Cash ISAs: The Best Currently Available List

pecunianonolet

pookey said:

refluxer said:

pookey said:

So many ISA options that I'm not sure which to choose. I have 20k, I don't think I'll need it so happy to fix it with Santander at 4.15%. 
However tempted with Yorkshire BS variable which is going up to 4.25%, it allows 6 withdrawal per year. It has flexibility but the rate might drop so I'm trying to decide which is best. Realistically I wouldn't need to touch the money and if I did, Santander penalises with 120 days loss of interest.
Can anyone give me their thoughts please? 😊

Presumably that's the Yorkshire Six Access Saver eISA you're talking about ? You'd need to have been an existing member for a year to qualify for that one but if you do then that's a great deal, with a rate similar to fixing but with some access and flexibility. It's accounts like that that make me think it would be worth joining the Yorkshire now so that I'd qualify for something similar in a year's time.

Saying that - I do tend to favour fixed rate ISAs so that's probably the option I would choose now that interest rates seem to be topping off, but I only lock money away that I know I definitely won't need access to because the penalties for doing so are usually pretty severe. When going down the fixed route, I think it's important that you have enough accessible funds elsewhere to ensure you won't need access to the ISA money.

If you think there's even a small chance that you might need to access the money, then the Yorkshire ISA would seem to be the way to go. The only downside is, as you say, that the rate could drop but I don't get the impression that any big BoE rate decreases are on the cards just yet. If the rate did drop then you'd obviously lose out compared to fixing for a year, but you'll almost certainly be better off with that Yorkshire account than if you'd put it in another (instant access) Easy Access Cash ISA, the best of which are currently around 1% lower than the rate you say that Yorkshire Six Access ISA is due to rise to. 

It's a gamble whatever you do, so the key is just to make the best-informed decision you can at the time and accept there's no guarantee that it'll turn out to be the best one !

Thank you, 
I'm pretty sure I don't need the money but there's always that just in case scenario. I do have other funds I can access so it won't all be locked away. 
I think I'll sleep on it another night and make a final decision tomorrow 😅

You can always take money out of an ISA even if fixed, you just have to pay a penalty and that's usually some sort of interest.I think 50 days interest penalty with Coventry but better check again and compare. 

pookey

pecunianonolet said:

pookey said:

refluxer said:

pookey said:

So many ISA options that I'm not sure which to choose. I have 20k, I don't think I'll need it so happy to fix it with Santander at 4.15%. 
However tempted with Yorkshire BS variable which is going up to 4.25%, it allows 6 withdrawal per year. It has flexibility but the rate might drop so I'm trying to decide which is best. Realistically I wouldn't need to touch the money and if I did, Santander penalises with 120 days loss of interest.
Can anyone give me their thoughts please? 😊

Presumably that's the Yorkshire Six Access Saver eISA you're talking about ? You'd need to have been an existing member for a year to qualify for that one but if you do then that's a great deal, with a rate similar to fixing but with some access and flexibility. It's accounts like that that make me think it would be worth joining the Yorkshire now so that I'd qualify for something similar in a year's time.

Saying that - I do tend to favour fixed rate ISAs so that's probably the option I would choose now that interest rates seem to be topping off, but I only lock money away that I know I definitely won't need access to because the penalties for doing so are usually pretty severe. When going down the fixed route, I think it's important that you have enough accessible funds elsewhere to ensure you won't need access to the ISA money.

If you think there's even a small chance that you might need to access the money, then the Yorkshire ISA would seem to be the way to go. The only downside is, as you say, that the rate could drop but I don't get the impression that any big BoE rate decreases are on the cards just yet. If the rate did drop then you'd obviously lose out compared to fixing for a year, but you'll almost certainly be better off with that Yorkshire account than if you'd put it in another (instant access) Easy Access Cash ISA, the best of which are currently around 1% lower than the rate you say that Yorkshire Six Access ISA is due to rise to. 

It's a gamble whatever you do, so the key is just to make the best-informed decision you can at the time and accept there's no guarantee that it'll turn out to be the best one !

Thank you, 
I'm pretty sure I don't need the money but there's always that just in case scenario. I do have other funds I can access so it won't all be locked away. 
I think I'll sleep on it another night and make a final decision tomorrow 😅

You can always take money out of an ISA even if fixed, you just have to pay a penalty and that's usually some sort of interest.I think 50 days interest penalty with Coventry but better check again and compare. 

