Cash ISAs: The Best Currently Available List

popsy20

Hi,

Not posted on here before

Both my hubby and I have Instant Access ISAs with NWBS - about £10k each.

Is it worth transferring to another bank / BS before the new tax year? And who should we change to?

Thanks x

a4gom

Hi, I've done my best to scan through the 100's of posts on ISA's but am still unsure of the answer to my situation. I would be grateful if one of you more knowledgeable could give a thicko a pointer.

I currently invest £30 a month into a Smile ISA, I have just checked and the current total is £3015. I only get my interest at the end of the year and its measly i.e. less than 4%. I intend to carry on paying £30 a month for the foreseable future so am not investing a lot but would like to get the best from my investment so am looking at transfering.

Barclays looks the most promising at the moment; they are offering a bonus rate for the first year, their standard rate looks pretty reasonable and I have other accounts so I will be able to open and manage it on line. Only thing is it says transfers from other ISA's are not permitted so presumably I would have to cash in my existing one and re invest?

So the question is when do I pull it, do smile have a penalty, if I pull it now will I still get this years interest?

Or do I pull it in 2008/09? I'm pretty sure my existing total + this years interest + next years (13x£30) won't add up to £3600? Having said that does Barclays have a cut of date for this offer, I can't see one?
If they do can I open one now in addition to my existing one, I have only added about £400 to it this year.

TIA sorry for been dim

bristolleedsfan

a4gom wrote: »

I currently invest £30 a month into a Smile ISA, I have just checked and the current total is £3015. I only get my interest at the end of the year and its measly i.e. less than 4%. I intend to carry on paying £30 a month for the foreseable future so am not investing a lot but would like to get the best from my investment so am looking at transfering.

Barclays looks the most promising at the moment; they are offering a bonus rate for the first year, their standard rate looks pretty reasonable and I have other accounts so I will be able to open and manage it on line. Only thing is it says transfers from other ISA's are not permitted so presumably I would have to cash in my existing one and re invest?

So the question is when do I pull it, do smile have a penalty, if I pull it now will I still get this years interest?

Or do I pull it in 2008/09? I'm pretty sure my existing total + this years interest + next years (13x£30) won't add up to £3600? Having said that does Barclays have a cut of date for this offer, I can't see one?
If they do can I open one now in addition to my existing one, I have only added about £400 to it this year.

TIA sorry for been dim

Re: Smile Penalties for transferring out, shouldnt be the case best to check with Smile.

My advice would be to transfer your current ISA to either Saffron BS, Abbey ( if u want a variable rate) or Nationwide One Or Two Year Fix at 6.15% ( Base Rates are expected to fall during 2008, if i was u I would transfer out to a fixed rate ISA asap.

Above three providers all guarantee no loss of interest during the transfer in process. ( Best to initiate transfer asap IMO)

http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.abbey-products.com/product/direct-isa-squirrel/

My further advice bearing in mind the circumstances that u describe would be to after 6th April 2008 open a new Reg Saver ISA with Scarborough BS. ( Or Barclays new ISA for 2008/09 year and transfer back out after 12 Months)

http://www.scarboroughbs.co.uk/savingsandinvestments/products/my_savings.html

Barclays withdrew the current Tax Beater ISA towards the end of May 2007 from memory.

a4gom

Thanks for that, I think I understand the first two steps but what are you suggesting at the end of 2008/09?
Step1}I'd be best to transfer my existing lump to one of the three you suggest now
Step 2} open a new one with scarborough or barclays after april 5th and pay my £30 a month into that
Step 3}at the end of 2008/09 transfer the money out of scarborough or barclays and into the one set up in step 1?

P.s. Barclays are still running a Tax Haven ISA Open from £1
Interest rate (variable rates)† Inc 1% bonus for the 1st year 6.50% AER**/6.31% Tax free* Variable. Paid monthly
Maximum deposit £3,000 for tax year 2007/2008
£3,600 for tax year 2008/2009
Access Instant – no charge
£10 minimum withdrawal

madkid88

hey guys,i want to open up a cash isa,going to be saving upto £2500 a year from just part time work and student loan, i have no clue about these things, who should i open with, the best interest etc.

Thanks

DemiDee

I've got a Direct ISA with NS& I and very happy with that, so I'm going to put my next lot in there too. They have just guaranteed to be 0.30 above the base rate too. Good luck, Dee

Woodyrocks

I opened the A&L ISA because it allows money in from previous years and pays 6.25%

bristolleedsfan

a4gom wrote: »

Thanks for that, I think I understand the first two steps but what are you suggesting at the end of 2008/09?
Step1}I'd be best to transfer my existing lump to one of the three you suggest now
Step 2} open a new one with scarborough or barclays after april 5th and pay my £30 a month into that
Step 3}at the end of 2008/09 transfer the money out of scarborough or barclays and into the one set up in step 1?



My suggestion was to transfer all your existing ISAS including this current tax years into one of the three ISAS i was suggesting. ( if i was u id transfer into a fixed rate ISA)

If i was u i would open a Scarborough Reg Saver ISA, if u do u wont need to transfer out of after one year cos it has been paying a good rate year on year, so u can just carry on year after year paying into it until u reach the maximum that Scarborough allow.

( Or pay monthly into Barclays new ISA in 2008/09, without being cheeky the interest u will get during first year of paying in the amounts u have indicated will be negligible anyway. )

DemiDee

Can someone tell me when I can put a new amount into my ISA? Is it strictly from 6 April only? If so, it means we have to thus draw out money beforehand, place it into a current account, and then finally transfer it to the ISA.

raider

Not sure if this has been covered, but just got this email from Bradford & Bingley.

As a result of the Bank of England’s decision to decrease the Bank Base Rate by 0.25%, we have made a change to the interest rate on your Savings account.

Our accounts are still best buy and you will still receive the levels of service that you have come to expect from the Moneyfacts Best Internet Only Account Provider of the previous 2 years.

The change came into effect as of 2nd March 2008 and details of how this change affects your account is shown in the table below.

eSavings ISA 1 £1,000 5.80 5.55 - 5.41 -
eSavings ISA 2 £1,000 5.80 5.55 - 5.41 -

Glad my eISA is being moved away from this bunch of crooks.