 1 April 2023, the interest you receive may be less than the advertised AER.". 

 

alternate

You can open the Santander with a zero balance. It was showing on my account within minutes.  I later filled out the transfer form.

subjecttocontract

alternate said:

You can open the Santander with a zero balance. It was showing on my account within minutes.  I later filled out the transfer form.

You can only open the account with a zero balance if you are intending to transfer an existing isa into the account.
If you are paying new money into the isa it requires a minimum deposit of £500.