Cash ISAs: The Best Currently Available List

t1redmonkey

LoopySnooker said:

t1redmonkey said:

uk1 said:

Has anyone discovered or know of a limit to the number of times within the 14 day cooling off period that the online Virgin fixed term ISA can be changed before there is an objection of any sort?  I’m thinking of the next BOE meeting to decide interest rates and Virgin seems keen at the moment to be responsive.  

Well Virgin themselves are the ones who told me about this when I initially phoned them a couple months ago asking some questions about their cooling off period, so I don't think it's something they mind people doing.  The guy told me you can keep switching to the new rate as long as you are within the 14 days and retain all the interest earned, so that convinced me to go with Virgin at the time. 

Since then I think I've done it 5 or 6 times, purely because they keep increasing their rate within 14 days every time.  Think they cut it fine recently when they went 13 days before raising the rate.  But I think generally the management at Virgin Money seem to be want to position themselves at or very near the top of the rates tables on cash ISAs, so they seem a safe bet to go with in the current environment where rate expectations keep changing.

Does this mean that I can simply log in and open the new 1 Year Fixed Rate E-ISA Issue 606 at 5.45% and just choose to transfer in the Fixed Rate E-ISA Issue 603 which I opened earlier this week ?

Yes, only takes 1 or 2 minutes to do.

LoopySnooker

uk1 said:

LoopySnooker said:

t1redmonkey said:

uk1 said:

Has anyone discovered or know of a limit to the number of times within the 14 day cooling off period that the online Virgin fixed term ISA can be changed before there is an objection of any sort?  I’m thinking of the next BOE meeting to decide interest rates and Virgin seems keen at the moment to be responsive.  

Well Virgin themselves are the ones who told me about this when I initially phoned them a couple months ago asking some questions about their cooling off period, so I don't think it's something they mind people doing.  The guy told me you can keep switching to the new rate as long as you are within the 14 days and retain all the interest earned, so that convinced me to go with Virgin at the time. 

Since then I think I've done it 5 or 6 times, purely because they keep increasing their rate within 14 days every time.  Think they cut it fine recently when they went 13 days before raising the rate.  But I think generally the management at Virgin Money seem to be want to position themselves at or very near the top of the rates tables on cash ISAs, so they seem a safe bet to go with in the current environment where rate expectations keep changing.

Does this mean that I can simply log in and open the new 1 Year Fixed Rate E-ISA Issue 606 at 5.45% and just choose to transfer in the Fixed Rate E-ISA Issue 603 which I opened earlier this week ?

Exactly what I have just done for my wife and myself.  Took a couple of minutes.  In 13 days you could reapply for a 2 year to nudge the date forward. 

Yes it’s not just the slight increase in interest rate as it also resets the 14 day cooling off period and the 30 day funding window for this year’s funds.

uk1

LoopySnooker said:

uk1 said:

LoopySnooker said:

t1redmonkey said:

uk1 said:

Has anyone discovered or know of a limit to the number of times within the 14 day cooling off period that the online Virgin fixed term ISA can be changed before there is an objection of any sort?  I’m thinking of the next BOE meeting to decide interest rates and Virgin seems keen at the moment to be responsive.  

Well Virgin themselves are the ones who told me about this when I initially phoned them a couple months ago asking some questions about their cooling off period, so I don't think it's something they mind people doing.  The guy told me you can keep switching to the new rate as long as you are within the 14 days and retain all the interest earned, so that convinced me to go with Virgin at the time. 

Since then I think I've done it 5 or 6 times, purely because they keep increasing their rate within 14 days every time.  Think they cut it fine recently when they went 13 days before raising the rate.  But I think generally the management at Virgin Money seem to be want to position themselves at or very near the top of the rates tables on cash ISAs, so they seem a safe bet to go with in the current environment where rate expectations keep changing.

Does this mean that I can simply log in and open the new 1 Year Fixed Rate E-ISA Issue 606 at 5.45% and just choose to transfer in the Fixed Rate E-ISA Issue 603 which I opened earlier this week ?

Exactly what I have just done for my wife and myself.  Took a couple of minutes.  In 13 days you could reapply for a 2 year to nudge the date forward. 

Yes it’s not just the slight increase in interest rate as it also resets the 14 day cooling off period and the 30 day funding window for this year’s funds.

FWIW, in case this is new to you as it was to me.  When I spoke to Virgin and they guided me about doing it online, their way was a bit convoluted and I found out by accident that if you logon to your existing ISA you can then page down to their savings plans link into the new ISA and apply.  They ask for your NI number which is probably saved once you enter the first letter.  It then asks if you want to fund from an existing Virgin ISA and when you say yes your existing account number drops down.  You agree and it is done.  

Others probably know this but I thought I’d mention it in case there are others like me who are a touch slower …..

LoopySnooker

uk1 said:

LoopySnooker said:

uk1 said:

LoopySnooker said:

t1redmonkey said:

uk1 said:

Has anyone discovered or know of a limit to the number of times within the 14 day cooling off period that the online Virgin fixed term ISA can be changed before there is an objection of any sort?  I’m thinking of the next BOE meeting to decide interest rates and Virgin seems keen at the moment to be responsive.  

Well Virgin themselves are the ones who told me about this when I initially phoned them a couple months ago asking some questions about their cooling off period, so I don't think it's something they mind people doing.  The guy told me you can keep switching to the new rate as long as you are within the 14 days and retain all the interest earned, so that convinced me to go with Virgin at the time. 

Since then I think I've done it 5 or 6 times, purely because they keep increasing their rate within 14 days every time.  Think they cut it fine recently when they went 13 days before raising the rate.  But I think generally the management at Virgin Money seem to be want to position themselves at or very near the top of the rates tables on cash ISAs, so they seem a safe bet to go with in the current environment where rate expectations keep changing.