Yes it's 120 days with Santander which would be around £273 

pookey

refluxer said:

pookey said:

So many ISA options that I'm not sure which to choose. I have 20k, I don't think I'll need it so happy to fix it with Santander at 4.15%. 
However tempted with Yorkshire BS variable which is going up to 4.25%, it allows 6 withdrawal per year. It has flexibility but the rate might drop so I'm trying to decide which is best. Realistically I wouldn't need to touch the money and if I did, Santander penalises with 120 days loss of interest.
Can anyone give me their thoughts please? 😊

Presumably that's the Yorkshire Six Access Saver eISA you're talking about ? You'd need to have been an existing member for a year to qualify for that one but if you do then that's a great deal, with a rate similar to fixing but with some access and flexibility. It's accounts like that that make me think it would be worth joining the Yorkshire now so that I'd qualify for something similar in a year's time.

Saying that - I do tend to favour fixed rate ISAs so that's probably the option I would choose now that interest rates seem to be topping off, but I only lock money away that I know I definitely won't need access to because the penalties for doing so are usually pretty severe. When going down the fixed route, I think it's important that you have enough accessible funds elsewhere to ensure you won't need access to the ISA money.

If you think there's even a small chance that you might need to access the money, then the Yorkshire ISA would seem to be the way to go. The only downside is, as you say, that the rate could drop but I don't get the impression that any big BoE rate decreases are on the cards just yet. If the rate did drop then you'd obviously lose out compared to fixing for a year, but you'll almost certainly be better off with that Yorkshire account than if you'd put it in another (instant access) Easy Access Cash ISA, the best of which are currently around 1% lower than the rate you say that Yorkshire Six Access ISA is due to rise to. 

It's a gamble whatever you do, so the key is just to make the best-informed decision you can at the time and accept there's no guarantee that it'll turn out to be the best one !

I think you should join Yorkshire, the interest rates they offer are very good so will definitely be worth it 

pookey

pookey said:

So many ISA options that I'm not sure which to choose. I have 20k, I don't think I'll need it so happy to fix it with Santander at 4.15%. 
However tempted with Yorkshire BS variable which is going up to 4.25%, it allows 6 withdrawal per year. It has flexibility but the rate might drop so I'm trying to decide which is best. Realistically I wouldn't need to touch the money and if I did, Santander penalises with 120 days loss of interest.
Can anyone give me their thoughts please? 😊

I forgot to add that the rate is increasing to 4.25% on 5th April  with Yorkshire so really I'm just worried about the rate dropping and not locking in at 4.15%

mothemoneysaver

Any idea why the Santander 18mth fixed has a better rate than the 2 year option? Is it because they anticipate interest rates to peak and drop in that period or am I missing something else?

1 year option

Fixed rate of 4.15% AER/tax-free for 1 year

2 years option

Fixed rate of 4.20% AER/tax-free for 2 years

18 months option

Fixed rate of 4.25% AER/tax-free for 18 months

sparkiemalarkie

Why is no one mentioning the Virgin Money 2yr Fixed rate cash E-ISA @ 4.26% aer?
Is it not a good option? If not why not?

tia

sx

refluxer

sparkiemalarkie said:

Why is no one mentioning the Virgin Money 2yr Fixed rate cash E-ISA @ 4.26% aer?
Is it not a good option? If not why not?

tia

sx

Virgin are often complained about on here, especially when it comes to ISA transfers. Personality, I'd rather go with the next-best options for a 2 year fix (Santander, Shawbrook or Paragon - all of whom I've never had an issue with), even if that meant taking a small hit on the rate.

Bridlington1

refluxer said:

sparkiemalarkie said:

Why is no one mentioning the Virgin Money 2yr Fixed rate cash E-ISA @ 4.26% aer?
Is it not a good option? If not why not?

tia

sx

Virgin are often complained about on here, especially when it comes to ISA transfers. Personality, I'd rather go with the next-best options for a 2 year fix (Santander, Shawbrook or Paragon - all of whom I've never had an issue with), even if that meant taking a small hit on the rate.

Though just to add some balance to this VM managed to transfer a cash ISA I had elsewhere to their exclusive EA cash ISA in November alright.

pookey

mothemoneysaver said:

Any idea why the Santander 18mth fixed has a better rate than the 2 year option? Is it because they anticipate interest rates to peak and drop in that period or am I missing something else?

1 year option

Fixed rate of 4.15% AER/tax-free for 1 year

2 years option

Fixed rate of 4.20% AER/tax-free for 2 years

18 months option

Fixed rate of 4.25% AER/tax-free for 18 months

Yes I did wonder that and I think it's as you say: it could be too cover themselves in case interest rates drop around that time

pookey

sparkiemalarkie said:

Why is no one mentioning the Virgin Money 2yr Fixed rate cash E-ISA @ 4.26% aer?
Is it not a good option? If not why not?

tia

sx

For me personally there's not enough of a rate increase to fix for 2 years 😊