Cash ISAs: The Best Currently Available List

alternate

Did a switch from Skipton  to Paragon yesterday.  Completed today 23 hours later.  Impressive.

bristolleedsfan

https://www.leedsbuildingsociety.co.uk/savings/isa-tax-free-accounts/ Topping 1-3 + 5 year

Bigwheels1111

bristolleedsfan said:

https://www.leedsbuildingsociety.co.uk/savings/isa-tax-free-accounts/ Topping 1-3 + 5 year

The 3 year is the same as Virgin money. The 240 days loss of interest from leeds is tough.

Virgin is only 120 days. Thats a big difference.

charlie12525

alternate said:

Did a switch from Skipton  to Paragon yesterday.  Completed today 23 hours later.  Impressive.

Yes, that is a fast one.
I have done a few ISA transfers over the last few years. Even when both providers do an "electronic" transfer it can take a few days.
The time taken does not bother me providing I do not lose interest for a few days.
Sometimes this does happen and it is worth checking for missing interest during the switching period.
I believe Nationwide pay interest from date of application. They used to anyway. Don't know of any other providers doing this.

dlevene

bristolleedsfan said:

https://www.leedsbuildingsociety.co.uk/savings/isa-tax-free-accounts/ Topping 1-3 + 5 year

Top easy access too - 4.2%, same as Principality. Min operating deposit £1000, accept transfers, non flexible.

fullhouse50

Quick question - Is one allowed to open multiple cash ISAs in each tax year, but keep the subscription below the £20k limit? The worry here is that if interest rates goes up, cash ISA providers wont raise their variable rates. Looking for easy access too

I have some £ sitting in a S+S ISA earning no interest - so would like to transfer the cash element to an ISA. 

Shedman

fullhouse50 said:

Quick question - Is one allowed to open multiple cash ISAs in each tax year, but keep the subscription below the £20k limit? The worry here is that if interest rates goes up, cash ISA providers wont raise their variable rates. Looking for easy access too

I have some £ sitting in a S+S ISA earning no interest - so would like to transfer the cash element to an ISA. 

If you want to do that you need to find a provider that offers a ISA portfolio or wallet approach i.e. your wallet is in effect your total ISA but you can choose to split the total in the wallet over a number of ISA products.  Examples of such providers are Paragon,Nationwide and Zopa (and there are some others)

https://www.paragonbank.co.uk/savings/savings-explained/flexible-isa

I believe you can have multiple easy access ISAs with Paragon (so say £10k in each) but if you want to then transfer one lot of £10k to another provider in this same tax year you can't as you would have to move all £20k.  But you could move that £10k to a fixed ISA with Paragon later in this tax year should the rate look more attractive.

You cannot open multiple cash ISAs with different providers for current year subscriptions.

What tax year did you open your S&S ISA as anything you subscribed in previous tax years could be transferred to multiple Cash ISA providers (it would just be the current tax year subscription that would have to go to one provider although I am not sure how any dividends arising from current year subscriptions are treated )?

doodlector

Zopa Fixed 1yr ISA @ 5.46% - 90 day withdrawal penalty - no transfers
Zopa Fixed 2yr ISA @ 5.56% - 180 day withdrawal penalty - no transfers
Zopa Fixed 3yr ISA @ 5.51% - 270 day withdrawal penalty - no transfers

kipsterno1

Virgin have continued their trend of weekly increases. Now at 5.45%, 5.5% and 5.55% for the one, two and three year fixed rates.

fullhouse50

Shedman said:

fullhouse50 said:

Quick question - Is one allowed to open multiple cash ISAs in each tax year, but keep the subscription below the £20k limit? The worry here is that if interest rates goes up, cash ISA providers wont raise their variable rates. Looking for easy access too

I have some £ sitting in a S+S ISA earning no interest - so would like to transfer the cash element to an ISA. 

If you want to do that you need to find a provider that offers a ISA portfolio or wallet approach i.e. your wallet is in effect your total ISA but you can choose to split the total in the wallet over a number of ISA products.  Examples of such providers are Paragon,Nationwide and Zopa (and there are some others)

I believe you can have multiple easy access ISAs with Paragon (so say £10k in each) but if you want to then transfer one lot of £10k to another provider in this same tax year you can't as you would have to move all £20k.  But you could move that £10k to a fixed ISA with Paragon later in this tax year should the rate look more attractive.

You cannot open multiple cash ISAs with different providers for current year subscriptions.

What tax year did you open your S&S ISA as anything you subscribed in previous tax years could be transferred to multiple Cash ISA providers (it would just be the current tax year subscription that would have to go to one provider although I am not sure how any dividends arising from current year subscriptions are treated )?

Thanks so much in coming back to me. I really want to just keep my shares with my current provider (HSBC). However, within the S+S ISA, I get dividends and I have topped it up in previous years (but not this current tax year). As a result of that, there is a reasonable cash balance getting no interest. The ISA provider (HSBC) have said that I am able to transfer out the cash element for free to another provider. That money is already within an ISA wrapper so it will not form part of my subscription this tax year. Even dividends paid out in the current tax year do not reduce the subscription allowance.  

I have just reviewed the term Portfolio ISA (Yet more confusing lingo here!)

What is a portfolio Isa?

(from which website) 

Normal Isa rules state that you can only pay into one of each type of Isa during one tax year; the only way to save into more than one would involve performing an Isa Transfer

A portfolio Isa - also known as a Isa Wallet - is a feature where savers are able to split their current £20,000 Isa allowance into more than one cash Isa.

For this to work, the cash Isas must all be held by the same provider, and the provider must be signed up for the portfolio Isa feature.

That way, HMRC only counts it as one cash Isa account - regardless of how many cash Isas you open and pay into under the main account umbrella.

 

The way I have interpreted this, assume I put £20k into my usual S+S ISA for this current tax year. I then Open a new Cash ISA and request to transfer £20k from my S+S ISA. That is something that should be straight forward to do. If I then want to transfer that £20k from Cash ISA to another Cash ISA provider - again I would *assume* that is okay as I am not making a further contribution - just moving money for better rates. Though I could be completely wrong. 

Hope I have made some sense!