Cash ISAs: The Best Currently Available List

bigbars

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

Deleted_Userlj said:

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

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

Deleted_Userlj said:

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

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

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

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

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.  

kipsterno1

Deleted_Userlj said:

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.

NotWhereIWantToBe

Does anyone know if you have to have a Virgin current account to open a cash ISA ?
I can't find anything that says you do but not sure if I have missed it. 
Also - is it better to get the interest annually, monthly or at maturity ?
I am a basic rate tax payer and unlikely to meet the PSA by April next year but really do not understand how it all works, despite reading Martin's guides several times