Cash ISAs: The Best Currently Available List

Shedman

Silverweed said:

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a quick question please - if you open a fixed term one that has flexible status, although you can replace Isa monies withdrawn, is there still a penalty/charge for withdrawing from a fixed issue in this scenario?

Yes, in almost all cases (not that I can think of any exceptions but I'm sure someone will point one out if there are any)

ForumUser7

bristolleedsfan said:

Natwest Fixed Rate ISA - I suspected no interest accrues until start date, just asked on Chat if deposits made before start date gets  5.90% answer I received was -

"No .., You will earn interest only from the start date".

That’s odd, as their product page seems to imply something else. They aught to clear it up on there too. “Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.”

bristolleedsfan

ForumUser7 said:

bristolleedsfan said:

Natwest Fixed Rate ISA - I suspected no interest accrues until start date, just asked on Chat if deposits made before start date gets  5.90% answer I received was -

"No .., You will earn interest only from the start date".

That’s odd, as their product page seems to imply something else. They aught to clear it up on there too. “Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.”

Others are free to ask Natwest to see what answers they receive, I was answered by an agent as opposed to Cora response.

Logic of not paying interest until start date would be why have a delayed start date if interest was going to be paid at same rate prior to that date.

drphila

ForumUser7 said:

bristolleedsfan said:

Natwest Fixed Rate ISA - I suspected no interest accrues until start date, just asked on Chat if deposits made before start date gets  5.90% answer I received was -

"No .., You will earn interest only from the start date".

That’s odd, as their product page seems to imply something else. They aught to clear it up on there too. “Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.”

Their information sheet (which explicitly forms part of the T&Cs) says something similar namely:

Interest is paid at these fixed rates from the date you open your account until the Maturity Date.

so yes this definitely needs clarification. In the absence of a clear answer from Nat West, I would suggest the T&Cs take precedence.

2010

bristolleedsfan said:

ForumUser7 said:

bristolleedsfan said:

Natwest Fixed Rate ISA - I suspected no interest accrues until start date, just asked on Chat if deposits made before start date gets  5.90% answer I received was -

"No .., You will earn interest only from the start date".

That’s odd, as their product page seems to imply something else. They aught to clear it up on there too. “Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.”

Others are free to ask Natwest to see what answers they receive, I was answered by an agent as opposed to Cora response.

Logic of not paying interest until start date would be why have a delayed start date if interest was going to be paid at same rate prior to that date.

Are they saying that any money deposited before 4th Sept (start date) doesn`t get paid any interest.
Or the rate you get is lower than the 5.7% until the start date?

silvermum

So now that Virgin have been knocked off the Fixed Rate ISA best rates table I wonder how long it'll be before we see them edge their rates upwards? (Sod's law says probably soon, as I just persuaded my son to open one yesterday!  )

bristolleedsfan

2010 said:

bristolleedsfan said:

ForumUser7 said:

bristolleedsfan said:

Natwest Fixed Rate ISA - I suspected no interest accrues until start date, just asked on Chat if deposits made before start date gets  5.90% answer I received was -

"No .., You will earn interest only from the start date".

That’s odd, as their product page seems to imply something else. They aught to clear it up on there too. “Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.”

Others are free to ask Natwest to see what answers they receive, I was answered by an agent as opposed to Cora response.

Logic of not paying interest until start date would be why have a delayed start date if interest was going to be paid at same rate prior to that date.

Are they saying that any money deposited before 4th Sept (start date) doesn`t get paid any interest.
Or the rate you get is lower than the 5.7% until the start date?

My Q was  "Do deposits made before start date gets 5.90%"

Agent reply  "No .., You will earn interest only from the start date".

Bigwheels1111

silvermum said:

So now that Virgin have been knocked off the Fixed Rate ISA best rates table I wonder how long it'll be before we see them edge their rates upwards? (Sod's law says probably soon, as I just persuaded my son to open one yesterday!  )

He has a 14 day cooling off period to move within Virgin ISA Accounts.

I moved my 3y Virgin 5.2% ISA to there 5.5% and Friday to there 5.55% ISA.

I hope they will up the rate again just before the BOE base rate rise in 15 days time.

I can then switch again, a 2 minute job online.

Who knows the might come close to the 5.9% Natwest ISA.

pecunianonolet

Silverweed said:

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?

Flexible ISA's are always easy access ISA's. For a fixed ISA you waive the right for unrestricted access. You can access your money, move to a different provider, upgrade or downgrade the length of the fix, etc. only within the cooling off period. Once that period is over you have made a commitment and the money is locked in. You can still access that money in an emergency but that comes with an interest penalty, so you could receive less as you initially put in. There is a calculator on MSE to work out at what point it makes sense to pay the penalty and fix for a higher rate. To give an example, I fixed at 4.21% in April for 1 year (mistake) and now a new 1y fix ISA would need to pay me 6.7% just to break even considering the penalty so I have to wait until maturity and hope rates are still as high as they are now.

2010

The agent doesn`t seem to know the T&C.

Interest is paid at these fixed rates from the date you open your account until the Maturity Date. This means you’ll earn one rate on your entire account balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date