Cash ISAs: The Best Currently Available List

MiserlyMartin

Yellowman said:

jpsman said:

Skipton Cash ISA Tracker issue 5 4.7% https://www.skipton.co.uk/savings/isas/cash-isa-tracker
@Kazza242

Tracks 0.55% points below the Base Rate (currently 5.25%) for a period of two years.

Flexible and no restrictions on number of withdrawals.

It's good at the moment, however before everyone gets too excited about this account, remember that for a long period in the 90s/2000s the normality was that savings accounts paid ABOVE the Base rate, so having a tracker at 0.55% below it is not really that good should we go back to a high swap rate situation etc. That all said, this is one of the few that transfer in from old BS's who still use paper transfer forms (Cynergy won't accept non electronic transfers - in hindsight that is a drawback of old paper using BS')

2010

MiserlyMartin said:

Yellowman said:

jpsman said:

Skipton Cash ISA Tracker issue 5 4.7% https://www.skipton.co.uk/savings/isas/cash-isa-tracker
@Kazza242

Tracks 0.55% points below the Base Rate (currently 5.25%) for a period of two years.

Flexible and no restrictions on number of withdrawals.

It's good at the moment, however before everyone gets too excited about this account, remember that for a long period in the 90s/2000s the normality was that savings accounts paid ABOVE the Base rate, so having a tracker at 0.55% below it is not really that good should we go back to a high swap rate situation etc

I don't think you'll ever see those days again. Banks etc. prefer to pay as little as possible and charge as much as they can.
From what I can see, Skiptons account is a win win.
The other thing is, if those heady days of above base rates ever came back, you can just transfer the Skiptons into it.

duckson

dc_scotland said:

2010 said:

Skipton is well worth considering if you don`t want a fixed rate or limited access ISA.
It is also flexible so you can put money back into it and if a better rate springs up elsewhere you`re free to transfer to it without penalties.
Even if 5% comes along after the BoE meeting, this one won`t be far off.

I`ve had accounts with them in the past and always found them to be OK, with good customer service.

I had a previous issue ISA with Skipton.  I opened this new issue this morning.  At the end of the application I was given the option to transfer in the previous issue.  At the end of the process I was told that the closure and transfer in would happen overnight, and appear in online banking and app next working day.  But I was surprised to see it happen instantly.  Very impressed.

Ditto, thanks for this, it was very straight forward and fast to swap to the ISA BoE tracker from my existing Skipton Cash ISA Saver (sub 4%).

westv

I have been checking out the latest fix rate ISAs. However, I opened a fixed rate ISA with Virgin in June for £5k and my understanding is that I can't open any more ISAs this tax year with new money. Thats correct??

ConsistentlyLost

nomorekids said:

ConsistentlyLost said:

I requested a transfer from my Santander 18 month fix to my newly opened Shawbrook 1 yr fix on Saturday. I've noticed that I had an e-mail from both Santander and Shawbrook yesterday. Shawbrook's said the transfer won't go ahead due to Santander but the Santander e-mail says they've received the transfer request from Shawbrook and are progressing. Who's telling the truth?

Time will tell. Love a mystery keep us informed 

I ended up transferring it to virgin instead as nothing was happening with shawbrook and that worked even better than the transfer in reverse earlier in the year!

refluxer

westv said:

I have been checking out the latest fix rate ISAs. However, I opened a fixed rate ISA with Virgin in June for £5k and my understanding is that I can't open any more ISAs this tax year with new money. Thats correct??

Yes - you can only pay new subscriptions from the current tax year into one cash ISA at any one time so, if the Virgin fixed rate ISA had a funding window that has now closed, then you can't open a different cash ISA and also pay new subscriptions into that. One exception to this rule would be if Virgin happened to be one of the providers who allow you to spread your allowance over different ISA accounts but I don't think Virgin is one of them ?

I've never this personally (so hopefully someone else can confirm this), but I believe that one work-around might be to transfer the existing ISA into a new one that accepts both new subscriptions and transfers which would then allow you to top it up but, as your existing Virgin ISA is fixed, then there will be a penalty to pay for transferring before the maturity date - the longer the fix, the higher the penalty will be.

Virgin do have some of the lowest penalties around though (eg. the loss of 60 days-worth of interest on a 1 year fix) so you would need to do your sums carefully in order to work out whether transferring early and paying the penalty would be worth it, compared with the tax you might pay on the interest earned by the extra subscriptions you would pay into it if that money remained outside an ISA. You would (presumably) be moving onto a higher rate, which would be an advantage of transferring an ISA early that could also be factored into the decision.

westv

Many thanks refluxer

Growingold

Yellowman said:

jpsman said:

Skipton Cash ISA Tracker issue 5 4.7% https://www.skipton.co.uk/savings/isas/cash-isa-tracker
@Kazza242

Tracks 0.55% points below the Base Rate (currently 5.25%) for a period of two years.

Flexible and no restrictions on number of withdrawals.

I have their ISA Tracker Issue 3 which pays 0.90% below the base rate.  If I remember correctly at the time the issue was only available for a short time.
So I've opened the new Issue 5 today to secure the rate with the intention of transferring my past years contributions from Issue 3 into this.  However if I transfer now I think I lose the ability to repay back any past years contributions I have withdrawn  as the Issue 3 account will be closed ( I know this was the case with YBS) so I will repay some of the contributions withdrawn this tax year tomorrow before transferring.

Growingold

dc_scotland said:

2010 said:

Skipton is well worth considering if you don`t want a fixed rate or limited access ISA.
It is also flexible so you can put money back into it and if a better rate springs up elsewhere you`re free to transfer to it without penalties.
Even if 5% comes along after the BoE meeting, this one won`t be far off.

I`ve had accounts with them in the past and always found them to be OK, with good customer service.

I had a previous issue ISA with Skipton.  I opened this new issue this morning.  At the end of the application I was given the option to transfer in the previous issue.  At the end of the process I was told that the closure and transfer in would happen overnight, and appear in online banking and app next working day.  But I was surprised to see it happen instantly.  Very impressed.

Out of interest now the transfer has taken place is there any restriction before you can withdraw funds as it is a new account.

StayinAlive

I have two Cash ISA's. One is a one year fixed rate which "started" in May with Coventry as "re-investing" from the previous year's fixed rate ISA with them which had matured. I assume this is treated the same as transferring i.e. does not count in this year's quota. The second is another fixed rate with Shawbrook, also opened in May, with a transfer in from previous year's subscription with another supplier.

By my understanding, I can still open another cash ISA (fixed or variable) into which I can subscribe my full 20K for this year. Is this correct?

TIA