Cash ISAs: The Best Currently Available List

Stargunner

ForumUser7 said:

Stargunner said:

The Coventry limited access is classed as a flexible ISA in that you can make up to 6 withdrawals a year without penalty. I can’t see anything about being able to repay back in money that you have previously withdrawn like you can with most flexible ISA’s. Does anyone if you can.

I think you’re mixing easy access ISAs with flexible ISAs.

‘An easy access cash ISA lets you earn interest without paying any tax and you can withdraw the money whenever you need to without penalty.’ ~ https://www.nerdwallet.com/uk/savings/what-is-an-easy-access-isa/

‘A flexible ISA is the term used to explain that you can withdraw money from your ISA temporarily and pay it back within the same tax year without affecting your annual ISA allowance.’ ~ https://www.bestinvest.co.uk/isas-explained/what-is-a-flexible-isa


Their booklet confirms you can pay it back in subject to ts and cs:

’ This is a flexible ISA so you can take money out and put it back in later, without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you can’t transfer this allowance to Limited Access ISA (Online) (4). For more details about how flexible ISAs work, ask us or visit www.coventrybuildingsociety.co.uk/isa-guide’

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/at-a-glance/limited-access-isa-online-4.pdf

I haven’t mixed it, as I know it is a flexible ISA. I just wanted to check as I couldn’t see anything on their website confirming that you can repay money back in that you have withdrawn back in at a later point in the same tax year.

ForumUser7

Stargunner said:

ForumUser7 said:

Stargunner said:

The Coventry limited access is classed as a flexible ISA in that you can make up to 6 withdrawals a year without penalty. I can’t see anything about being able to repay back in money that you have previously withdrawn like you can with most flexible ISA’s. Does anyone if you can.

I think you’re mixing easy access ISAs with flexible ISAs.

‘An easy access cash ISA lets you earn interest without paying any tax and you can withdraw the money whenever you need to without penalty.’ ~ https://www.nerdwallet.com/uk/savings/what-is-an-easy-access-isa/

‘A flexible ISA is the term used to explain that you can withdraw money from your ISA temporarily and pay it back within the same tax year without affecting your annual ISA allowance.’ ~ https://www.bestinvest.co.uk/isas-explained/what-is-a-flexible-isa


Their booklet confirms you can pay it back in subject to ts and cs:

’ This is a flexible ISA so you can take money out and put it back in later, without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you can’t transfer this allowance to Limited Access ISA (Online) (4). For more details about how flexible ISAs work, ask us or visit www.coventrybuildingsociety.co.uk/isa-guide’

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/at-a-glance/limited-access-isa-online-4.pdf

I haven’t mixed it, as I know it is a flexible ISA. I just wanted to check as I couldn’t see anything on their website confirming that you can repay money back in that you have withdrawn back in at a later point in the same tax year.

You're right, in so far that it is a flexible ISA.

The reason I thought you were mixed up with them was that you said:

'The Coventry limited access is classed as a flexible ISA in that you can make up to 6 withdrawals a year without penalty.'

This is not correct. The Coventry limited access is classed as an Easy Access ISA (limited access) in that you can make up to 6 withdrawals a year without penalty. 

'I can’t see anything about being able to repay back in money that you have previously withdrawn like you can with most flexible ISA’s. Does anyone if you can.' 

All flexible ISAs allow you to take out cash and then put it back in during the same tax year without reducing your current year's allowance ~ https://www.gov.uk/individual-savings-accounts/withdrawing-your-money

It was just a point of clarity, as some ISAs, such as Teacher's BS (https://www.teachersbuildingsociety.co.uk/savings/savings-for-everyone/product-detail/triple-access-cash-isa-for-everyone) allow a limited number of withdrawals per year, but they are not flexible.