Does this mean that I can simply log in and open the new 1 Year Fixed Rate E-ISA Issue 606 at 5.45% and just choose to transfer in the Fixed Rate E-ISA Issue 603 which I opened earlier this week ?

Exactly what I have just done for my wife and myself.  Took a couple of minutes.  In 13 days you could reapply for a 2 year to nudge the date forward. 

Yes it’s not just the slight increase in interest rate as it also resets the 14 day cooling off period and the 30 day funding window for this year’s funds.

FWIW, in case this is new to you as it was to me.  When I spoke to Virgin and they guided me about doing it online, their way was a bit convoluted and I found out by accident that if you logon to your existing ISA you can then page down to their savings plans link into the new ISA and apply.  They ask for your NI number which is probably saved once you enter the first letter.  It then asks if you want to fund from an existing Virgin ISA and when you say yes your existing account number drops down.  You agree and it is done.  

Others probably know this but I thought I’d mention it in case there are others like me who are a touch slower …..

Yes thanks I’ve just done it now, really simple and quick doing it the way you have described. It even showed the following regarding the old ISA:

• This account will be closed.
• Balance of £xx,xxx.xx plus any interest will be transferred to your new ISA (the ISA/Tax-free status will carry over).
• There will be no charge for proceeding with this application as you are within your cooling off period.

Many thanks folks for the info.

Noneforit999

Looking for a JISA to stick 9k in for my son as we currently have money in a Barclays kids savings account earning only 2.3% and Beverley BS are offering a 5.5% one.

Why do they make it so difficult to fund them?

Visit a branch - They have one in Yorkshire.
Transfer from another Beverley account - I don’t have one and don’t really want another current account
Cheque - I haven’t had a cheque book for about 20 years

It’s 2023, why can’t I just do a normal bank transfer? 

peter_333

I'm going to open my first Cash ISA this weekend, but with new better interest rates coming up every few days, I'm nervous to open something only to find a better rate pop up a day later.

From what I read above, am I able to open an account, fund it, then make use of the cooling off period to change my mind, without this account funding impacting my annual ISA allowance?

ForumUser7

Noneforit999 said:

Looking for a JISA to stick 9k in for my son as we currently have money in a Barclays kids savings account earning only 2.3% and Beverley BS are offering a 5.5% one.

Why do they make it so difficult to fund them?

Visit a branch - They have one in Yorkshire.
Transfer from another Beverley account - I don’t have one and don’t really want another current account
Cheque - I haven’t had a cheque book for about 20 years

It’s 2023, why can’t I just do a normal bank transfer? 

Have you asked Beverley BS if you can make an initial deposit electronically once it was opened? Sometimes building societies are willing to permit this, but sometimes they require the deposit at the time of opening. Although it seems outdated, lots of organisations require cheques so if your bank offers the facility it may be worth requesting a book.

uk1

peter_333 said:

I'm going to open my first Cash ISA this weekend, but with new better interest rates coming up every few days, I'm nervous to open something only to find a better rate pop up a day later.

From what I read above, am I able to open an account, fund it, then make use of the cooling off period to change my mind, without this account funding impacting my annual ISA allowance?

Exactly.

refluxer

Noneforit999 said:

Looking for a JISA to stick 9k in for my son as we currently have money in a Barclays kids savings account earning only 2.3% and Beverley BS are offering a 5.5% one.

Why do they make it so difficult to fund them?

Visit a branch - They have one in Yorkshire.
Transfer from another Beverley account - I don’t have one and don’t really want another current account
Cheque - I haven’t had a cheque book for about 20 years

It’s 2023, why can’t I just do a normal bank transfer? 

Unfortunately, as you can tell from the top tables, it's very common for the best Junior ISA accounts to be branch/post only - many don't even have a phone option and very few can be managed online.

To that extent, many of these accounts are essentially aimed at local residents, despite many not actually restricting their accounts to locals. I would imagine the thinking is that a child with a JISA could end up being a long-standing customer at some point in the future, particularly if the child (or parents) are forced to visit the branch with cash or cheques to pay money in !

Speaking of payments into the account, I'm surprised to see you can't pay into this JISA online from any UK account. I'm fairly sure that isn't normal - I've moved my kids' CTFs/JISAs a number of times over the years and I've always been able to make online payments into them, just like any other savings account. I was initially tempted by this JISA myself but won't be looking any further due to that restriction (plus the inconvenience of a passbook-based account at a non-local building society) so thanks for the heads-up on that. I guess they might be hoping that the adult will open another Beverley account alongside to make this easier but, like you, that's not worth the effort for me personally.

It'll be interesting to see how long this account remains available. When accounts from small building societies  (with a few or even 1 branch like the Beverley) get to the top of the table and don't have geographical restrictions on new applicants, they often get deluged with applications and can't cope (accounts can take many weeks or months to set up) and therefore these accounts often don't get offered for long, as a result.

refluxer

peter_333 said:

I'm going to open my first Cash ISA this weekend, but with new better interest rates coming up every few days, I'm nervous to open something only to find a better rate pop up a day later.

From what I read above, am I able to open an account, fund it, then make use of the cooling off period to change my mind, without this account funding impacting my annual ISA allowance?

This is certainly seems relatively easy with Virgin at the moment judging by the current posts on this subject, but I would be wary about presuming you can do this as easily with all other providers. A 14-day cooling off period may allow you to cancel an ISA and have your money returned, but that doesn't necessarily mean you'll be able to transfer it internally to a newer issue - that will depend on the provider.

The other thing to bear in mind is that not all ISA providers are increasing their rates every 14 days. Some certainly are at the moment, but definitely not all.