Cash ISAs: The Best Currently Available List

flobbalobbalob

Rusty190 said:

flobbalobbalob said:

Charter 1 year fix 4.16% AER,  2 year fix 4.25% AER

I've opened the 2 year fixed with Charter - simple, easy, no fuss on line BUT - all confirming paperwork says interest rate is 4.15% - was definitely 4.25% when I applied.
Could this just be a time lag on updating rates etc from their end, due to Easter holidays?

4.25 will be the AER ie annual payment. Looks like you've chosen monthly payment which will compound to the same as the AER over 2 years.

Rusty190

No. Definitely opted for annual payment - as confirmed on my account details.

2010

Went for Shawbrook 1yr fix @ 4.17%.

refluxer

Rusty190 said:

No. Definitely opted for annual payment - as confirmed on my account details.

4.15% gross monthly works out at 4.23% AER which isn't quite right either. Charter applied the wrong rate to an ISA I took out with them a while back, but that was only because the rate had dropped in-between applying and the transfer occurring. I was able to get them to correct the mistake by messaging them via internet banking, so I would message them and tell them the rate you've been given isn't the rate you applied for and see what they say.

flobbalobbalob

refluxer said:

Rusty190 said:

No. Definitely opted for annual payment - as confirmed on my account details.

4.15% gross monthly works out at 4.23% AER which isn't quite right either. Charter applied the wrong rate to an ISA I took out with them a while back, but that was only because the rate had dropped in-between applying and the transfer occurring. I was able to get them to correct the mistake by messaging them via internet banking, so I would message them and tell them the rate you've been given isn't the rate you applied for and see what they say.

I thought that but is it lower because it compounds over 2 years !

refluxer

flobbalobbalob said:

refluxer said:

Rusty190 said:

No. Definitely opted for annual payment - as confirmed on my account details.

4.15% gross monthly works out at 4.23% AER which isn't quite right either. Charter applied the wrong rate to an ISA I took out with them a while back, but that was only because the rate had dropped in-between applying and the transfer occurring. I was able to get them to correct the mistake by messaging them via internet banking, so I would message them and tell them the rate you've been given isn't the rate you applied for and see what they say.

I thought that but is it lower because it compounds over 2 years !

I like your thinking, but no - AER is based on the total interest earned after 1 year for comparison purposes.

What this does mean is that the overall return you get for fixed periods of more than a year will actually be higher than the quoted AER.

tiger70

2010 said:

Went for Shawbrook 1yr fix @ 4.17%.

What's the time frame for depositing your Isa allowance ?  

refluxer

tiger70 said:

2010 said:

Went for Shawbrook 1yr fix @ 4.17%.

What's the time frame for depositing your Isa allowance ?  

Shawbrook used to give you up until a week after the product is withdrawn to deposit new subscriptions but the terms for their latest fixed rate ISAs suggest you can make deposits at any time during the fixed term, which is unusual for this type of account...

"Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can 

continue to put more money into your account until the expiry of the fixed term."

2010

Once Your account is open and subject to the account conditions in the Key Product Information You can make additional deposits to Your account at any time from Your Nominated Account, until the product to which that account relates is closed to new applications (which You can check on the “Withdrawn Products” section of Our Website) or additional funding (which You can check in the Key Product Information). We reserve the right to return any funds deposited with Us after this date. For certain products, You may be able to make deposits even if it is withdrawn if the Key Product Information applicable to that product allows it.

You can keep putting money in until you reach the max £20k for the tax year.
You can also transfer previous ISA`s from other providers and also previous Shawbrook ISA`s into it.

caveman38

Shedman said:

Yes its a lump sum all in in one hit account deposit at time of application with no funding window.  

Also be aware that if you open a NW Fixed ISA online you can only pay in new money from your NW current or savings account 

(although oddly this might only be a condition if you already have a NW current or savings account as I can't see that restriction in the product summary if looking at the details when not signed in)

Both of these restrictions put me off it and I am going for Paragon instead

Can you point me to where it says that monies can only be transferred into the new account from an existing NW account. Thanks.