In answer to your original question though, if you are referring to their Limited Access ISA online 4, yes, you can pay it back in without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. Here is the link to their booklet if you want to confirm it ~ https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/at-a-glance/limited-access-isa-online-4.pdf

Stargunner

ForumUser7 said:

Stargunner said:

ForumUser7 said:

Stargunner said:

The Coventry limited access is classed as a flexible ISA in that you can make up to 6 withdrawals a year without penalty. I can’t see anything about being able to repay back in money that you have previously withdrawn like you can with most flexible ISA’s. Does anyone if you can.

I think you’re mixing easy access ISAs with flexible ISAs.

‘An easy access cash ISA lets you earn interest without paying any tax and you can withdraw the money whenever you need to without penalty.’ ~ https://www.nerdwallet.com/uk/savings/what-is-an-easy-access-isa/

‘A flexible ISA is the term used to explain that you can withdraw money from your ISA temporarily and pay it back within the same tax year without affecting your annual ISA allowance.’ ~ https://www.bestinvest.co.uk/isas-explained/what-is-a-flexible-isa


Their booklet confirms you can pay it back in subject to ts and cs:

’ This is a flexible ISA so you can take money out and put it back in later, without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you can’t transfer this allowance to Limited Access ISA (Online) (4). For more details about how flexible ISAs work, ask us or visit www.coventrybuildingsociety.co.uk/isa-guide’

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/at-a-glance/limited-access-isa-online-4.pdf

I haven’t mixed it, as I know it is a flexible ISA. I just wanted to check as I couldn’t see anything on their website confirming that you can repay money back in that you have withdrawn back in at a later point in the same tax year.

You're right, in so far that it is a flexible ISA.

The reason I thought you were mixed up with them was that you said:

'The Coventry limited access is classed as a flexible ISA in that you can make up to 6 withdrawals a year without penalty.'

This is not correct. The Coventry limited access is classed as an Easy Access ISA (limited access) in that you can make up to 6 withdrawals a year without penalty. 

'I can’t see anything about being able to repay back in money that you have previously withdrawn like you can with most flexible ISA’s. Does anyone if you can.' 

All flexible ISAs allow you to take out cash and then put it back in during the same tax year without reducing your current year's allowance ~ https://www.gov.uk/individual-savings-accounts/withdrawing-your-money

It was just a point of clarity, as some ISAs, such as Teacher's BS (https://www.teachersbuildingsociety.co.uk/savings/savings-for-everyone/product-detail/triple-access-cash-isa-for-everyone) allow a limited number of withdrawals per year, but they are not flexible.

In answer to your original question though, if you are referring to their Limited Access ISA online 4, yes, you can pay it back in without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. Here is the link to their booklet if you want to confirm it ~ https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/at-a-glance/limited-access-isa-online-4.pdf

Sorry, it was the Limited access ISA 4 that I was referring yo.

gabiieve

I'm interested in a flexible easy access ISA and I see Principality has the best rate. I've never heard of them, are they easy to work with? I'm interested in a provider with good online/ app and fast transfers to nominated accounts.

gt94sss2

gabiieve said:

I'm interested in a flexible easy access ISA and I see Principality has the best rate. I've never heard of them, are they easy to work with? I'm interested in a provider with good online/ app and fast transfers to nominated accounts.

Large Welsh building society. No app but very good customer service and a decent online service.

gabiieve

gt94sss2 said:

gabiieve said:

I'm interested in a flexible easy access ISA and I see Principality has the best rate. I've never heard of them, are they easy to work with? I'm interested in a provider with good online/ app and fast transfers to nominated accounts.

Large Welsh building society. No app but very good customer service and a decent online service.

Thank you. Do you know if their transfers are quick? I want this to be my main savings account

refluxer

gabiieve said:

gt94sss2 said:

gabiieve said:

I'm interested in a flexible easy access ISA and I see Principality has the best rate. I've never heard of them, are they easy to work with? I'm interested in a provider with good online/ app and fast transfers to nominated accounts.

Large Welsh building society. No app but very good customer service and a decent online service.

