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Cash ISAs: The Best Currently Available List
Comments
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You can open another new cash ISA this tax year and transfer the current cash ISA into the account. The restriction is that if you transfer from a cash ISA which you added to already this year then you need to transfer all the money you added this year.0
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OK, so effectively I can open two in the same tax year provided for the second I transfer the full balance from the first one and close it?doodlector said:You can open another new cash ISA this tax year and transfer the current cash ISA into the account. The restriction is that if you transfer from a cash ISA which you added to already this year then you need to transfer all the money you added this year.0 -
Yes, that's right. You can only subscribe new money (from your £20k allowance) into one of each type of ISA each year. If you decide to transfer from a cash ISA you've already subscribed to in the current year then you've got to transfer all of the money you added this year so you don't break that rule.dcs34 said:
OK, so effectively I can open two in the same tax year provided for the second I transfer the full balance from the first one and close it?doodlector said:You can open another new cash ISA this tax year and transfer the current cash ISA into the account. The restriction is that if you transfer from a cash ISA which you added to already this year then you need to transfer all the money you added this year.1 -
My RBS 2 Year ISA is now open and I can see it on the app. Despite no funds in there yet (as doing a transfer in) it states on the account under View Interest Rate tab "Your interest rate is 5.90% tax free. This is based on your balance at close of business on 19 July 2023".Eirambler said:RBS/NatWest being RBS/NatWest I see. Knowing them, there'll be interest paid until the formal start date alright, but probably at some lower rate that's hidden away in the corner of a Ts&Cs webpage somewhere.
My advice would be to do yourself a favour and just use a bank that's fair and transparent, not that bunch of absolute chancers.
So seems clear to me you get the correct interest rate from date of opening0 -
Lifetime ISAs - does anyone know why their rates are so much lower than 'standard' cash isas? Given that in many cases the money will be locked up for longer (for me it'll be 25 years) I don't get why rates are so low!0
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Possibly to cover additional admin overheads.amanda1024 said:Lifetime ISAs - does anyone know why their rates are so much lower than 'standard' cash isas? Given that in many cases the money will be locked up for longer (for me it'll be 25 years) I don't get why rates are so low!
Also, you have to recognise that you get a 25% bonus from the government - which is effectively 25% interest in addition to the rate the provider gives you.If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
ForumUser7 said:
Possibly to cover additional admin overheads.amanda1024 said:Lifetime ISAs - does anyone know why their rates are so much lower than 'standard' cash isas? Given that in many cases the money will be locked up for longer (for me it'll be 25 years) I don't get why rates are so low!
Also, you have to recognise that you get a 25% bonus from the government - which is effectively 25% interest in addition to the rate the provider gives you.
Sorry, but I think this is misleading. The 25% bonus is paid when you put the money into the LISA (a one off bonus). The interest rate is then paid every year which for a LISA would be up until you can access it when you are 60 yrs old.
I suspect the low rate of LISA interest is at least partly down the the 'captured market' and lack of competition.1 -
Virgin Money - anyone know how responsive they are via secure message please?0
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This is why I didn't say 25% annual interest, but perhaps I could've been clearer.doodlector said:ForumUser7 said:
Possibly to cover additional admin overheads.amanda1024 said:Lifetime ISAs - does anyone know why their rates are so much lower than 'standard' cash isas? Given that in many cases the money will be locked up for longer (for me it'll be 25 years) I don't get why rates are so low!
Also, you have to recognise that you get a 25% bonus from the government - which is effectively 25% interest in addition to the rate the provider gives you.
Sorry, but I think this is misleading. The 25% bonus is paid when you put the money into the LISA (a one off bonus). The interest rate is then paid every year which for a LISA would be up until you can access it when you are 60 yrs old.
I suspect the low rate of LISA interest is at least partly down the the 'captured market' and lack of competition.
My point is whatever you put in the LISA is inflated by 25%, and you get the interest paid by the provider each year. Pretty good deal IMOIf you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.2 -
In my limited experience they're pretty good. The few times I've used it I've got replies within 24 hrsSilverweed said:Virgin Money - anyone know how responsive they are via secure message please?1
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