Cash ISAs: The Best Currently Available List

drphila

SaveTheEuro said:

caveman38 said:

ConsistentlyLost said:

2010 said:

Top 1yr fix ISA 5.78% Shawbrook.

https://www.shawbrook.co.uk/direct/savings/personal-savings/cash-isas/1-year-isa/

I can't decide whether now is the time to transfer away from my 18 month fix with Santander at 4.25% now that I've had it longer than the 120 day penalty I'd receive or not. Thoughts?

I'd be interested to hear other answers, but. By my calculations, you'll lose that interest already earned, say £280 (assuming 20K invested). After transferrin you'd gain an extra 1.53% for a new 1 Year term, which you would earn an extra £306. Hardly worth it, I'd say.

Recently, I helped someone make the switch from a Santander 18 month fix at 4.25%. We too calculated there would be a loss of about £280 of interest but were surprised to discover no penalty was imposed at all.

I'm in the process of  transfering out of 18mth and 2yr Sant isas so if that's the case, well great.

Did they pay all the interest due or are they waiting till the opening anniversary since interest is paid annually? If not, will they not take the penalty charge out when it is paid?

refluxer

drphila said:

SaveTheEuro said:

caveman38 said:

ConsistentlyLost said:

2010 said:

Top 1yr fix ISA 5.78% Shawbrook.

https://www.shawbrook.co.uk/direct/savings/personal-savings/cash-isas/1-year-isa/

I can't decide whether now is the time to transfer away from my 18 month fix with Santander at 4.25% now that I've had it longer than the 120 day penalty I'd receive or not. Thoughts?

I'd be interested to hear other answers, but. By my calculations, you'll lose that interest already earned, say £280 (assuming 20K invested). After transferrin you'd gain an extra 1.53% for a new 1 Year term, which you would earn an extra £306. Hardly worth it, I'd say.

Recently, I helped someone make the switch from a Santander 18 month fix at 4.25%. We too calculated there would be a loss of about £280 of interest but were surprised to discover no penalty was imposed at all.

I'm in the process of  transfering out of 18mth and 2yr Sant isas so if that's the case, well great.

Did they pay all the interest due or are they waiting till the opening anniversary since interest is paid annually? If not, will they not take the penalty charge out when it is paid?

When transferring out of a fixed rate cash ISA before the maturity date where interest is paid annually, the provider will work out the interest earned up to the transfer date, add it to the balance and then deduct the penalty before carrying out the transfer.

I doubt there are any mitigating circumstances where a provider would waive an early transfer penalty.

caveman38

They may not have received the penalty of £280 from they're balance. But, they would not have received the £280 that they had earned up to transfer date ie. 20K transferred. It is still lost and has to be considered or was £20, 280 tyransferred?

MasterplanC

Has anyone noticed an open Paragon Double Access Cash ISA change rate? I was on the 4.35% AER (4.27% monthly) one and messaged them when I saw the 4.5% rate that didn’t work to apply online (probably because they had withdrawn it). I haven’t heard back, but the dashboard now says 4.41% gross per year which seems in between? I guess if that was the monthly rate this would correspond to the 4.5% AER.

SaveTheEuro

caveman38 said:

They may not have received the penalty of £280 from they're balance. But, they would not have received the £280 that they had earned up to transfer date ie. 20K transferred. It is still lost and has to be considered or was £20, 280 tyransferred?

The Santander ISA of £20,000 was taken out in April and transferred in August. The transfer was for £20,309. 

2010

Paragon have dropped the rates on all their fixed ISA.
Probably getting ready for the next BoE rate increase so they can then put their rates back to what they were. (cynical?)

Malchester

I recently transferred my 18 month ISA from Santander and also found no no penalty was imposed.

10_66

I don't know whether I imagined it, but I thought I'd read on this thread a while back (I've looked but can't find it), that a fixed rate ISA that you (unusually) could continue to add to during its term was mentioned.  I know you can only normally have a certain time window to add to fixed rate, but thought I'd seen this mentioned?

2010

10_66 said:

I don't know whether I imagined it, but I thought I'd read on this thread a while back (I've looked but can't find it), that a fixed rate ISA that you (unusually) could continue to add to during its term was mentioned.  I know you can only normally have a certain time window to add to fixed rate, but thought I'd seen this mentioned?

You did and it is in regards to Shawbrook Bank fixed rate ISA.

code_hunter_2

10_66 said:

I don't know whether I imagined it, but I thought I'd read on this thread a while back (I've looked but can't find it), that a fixed rate ISA that you (unusually) could continue to add to during its term was mentioned.  I know you can only normally have a certain time window to add to fixed rate, but thought I'd seen this mentioned?

I have a Kent Reliance fixed ISA and I’ve also been able to add to it throughout the term. So I think it is a similar set up to Shawbrook.