Thank you. Do you know if their transfers are quick? I want this to be my main savings account

I've had a few Cash ISAs with the Principality. If you're talking about ISA to ISA transfers, then they don't use the BACs ISA transfer service so transfers require paper forms and aren't as quick as providers who do use the service. Saying that, I find their customer service is excellent and transfers have always been carried out well within the required timescales (15 days I think ?)

gabiieve

refluxer said:

gabiieve said:

Thank you. Do you know if their transfers are quick? I want this to be my main savings account

I've had a few Cash ISAs with the Principality. If you're talking about ISA to ISA transfers, then they don't use the BACs ISA transfer service so transfers require paper forms and aren't as quick as providers who do use the service. Saying that, I find their customer service is excellent and transfers have always been carried out well within the required timescales (15 days I think ?)

Thank you Refluxer, I meant transferring out money to a normal account, since this is a flexible easy access account. I need to put my normal savings in an ISA to avoid tax next year (I have a few high interest regular savers + Barclays Rainy day), so it needs to be easily accessible and fast to reach my nominated account in case something comes up. 

refluxer

gabiieve said:

refluxer said:

gabiieve said:

Thank you. Do you know if their transfers are quick? I want this to be my main savings account

I've had a few Cash ISAs with the Principality. If you're talking about ISA to ISA transfers, then they don't use the BACs ISA transfer service so transfers require paper forms and aren't as quick as providers who do use the service. Saying that, I find their customer service is excellent and transfers have always been carried out well within the required timescales (15 days I think ?)

Thank you Refluxer, I meant transferring out money to a normal account, since this is a flexible easy access account. I need to put my normal savings in an ISA to avoid tax next year (I have a few high interest regular savers + Barclays Rainy day), so it needs to be easily accessible and fast to reach my nominated account in case something comes up. 

Ah, OK. I actually hold their flexible 'Online ISA' now and, while I've not paid anything into it or taken anything out since I opened it with a transfer last year, what I can tell you is that (looking at the online banking options) withdrawals are made to a nominated account and if you want a same day withdrawal, requests must be made before 3.30pm.

That implies to me that withdrawals made before that time probably take a few hours and any made after that deadline won't appear until the following morning, so it depends on just how quickly you'll need access to your money ? This could be because these payments are either queued or need to be processed manually (or both) which means they won't be as fast as they would be from a bigger outfit like Barclays, Santander (etc) where payments in and out are usually instant.

Despite the online access, they are still quite a traditional building society (they're one of the few providers I still deal with who post out letters and forms) so if you're not already a member and are hoping to become one, set up a new ISA and fund it before the end of the tax year, then I'm not sure you'd have time ? I might be wrong as it was a while ago, but I'm pretty sure that things like online banking access involved them sending codes through the post and I'm not sure if they check ID/address electronically or not. 

pookey

ForumUser7 said:

Stargunner said:

The Coventry limited access is classed as a flexible ISA in that you can make up to 6 withdrawals a year without penalty. I can’t see anything about being able to repay back in money that you have previously withdrawn like you can with most flexible ISA’s. Does anyone if you can.

I think you’re mixing easy access ISAs with flexible ISAs.

‘An easy access cash ISA lets you earn interest without paying any tax and you can withdraw the money whenever you need to without penalty.’ ~ https://www.nerdwallet.com/uk/savings/what-is-an-easy-access-isa/

‘A flexible ISA is the term used to explain that you can withdraw money from your ISA temporarily and pay it back within the same tax year without affecting your annual ISA allowance.’ ~ https://www.bestinvest.co.uk/isas-explained/what-is-a-flexible-isa


Their booklet confirms you can pay it back in subject to ts and cs:

’ This is a flexible ISA so you can take money out and put it back in later, without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you can’t transfer this allowance to Limited Access ISA (Online) (4). For more details about how flexible ISAs work, ask us or visit www.coventrybuildingsociety.co.uk/isa-guide’

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/at-a-glance/limited-access-isa-online-4.pdf

Thank you very much for explaining flexible ISA's. I hadn't done a new one for a few years so I didn't even realise this existed.