Cash ISAs: The Best Currently Available List

strawberrylane

The rates on these have changed again, the first post needs updating.

The new rates are:

1 year fix = 6.30%
2 year fix = 5.50%
3 year fix = 5.40%
4 year fix = 5.25%

The rates changed on 23/1/08 (previous rates lasted less than 1 week!)

charlieboycat

Kazza

Not knocking your efforts - the lead post is very helpful - but I was wondering why you didn't put the Nationwide Members Bond under the "requires notice" heading (it is a 60 days notice or 60 days loss of interest account)?

I focussed on this because I'm thinking of moving my accumulated Members Bond balance to another provider and am concerned about how to ensure that the new provider effects the transfer neither too soon (ie. before the 60 days are up) or too late (after the 5 or 10 day window allowed at the expiry of the 60 days).

Regards
Charlie

udydudy

strawberrylane wrote: »

The rates on these have changed again, the first post needs updating.
The new rates are:
1 year fix = 6.30%
2 year fix = 5.50%
3 year fix = 5.40%
4 year fix = 5.25%
The rates changed on 23/1/08 (previous rates lasted less than 1 week!)

Changed rates in less than 2 days....Halifax site shows one year fixes(ISA) changed to 6.00% as of today 25/1/08. Am I glad I fixed 4 ISAs(kept them seperate if ever need to cash them) between 6.00 and 6.10% for 4 years!!! Waiting to see interest rates drop to 3.5% over the next 1 1/2-2 years.

Sad I missed the 6.5% for 4 years though!. that would have been a steal!!.

Kazza242

charlieboycat wrote: »

Kazza

Not knocking your efforts - the lead post is very helpful - but I was wondering why you didn't put the Nationwide Members Bond under the "requires notice" heading (it is a 60 days notice or 60 days loss of interest account)?

I focussed on this because I'm thinking of moving my accumulated Members Bond balance to another provider and am concerned about how to ensure that the new provider effects the transfer neither too soon (ie. before the 60 days are up) or too late (after the 5 or 10 day window allowed at the expiry of the 60 days).

Regards
Charlie

The Nationwide Members Bond was a late addition to the thread, following the recent rate decreases this ISA became more competitive so it was added. I've not been around on the board very much lately, so haven't really had much of a chance to do the updates. I've moved it to the notice section of the thread.

I've updated the Halifax fixed ISA rates. Further ISA updates will be made this weekend.

copacabana

Hi, does anyone know if the rate on the Scarborough BS (30 days notice) mini cash ISA (6.30%) has incorporated the BOE's December rate cut?

Also, what happens if you have your money in an ISA that pays yearly interest, and you have to withdraw it before a year is up? Would you still get a portion of the interest?

Thanks!

bristolleedsfan

copacabana wrote: »

Hi, does anyone know if the rate on the Scarborough BS (30 days notice) mini cash ISA (6.30%) has incorporated the BOE's December rate cut?

Also, what happens if you have your money in an ISA that pays yearly interest, and you have to withdraw it before a year is up? Would you still get a portion of the interest?

Thanks!

Scarborough have reduced savings rates in response to the December Base rate decrease, so 6.30% is the rate after its other reductions.

Scarborough might decide to reduce the rate on the 6.30% ISA at any date in the future ( or not decide to) whether their are other Base rate decreases or not, equally Scarborough could reduce the rate by more than 0.25% ( Scarborough has done that on other accounts)

If you withdraw from the the ISA mid year u will receive Interest Prorata up until the time u withdraw from the account assuming u give appropriate 30 days Notice. ( remaining balance after withdrawal will receive interest for the time thats invested as well)

Daps

Hi. First time poster here.

I have not yet used my ISA allowance for tax year 07-08. I am thinking of putting £3,000 into the ING Direct ISA this week, keeping it there for 6 months to take advantage of the 6.55% deal, and then transferring it into the Icesave ISA (or whichever ISA that allows transfers in has the best rate/guarantee in 6 months time.) It seems like by doing this I will get a better overall rate than if I put £3,000 straight into the Icesave ISA now.

My understanding of these things is not terrific, so I was hoping someone could let me know if there is anything that I am missing here, or if this idea seems un-sensible, or against the ISA rules.

Thanks!

Crabman

Daps wrote: »

Hi. First time poster here.

I have not yet used my ISA allowance for tax year 07-08. I am thinking of putting £3,000 into the ING Direct ISA this week, keeping it there for 6 months to take advantage of the 6.55% deal, and then transferring it into the Icesave ISA (or whichever ISA that allows transfers in has the best rate/guarantee in 6 months time.) It seems like by doing this I will get a better overall rate than if I put £3,000 straight into the Icesave ISA now.

My understanding of these things is not terrific, so I was hoping someone could let me know if there is anything that I am missing here, or if this idea seems un-sensible, or against the ISA rules.

Thanks!

That seems like a good plan - the ING Direct ISA is the top short term best-buy (see article) and doesn't charge any penalties for transferring out leaving you free to switch to a better rate in future.

An important point - make sure you remember to transfer out in 6 months - use Martin's Tart Alert to get a free email/text reminder 6 weeks before the rate plummets

masonic

Daps wrote: »

My understanding of these things is not terrific, so I was hoping someone could let me know if there is anything that I am missing here, or if this idea seems un-sensible, or against the ISA rules.

The difference in rates between those accounts is 0.45%. That means if you keep the money at ING for 6 months you stand to gain about 0.2%, minus any interest you lose when the money is being transferred. There are no rules preventing you from doing as you suggest, but given you are working for a potential £5-6 extra interest, it may not be the best use of your time.

PatelA

Newbie here. I have £3,000 to invest as a lump sum in an ISA initially and wanted to know which was the best with the following criteria:

1) Highest interest rate
2) Money able to be withdrawn without losing tax
3) No Annual limits

I don't really want the hassle of switching in 6 months and it doesnt' even seem that fruitful according to masonic so who do people suggest to use outright for a year?