Cash ISAs: The Best Currently Available List

Rich2808

I see Lloyds have just launched a one and two year fixed rate isa paying 4.95 per cent which rises to 5 per cent for current account holders.

I have read the terms and conditions but it’s not clear how long you have to pay into the isa. Many providers allow up to 28 days or longer to make payments or transfers in - the terms don’t specify anything on this. Or is your opening investment your only permitted payment into the account?

Any thoughts for anyone who has opened this or another Lloyds fixed rate isa?

https://www.lloydsbank.com/isas/1-year-fixed-rate-cash-isa.html

jordan8693

If I opened a new Lloyds ISA and transferred an existing ISA to it, would that count towards the minimum £3000 deposit or would I have to add an extra £3000 to it?

alternate

jordan8693 said:

If I opened a new Lloyds ISA and transferred an existing ISA to it, would that count towards the minimum £3000 deposit or would I have to add an extra £3000 to it?

transfer counts

jase.2

Virgin up again as high as 5.2% and over a month to the next BOE decision meeting 

what to do lol

pecunianonolet

Rich2808 said:

I see Lloyds have just launched a one and two year fixed rate isa paying 4.95 per cent which rises to 5 per cent for current account holders.

I have read the terms and conditions but it’s not clear how long you have to pay into the isa. Many providers allow up to 28 days or longer to make payments or transfers in - the terms don’t specify anything on this. Or is your opening investment your only permitted payment into the account?

Any thoughts for anyone who has opened this or another Lloyds fixed rate isa?

https://www.lloydsbank.com/isas/1-year-fixed-rate-cash-isa.html

Moneyfacts states no restrictions over the full term of adding new funds. Shawbrook ISA's are the same so you can open and treat it as a regular saver if you don't have all funds available just now to fully fund or if you deliberatly don't want to fully fund. 

I think you could open the Lloyds ISA, make a transfer in and that meets the 3k criteria. Since you transfer in, you should be able to use a different provider for this years allowance. Assumption that the transfer amount is not current tax year money. 

t1redmonkey

jase.2 said:

Virgin up again as high as 5.2% and over a month to the next BOE decision meeting 

what to do lol

Virgin Money are a safe provider to go with in my opinion in this landscape.  You can easily 'upgrade' to the newest issue once you deposit money without losing any interest (providing you're within the 14 day cooling off period).  And then when you do that, your 14 day cooling off period resets so it begins all over again. 

I think there's people on here who have been doing this with Virgin Money for a couple of months since they've brought out so many so you can just keep switching and upgrading without losing anything, I've been doing it for most of June myself.

Ocelot

bristolleedsfan said:

isasmurf said:

someone said:

dlevene said:

All that said, what really takes the Michael is that the PSA thresholds haven't increased since first introduced in 2016...

Hasn't increased but at the same time hasn't decreased.

Capital Gains Tax (CGT) annual exempt amount has been reducing quite a bit £12,300 -> £6,000 -> £3,000 !

Dividend Allowance has also been reducing  £2,000  -> £1,000 -> £500

Frankly the personal allowance needs increasing (cost of living, working age people needing more support) and the easiest way to part pay for that is to abolish the PSA. It's a relatively new concept, is far less generous in high rate environments, and more a quirk in the personal tax system. Unlike abolishing ISAs it would be unlikely to cause much of a public mutiny.

The PSA won't be abolished. It was introduced as a consequence of abolishing tax deduction at source for savings interest. The government of the day wanted to abolish TDSI as many pensioners and low income people that were non-taxpayers didn't reclaim tax deducted or complete the form not to have tax deducted, and they wanted to stop those that did reclaim from having to interact with the tax system.

I would have thought with somewhat likely incoming labour government in not to distant future  all bets are off as to what personal savings tax free benefits may or may not be abolished/reduced in the future.

Actually it was Labour who introduced ISAs.

Ocelot

Back to topic, Virgin Money now paying 5.2% on 3 year fixed rate ISA.

Bigwheels1111

Ocelot said:

Back to topic, Virgin Money now paying 5.2% on 3 year fixed rate ISA.

I think I will be applying for this tomorrow and using some of my emergency fund as 120 day penalty is quite good.
I was hoping they would move again after Furness took top spot.

jase.2

Ocelot said:

Back to topic, Virgin Money now paying 5.2% on 3 year fixed rate ISA.

Back to the topic I’d already posted 2 hours before lol