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Cash ISAs: The Best Currently Available List

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  • bundoran
    bundoran Posts: 174 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Ocelot 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.
    Yes, the PEPs and TESSAs that the Tories had introduced were converted into ISAs by Labour in 1999.
  • bigbars
    bigbars Posts: 97 Forumite
    10 Posts Name Dropper First Anniversary
    Interestingly, the newly released virgin 1,2 and 3 year fixed rate isas maturity date is 24th July 2024,5,6.

    so for example if you open the 1 year one today, you’re actually getting 13 months of the fix as it matures 24/07/24.  Unless my counting is bad.
  • refluxer
    refluxer Posts: 3,186 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Interestingly, the newly released virgin 1,2 and 3 year fixed rate isas maturity date is 24th July 2024,5,6.

    so for example if you open the 1 year one today, you’re actually getting 13 months of the fix as it matures 24/07/24.  Unless my counting is bad.
    Yes, that's right. Certain other banks and building societies (eg. Santander and Coventry BS) also work to specific maturity dates for their fixed rate ISAs. 
  • bigbars
    bigbars Posts: 97 Forumite
    10 Posts Name Dropper First Anniversary
    Also, there’s been a bit of chatter on here about repeatedly changing isa rates to keep within the 14 day cooling off period,  but it’s never really been elaborated on. 

    I had a virgin 1yr fixed rate isa mature last weekend, which I moved to another virgin 1yr fix. now they have released a new issue yesterday, I’m planning to move to their latest rate. But with the hunch that rates will rise again next month, could I theoretically every 13 days move to a different product so that I am still within the cooling period in time for the next base rate decision and then move to a higher fix in August?
  • t1redmonkey
    t1redmonkey Posts: 945 Forumite
    Part of the Furniture 500 Posts Energy Saving Champion Home Insurance Hacker!
    Also, there’s been a bit of chatter on here about repeatedly changing isa rates to keep within the 14 day cooling off period,  but it’s never really been elaborated on. 

    I had a virgin 1yr fixed rate isa mature last weekend, which I moved to another virgin 1yr fix. now they have released a new issue yesterday, I’m planning to move to their latest rate. But with the hunch that rates will rise again next month, could I theoretically every 13 days move to a different product so that I am still within the cooling period in time for the next base rate decision and then move to a higher fix in August?
    Possibly.  I've not really 'exploited' the system in any way, I have only been moving to a new issue of the same length when they have been upping their rates (a customer service rep I spoke to at Virgin even told me about this when I phoned them prior to opening one so that's how I found out about it). 

    It's been possible in the last couple of months because they have been bringing out new issues with higher rates so frequently and within 14 days of each other.  Whether you could keep doing this if rates stayed static and just switching between 1/2/3 year fixes to keep within the 14 day cooling off, I don't know.  It may be one of those things that if they caught you doing it without any good reason, they may see it as an exploit of sorts and take actions as a result (I've no idea, I'm just speculating).
  • dlevene
    dlevene Posts: 345 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 28 June 2023 at 2:58PM
    Need to move my savings from an easy access to an ISA as about to hit the tax threshold and trying to judge when to jump - how closely do the ISA rate increases track the increases in their easy access equivalents? On the easy access side I know we're waiting for Coventry and YBS to announce their rate changes and then I think those are the usual table toppers done - how likely is it that after that we'll see any significant increases on the ISA side? Should I probably just go with Cynergy? 

    I know nobody has a crystal ball but just trying to get a sense of what people are expecting based on what the ISA table toppers usually do after a BoE rate increase. (For clarity, not interested in any fixed rate or notice ISAs but limited withdrawals okay).
  • Bigwheels1111
    Bigwheels1111 Posts: 3,037 Forumite
    1,000 Posts Third Anniversary Name Dropper
    dlevene said:
    Need to move my savings from an easy access to an ISA as about to hit the tax threshold and trying to judge when to jump - how closely do the ISA rate increases track the increases in their easy access equivalents? On the easy access side I know we're waiting for Coventry and YBS to announce their rate changes and then I think those are the usual table toppers done - how likely is it that after that we'll see any significant increases on the ISA side? Should I probably just go with Cynergy? 

    I know nobody has a crystal ball but just trying to get a sense of what people are expecting based on what the ISA table toppers usually do after a BoE rate increase. (For clarity, not interested in any fixed rate or notice ISAs but limited withdrawals okay).

    I bit the bullet today and went with a Virgin money 5.2% for 3 years.
    It was 5% yesterday, they also allow you to move ISA within Virgin if rates go up within 14 days.
    120 days loss of interest if you need access.
  • GlasgowExpat2
    GlasgowExpat2 Posts: 256 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    edited 28 June 2023 at 5:12PM
    Does the 14 day cooling off period with Virgin start when you open the account or fund it?  I will be cashing in some of my premium bonds after the July draw so trying to decide whether to open the account now or wait. 
  • duckson
    duckson Posts: 75 Forumite
    Fifth Anniversary 10 Posts
    Anything better than a Skipton Cash ISA for something that is flexible and has no limits for withdrawals? I think it’s going up to 3.8% shortly.  
    Cheers, Stu
  • kipsterno1
    kipsterno1 Posts: 457 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Also, there’s been a bit of chatter on here about repeatedly changing isa rates to keep within the 14 day cooling off period,  but it’s never really been elaborated on. 

    I had a virgin 1yr fixed rate isa mature last weekend, which I moved to another virgin 1yr fix. now they have released a new issue yesterday, I’m planning to move to their latest rate. But with the hunch that rates will rise again next month, could I theoretically every 13 days move to a different product so that I am still within the cooling period in time for the next base rate decision and then move to a higher fix in August?
    I openned a 1 year fixed rate mid April. It was 4.11%at the time. Due to the near weekly rate increases I have transfered to the higher rate at each increase. If I get to a point were there hasn't been an increase for 13 days I will then move to their  2 year fixed maintaining the 14 day cooling off period and then back to the 1 year when it does increase. Virgin have made it very simple to complete the transfer process to the latest issue.
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