Cash ISAs: The Best Currently Available List

tunde10

Interesting to see Virgin M not only did not increase their 3yr 5.55% ISA, but they actually completely withdrew the product.

That is the ISA i have and i'm reluctant to switch to the 2yr 5.61%. I just don't see these kind of rates being available in a couple of years so i'd rather stick with the longer ISA.

Ocelot

tunde10 said:

Interesting to see Virgin M not only did not increase their 3yr 5.55% ISA, but they actually completely withdrew the product.

That is the ISA i have and i'm reluctant to switch to the 2yr 5.61%. I just don't see these kind of rates being available in a couple of years so i'd rather stick with the longer ISA.

I agree that 3 year ISAs is the sweet spot for me. 

Is it really worth the hassle of switching internally for 0.06%?

Bigwheels1111

Sticking with my 3 year Virgin ISA.
I have until next Friday to decide.
I like the rate and 3 years, also the 120 penalty is very good also.

uk1

Ocelot said:

tunde10 said:

Interesting to see Virgin M not only did not increase their 3yr 5.55% ISA, but they actually completely withdrew the product.

That is the ISA i have and i'm reluctant to switch to the 2yr 5.61%. I just don't see these kind of rates being available in a couple of years so i'd rather stick with the longer ISA.

I agree that 3 year ISAs is the sweet spot for me. 

Is it really worth the hassle of switching internally for 0.06%?

Would you (and others! ) mind sharing your rationale and thoughts on why 3 years? 

NotWhereIWantToBe

uk1 said:

Ocelot said:

tunde10 said:

Interesting to see Virgin M not only did not increase their 3yr 5.55% ISA, but they actually completely withdrew the product.

That is the ISA i have and i'm reluctant to switch to the 2yr 5.61%. I just don't see these kind of rates being available in a couple of years so i'd rather stick with the longer ISA.

I agree that 3 year ISAs is the sweet spot for me. 

Is it really worth the hassle of switching internally for 0.06%?

Would you (and others! ) mind sharing your rationale and thoughts on why 3 years? 

For me it’s just under a year before I’m due to remortgage. 4 years would be too long and I’m not convinced these higher rates will be here to stay beyond a year or two if that. I’m attempting to maximise interest to suit my circumstances. 

Bigwheels1111

The longer the fix the higher my income is.
I have 3, 5, and 7 year fixed accounts with annual payout.
I don’t think in 2026, 2028 or 2030 I will get anywhere near 5% interest or above.
So my income will drop.
Five good years and 2 so so years is better than the last 3 where I got almost nothing on my savings.
Its so good I will need to files a self assessment form.

uk1

Thanks both.  

tunde10

uk1 said:

Ocelot said:

tunde10 said:

Interesting to see Virgin M not only did not increase their 3yr 5.55% ISA, but they actually completely withdrew the product.

That is the ISA i have and i'm reluctant to switch to the 2yr 5.61%. I just don't see these kind of rates being available in a couple of years so i'd rather stick with the longer ISA.

I agree that 3 year ISAs is the sweet spot for me. 

Is it really worth the hassle of switching internally for 0.06%?

Would you (and others! ) mind sharing your rationale and thoughts on why 3 years? 

Pretty much same reasoning as the other two. I don't expect these rates to be available in 2 years time. Plus the 120 penalty is very reasonable if the money is ever unexpectedly needed.

Ocelot

uk1 said:

Ocelot said:

tunde10 said:

Interesting to see Virgin M not only did not increase their 3yr 5.55% ISA, but they actually completely withdrew the product.

That is the ISA i have and i'm reluctant to switch to the 2yr 5.61%. I just don't see these kind of rates being available in a couple of years so i'd rather stick with the longer ISA.

I agree that 3 year ISAs is the sweet spot for me. 

Is it really worth the hassle of switching internally for 0.06%?

Would you (and others! ) mind sharing your rationale and thoughts on why 3 years? 

I don't envisage needing access to my ISA funds for a while (would run down other savings first if needs be).

I like the security of a reasonable length ISA where I can forget about it.

If the rate falls during the term (as seems likely), at least I'll benefit from a reasonable return for a reasonable period.

Five years is too long.

uk1

Thanks all.  Appreciated.

I can quite see that rates might remain roughly where they are for a while, but whilst the BOE has the sole mission of achieving and maintaining 2% inflation and whilst we have an increasingly widening pressure on earnings, and an increasingly desperate Ukrainian situation I wonder whether the medium to long term trend might be an increasingly creeping and problematic to control inflation with the almost inevitable consequential increase in interest rates.