Cash ISAs: The Best Currently Available List

Bigwheels1111

uk1 said:

bristolleedsfan said:

t1redmonkey said:

honeststeveo said:

t1redmonkey said:

Most banks/bs's would already have been factoring in a minimum 0.25% rise for yesterday's BOE meetings with the fixed term products they already had on offer, possibly some were factoring in a 0.5% rise.  So basically it shouldn't have much impact on what's out there with fixed term products.  Usually there is only a drastic change in fixed term products on offer after a BOE meeting if they do (or announce) something the markets were really not expecting but that didn't happen yesterday.

That makes sense. Thanks. I suppose the most suprising aspect to markets was how long rates are expected to be high for which might encourage some savings account providers to offer slightly higher rates than they were but I imagine this would only really apply to longer term fixes.

Thinking about it - based on other posts here - it sounds like i could cancel my new ISA within a cooling off period (14 days?) if lets say I notice next week that someone is offering 6%

Yes you can do that, obviously you have to factor in that after you use your cancellation rights you'll usually forfeit any interest you earned with that provider to date.  But may be worth doing if as you say a new product gets released significantly better than what you've already gone for.

We know from this thread Virgin Money pay interest during 14 day cancellation period, my experience Shawbrook and The Westbrom BS also do, from looking around over time I would suggest minority of savings providers do not.particularly as you have only been able to name Oaknorth.

i agree, although it is unclear to me whether this is a law or just lottery. 

There is however a potential additional but very low value consideration.  

As the ISA is cancelled and therefore was effectively never an ISA  - the FULL annual ISA allowance entitlement therefore is then reset - then technically the interest credited to the account during the cooling period  becomes taxable. 

If the interest is paid into the isa it’s still within the tax free wrapper.
I believe.

uk1

Bigwheels1111 said:

uk1 said:

bristolleedsfan said:

t1redmonkey said:

honeststeveo said:

t1redmonkey said:

Most banks/bs's would already have been factoring in a minimum 0.25% rise for yesterday's BOE meetings with the fixed term products they already had on offer, possibly some were factoring in a 0.5% rise.  So basically it shouldn't have much impact on what's out there with fixed term products.  Usually there is only a drastic change in fixed term products on offer after a BOE meeting if they do (or announce) something the markets were really not expecting but that didn't happen yesterday.

That makes sense. Thanks. I suppose the most suprising aspect to markets was how long rates are expected to be high for which might encourage some savings account providers to offer slightly higher rates than they were but I imagine this would only really apply to longer term fixes.

Thinking about it - based on other posts here - it sounds like i could cancel my new ISA within a cooling off period (14 days?) if lets say I notice next week that someone is offering 6%

Yes you can do that, obviously you have to factor in that after you use your cancellation rights you'll usually forfeit any interest you earned with that provider to date.  But may be worth doing if as you say a new product gets released significantly better than what you've already gone for.

We know from this thread Virgin Money pay interest during 14 day cancellation period, my experience Shawbrook and The Westbrom BS also do, from looking around over time I would suggest minority of savings providers do not.particularly as you have only been able to name Oaknorth.

i agree, although it is unclear to me whether this is a law or just lottery. 

There is however a potential additional but very low value consideration.  

As the ISA is cancelled and therefore was effectively never an ISA  - the FULL annual ISA allowance entitlement therefore is then reset - then technically the interest credited to the account during the cooling period  becomes taxable. 

If the interest is paid into the isa it’s still within the tax free wrapper.
I believe.

If so the ISA year would be 52 weeks plus multiple cooling off periods including the compound tax-free  interest earned  in those extra weeks.  It isn’t. 

refluxer

r6mile said:

refluxer said:

It's worth noting that that Paragon Double Access ISA is a new account which has only been available for a week - I don't remember seeing it mentioned on here before.

4.35% now makes it the highest-paying easy access (non-notice) cash ISA available.

Looks like they might be abandoning their Triple Access accounts in favour of these new Double Access accounts so I'm poised to transfer across if the Triple Access doesn't get a rate increase soon.

But that is the same rate as the new rate on the Coventry limited access ISA which allows 6 withdrawals so surely is better? Also a flexible account,
I must say I have been very impressed with Coventry increasing their rate with every BOE rate increase.

Yes, you're right - those are better terms for the same rate but I don't need the extra withdrawals or the flexibility. For me, it's just a temporary place to store some ISA cash before I transfer into a fixed rate when the time is right and moving from their Triple to Double Access ISA in the meantime will just involve a simple, internal transfer.

Bigwheels1111

uk1 said:

Bigwheels1111 said:

uk1 said:

bristolleedsfan said:

t1redmonkey said:

honeststeveo said:

t1redmonkey said:

Most banks/bs's would already have been factoring in a minimum 0.25% rise for yesterday's BOE meetings with the fixed term products they already had on offer, possibly some were factoring in a 0.5% rise.  So basically it shouldn't have much impact on what's out there with fixed term products.  Usually there is only a drastic change in fixed term products on offer after a BOE meeting if they do (or announce) something the markets were really not expecting but that didn't happen yesterday.

That makes sense. Thanks. I suppose the most suprising aspect to markets was how long rates are expected to be high for which might encourage some savings account providers to offer slightly higher rates than they were but I imagine this would only really apply to longer term fixes.

Thinking about it - based on other posts here - it sounds like i could cancel my new ISA within a cooling off period (14 days?) if lets say I notice next week that someone is offering 6%

Yes you can do that, obviously you have to factor in that after you use your cancellation rights you'll usually forfeit any interest you earned with that provider to date.  But may be worth doing if as you say a new product gets released significantly better than what you've already gone for.

