Cash ISAs: The Best Currently Available List

Shedman

GlasgowExpat2 said:

Shedman said:

Noticed this added to the top of the RBS Fixed ISA page today (and pretty sure it wasn't there yesterday) so maybe not as long to open it as I had hoped

"Available until 5pm on 09 August 2023 to new customers and 14 August 2023 to existing customers. Please note that these issues may be withdrawn early due to limited availability. "

I’m sure the terms were there yesterday. Trying to apply as an existing NatWest customer but saying “Sorry, this service is not available at the moment”

Probably was there yesterday then but it was the "may be withdrawn early" that might be a factor and which I hadn't spotted/registered yesterday.  Probably best to open one asap and then decide whether to fund it later or let it lapse just in case they pull the issue early (although I guess that might become self fulfilling as the more people that open one "just in case" then the higher the chance of them pulling it early lol)

Silverweed

Virgin cash isas - considering a transfer over.   Does anyone know please if you have to actually initiate an isa transfer in during the opening process or do you have the funding window period to do so after opening? 

rallycurve

You can transfer in once your account is open, during the funding window

Madsinger2023

Can you split your allowance between different providers I.e. £10000 in 2 separate accounts/providers in each tax year

Growingold

pecunianonolet said:

Thanks, thinking of using a flexible ISA to drip feed regular savers for some time. Have only £150 left for this tax years PSA with expected interest coming in over the tax year. Only Principality offering a fully flexible ISA at the moment at 3.1% with no restrictions. Better than leaving cash in Tandem I guess...

Ford Money Flexible Cash ISA   4.00%

pecunianonolet

Madsinger2023 said:

Can you split your allowance between different providers I.e. £10000 in 2 separate accounts/providers in each tax year

No, you can't split current year allowance between providers. If you open e.g. an easy access ISA with bank A and put 5k in and after 3 months the rate is no longer competitive, you can open another ISA with bank B. The condition is that you must transfer the full balance (5k plus interest) from bank A to B. 

Some providers allow split ISAs. So you are with bank C and you open an easy access ISA and put the 5k in, you can now open with bank C also a fixed rate ISA and put the remaining 15k allowance in. Not many providers allow this split approach. 

Any ISAs funds from previous tax years you can transfer around more or less as you wish and you can have funds with various banks. 

While we're on it, there are also flexible ISAs. A flexible ISA allows you to take money out of the ISA account without the loss of its tax free status. 

For example: You open a flexible ISA (Coventry, Principality BS offer them among others) on the 1st of April 2023 (tax year 22/23) and you put your full 20k allowance in. Tax year ends on the 5th of April. So on the 6th of April those 20k are previous year ISA money.

You could now take out £19.999 (assuming the minimum balance is £1) on the 6th of April. You can now put that money in an easy access savings account, take out a 6 or 9 month bond, spend it, etc. By the 5 of April 2024 latest you have to repay the £19.999 you took out into that same account. Your ISA allowance of the new tax year 23/24 remains unchanged. 

Technically speaking, you could put in that same flexible account £39.999 (19.999 you took out plus new year allowance of 20k).

https://www.moneysavingexpert.com/savings/flexible-isas/#trick

If you have 20k savings and want to protect them but know you have to pay 5k in May for a holiday, this allows you to play the system as you can refill the 5k holiday money with future income. Or you want to take the money out to access usually higher interest rate accounts to max out your PSA (Personal Savings Allowance) first. Various use cases and all depending on amount of savings you have, income and individual tax situation.

2010

Madsinger2023 said:

Can you split your allowance between different providers I.e. £10000 in 2 separate accounts/providers in each tax year

No you can`t.
New money to only one provider. 

runnerbean5

GlasgowExpat2 said:

I’m sure the terms were there yesterday. Trying to apply as an existing NatWest customer but saying “Sorry, this service is not available at the moment”

I'm getting the same error message

mcpherson_2

GlasgowExpat2 said:

Shedman said:

Noticed this added to the top of the RBS Fixed ISA page today (and pretty sure it wasn't there yesterday) so maybe not as long to open it as I had hoped

"Available until 5pm on 09 August 2023 to new customers and 14 August 2023 to existing customers. Please note that these issues may be withdrawn early due to limited availability. "

I’m sure the terms were there yesterday. Trying to apply as an existing NatWest customer but saying “Sorry, this service is not available at the moment”

I just applied successfully via the app (app kicks you out to a browser to do most of the form filling).

Silverweed

Interesting to read about flexible Isas on here. Just a quick question please - if you open a fixed term one that has flexible status, although you can replace Isa monies withdrawn, is there still a penalty/charge for withdrawing from a fixed issue in this scenario?