We know from this thread Virgin Money pay interest during 14 day cancellation period, my experience Shawbrook and The Westbrom BS also do, from looking around over time I would suggest minority of savings providers do not.particularly as you have only been able to name Oaknorth.

i agree, although it is unclear to me whether this is a law or just lottery. 

There is however a potential additional but very low value consideration.  

As the ISA is cancelled and therefore was effectively never an ISA  - the FULL annual ISA allowance entitlement therefore is then reset - then technically the interest credited to the account during the cooling period  becomes taxable. 

If the interest is paid into the isa it’s still within the tax free wrapper.
I believe.

If so the ISA year would be 52 weeks plus multiple cooling off periods including the compound tax-free  interest earned  in those extra weeks.  It isn’t. 

I moved my Virgin isa from 5.2% to 5.5% and into 5.55%.
2 lots of interest were added, to be precise 3 lots are added as they pay interest each year on say 27/07.
So no mater how many changes you make you are given interest for 52 weeks.
So still within the isa wrapper. Might be specific to Virgin.

uk1

Bigwheels1111 said:

uk1 said:

Bigwheels1111 said:

uk1 said:

bristolleedsfan said:

t1redmonkey said:

honeststeveo said:

t1redmonkey said:

Most banks/bs's would already have been factoring in a minimum 0.25% rise for yesterday's BOE meetings with the fixed term products they already had on offer, possibly some were factoring in a 0.5% rise.  So basically it shouldn't have much impact on what's out there with fixed term products.  Usually there is only a drastic change in fixed term products on offer after a BOE meeting if they do (or announce) something the markets were really not expecting but that didn't happen yesterday.

That makes sense. Thanks. I suppose the most suprising aspect to markets was how long rates are expected to be high for which might encourage some savings account providers to offer slightly higher rates than they were but I imagine this would only really apply to longer term fixes.

Thinking about it - based on other posts here - it sounds like i could cancel my new ISA within a cooling off period (14 days?) if lets say I notice next week that someone is offering 6%

Yes you can do that, obviously you have to factor in that after you use your cancellation rights you'll usually forfeit any interest you earned with that provider to date.  But may be worth doing if as you say a new product gets released significantly better than what you've already gone for.

We know from this thread Virgin Money pay interest during 14 day cancellation period, my experience Shawbrook and The Westbrom BS also do, from looking around over time I would suggest minority of savings providers do not.particularly as you have only been able to name Oaknorth.

i agree, although it is unclear to me whether this is a law or just lottery. 

There is however a potential additional but very low value consideration.  

As the ISA is cancelled and therefore was effectively never an ISA  - the FULL annual ISA allowance entitlement therefore is then reset - then technically the interest credited to the account during the cooling period  becomes taxable. 

If the interest is paid into the isa it’s still within the tax free wrapper.
I believe.

If so the ISA year would be 52 weeks plus multiple cooling off periods including the compound tax-free  interest earned  in those extra weeks.  It isn’t. 

I moved my Virgin isa from 5.2% to 5.5% and into 5.55%.
2 lots of interest were added, to be precise 3 lots are added as they pay interest each year on say 27/07.
So no mater how many changes you make you are given interest for 52 weeks.
So still within the isa wrapper. Might be specific to Virgin.

That may prove right. I’ve done exactly the same.    

I  know that if you cancel and  have the cash back into your bank account with interest then tax is payable.  

sheslookinhot

Yorkshire Building Society increasing Cash ISA issue 10 to 3.9% from 3.75%. I'll be transferring out as that rate is poor. May stick it in the TESCO 1yr fix.

codetown2

I fixed a 21k ISA in march at coventry (issue 206) for two years at 4%. 
I don't need the money and honestly was looking for a 3 years period, but at the time nothing was available and interesting. 

I now see the situation changed and rates improved a lot. 
I am ready to take the penalty and close the coventry 206 fixed isa to switch for example to the 2-year Natwest at 5.90% (would take also a 3 years but the rate drop is steep).

Can anyone explain how to do that? Shall I open the Natwest and will they do the switch?
Is it all electronic, or will I need to send some paper forms?

savit4l8er

codetown2 said:

I fixed a 21k ISA in march at coventry (issue 206) for two years at 4%. 
I don't need the money and honestly was looking for a 3 years period, but at the time nothing was available and interesting. 

I now see the situation changed and rates improved a lot. 
I am ready to take the penalty and close the coventry 206 fixed isa to switch for example to the 2-year Natwest at 5.90% (would take also a 3 years but the rate drop is steep).

Can anyone explain how to do that? Shall I open the Natwest and will they do the switch?
Is it all electronic, or will I need to send some paper forms?

Yes, you would open the NatWest and at the time you will have the option to fill out transfer details. Sometimes, they do require you to fill out a form and post it, it depends on whether you can complete the necessary fields online with details of your current provider.  The form would be filled out after you complete your application, a good few have had problems with that and other things so you would be wise to read all the recent threads about the NatWest ISA. (If you haven't done so already)

Here is one.

https://forums.moneysavingexpert.com/discussion/6461118/nat-west-isa-application/p1

2010

Just switched from a fixed to an EA ISA and going to sit it out.

"experts and markets" are pricing in 50 bp at most, probably two rises by year end or maybe only one and we`ve peaked.
Fixed ISA still have further to go.

bristolleedsfan

2010 said:

Just switched from a fixed to an EA ISA and going to sit it out.

"experts and markets" are pricing in 50 bp at most, probably two rises by year end or maybe only one and we`ve peaked.
Fixed ISA still have further to go.

Several providers reduced fixed mortgage rates last week, if July inflation figures are at or below expectations swap rates might reduce further, if they do fixed mortgage/savings rates might reduce.