Cash ISAs: The Best Currently Available List

Rich2808

Just a warning re Coventry BS - which I forgot they do.

I did an isa transfer into their new 4.9% ISA. They sent me a letter confirming this - and on the back the letter showed in full

My full name
Date of birth
Full address
NI number
Home phone, work phone and mobile phone - in full
Email address

Absolutely appalling in terms of personal data security disclosing this in a letter second class post - just to confirm an ISA transfer was incoming.

This really should not happen!

10_66

If I have an ISA account with this current year’s subscription in it (not the full allowance though), can I transfer this into another new ISA account that will also have previous years’ subscriptions transferred to it?  And will I also be able to add the rest of this year’s subscription if I wish to later?  I know that I can split previous years’ into any number of accounts, but current year has to be kept together.

refluxer

pecunianonolet said:

refluxer said:

Paragon have released Issue 2 of their Double Access Cash ISA @ 4.95%.

• 4.95% variable for up to 2 withdrawals every 12 months (reduces to 1.50% from the 3rd withdrawal)
• £1,000 minimum balance - £500,000 maximum
• Freedom to spread your tax-free ISA allowance across multiple ISAs with Paragon’s ISA Wallet
• Flexibility to withdraw and replace your ISA funds without affecting your ISA allowance
• Quickly and easily transfer your existing ISAs
• Unlimited deposits up to your maximum account balance

For those wanting to upgrade from issue 1 (or another easy access Paragon ISA), IIRC you simply open the new account and there should be an option to fund it via a transfer from your existing Paragon ISA during the application process. This normally takes a day or so for them to action, in my experience.

https://www.paragonbank.co.uk/savings/cash-isas/double-access-cash-isa

Hmm, Coventry 4.9% vs. paragon 4.95% with 4 vs. 2 withdrawal options as both flexible and £1 vs £1000 opening balance.

Is Paragon counting the 12 months from account opening or per calendar year for their 2 withdrawals?

Decisions, decisions,....

I guess it comes down to how many times you think you're likely to need to access the money. For me personally, I don't need much access in which case the Paragon account suits my needs.

The other thing to note is that they work in different ways when you go over the allotted number of withdrawals - Coventry charge a fee for the 5th withdrawal onwards (including closure) whereas Paragon reduce the rate, meaning you could transfer away without charge if you found you needed to access the money more than twice and could secure a similar rate elsewhere.

For Paragon, the time period for the 2 withdrawals is 12 months from account opening...

"When will you get the lower interest rate?
The lower interest rate will apply from your third withdrawal to the day before the anniversary of your account opening. From your anniversary your interest rate and withdrawals reset. So, you will have two more withdrawals before the rate reduces."

2010

Don`t forget Skipton EA ISA issue 15 at 4.9%.
No limit on the amount of withdrawals.

refluxer

10_66 said:

If I have an ISA account with this current year’s subscription in it (not the full allowance though), can I transfer this into another new ISA account that will also have previous years’ subscriptions transferred to it?  

Yes - you can do this in theory, provided the T&Cs of the new ISA allow it. What type of ISA is the one that contains this year's subscriptions and what type are you thinking of transferring into ?

10_66 said:

And will I also be able to add the rest of this year’s subscription if I wish to later?

This shouldn't be an issue if it's an easy access ISA you're wanting to transfer to - fixed rate ISAs usually have a limited funding window (typically 2-4 weeks), although there are a few that allow contributions throughout the duration of the fix or until the account is withdrawn.

pecunianonolet

refluxer said:

pecunianonolet said:

refluxer said:

Paragon have released Issue 2 of their Double Access Cash ISA @ 4.95%.

• 4.95% variable for up to 2 withdrawals every 12 months (reduces to 1.50% from the 3rd withdrawal)
• £1,000 minimum balance - £500,000 maximum
• Freedom to spread your tax-free ISA allowance across multiple ISAs with Paragon’s ISA Wallet
• Flexibility to withdraw and replace your ISA funds without affecting your ISA allowance
• Quickly and easily transfer your existing ISAs
• Unlimited deposits up to your maximum account balance

For those wanting to upgrade from issue 1 (or another easy access Paragon ISA), IIRC you simply open the new account and there should be an option to fund it via a transfer from your existing Paragon ISA during the application process. This normally takes a day or so for them to action, in my experience.

https://www.paragonbank.co.uk/savings/cash-isas/double-access-cash-isa

Hmm, Coventry 4.9% vs. paragon 4.95% with 4 vs. 2 withdrawal options as both flexible and £1 vs £1000 opening balance.

Is Paragon counting the 12 months from account opening or per calendar year for their 2 withdrawals?

Decisions, decisions,....

I guess it comes down to how many times you think you're likely to need to access the money. For me personally, I don't need much access in which case the Paragon account suits my needs.

The other thing to note is that they work in different ways when you go over the allotted number of withdrawals - Coventry charge a fee for the 5th withdrawal onwards (including closure) whereas Paragon reduce the rate, meaning you could transfer away without charge if you found you needed to access the money more than twice and could secure a similar rate elsewhere.

For Paragon, the time period for the 2 withdrawals is 12 months from account opening...

"When will you get the lower interest rate?
The lower interest rate will apply from your third withdrawal to the day before the anniversary of your account opening. From your anniversary your interest rate and withdrawals reset. So, you will have two more withdrawals before the rate reduces."

2010 said:

Don`t forget Skipton EA ISA issue 15 at 4.9%.
No limit on the amount of withdrawals.

Skipton only has annual interest.

Usually, 1 withdrawal is enough to take funds out, dump into higher paying accounts and feed reg savers until PSA is used up and back in it goes but it's a bit more complex this year and it's for the OH who only just 2 days ago opened the Coventry 4.9% account but no funds been added yet. Coventry does say minimum balance is £1 but various accounts we opened (just to have them secure) were actually not needed as things moved so quickly in the market so we didn't even put the pound in and thought they will get closed but they didn't and some are unfunded since months. 

Therefore the idea to open the Coventry ISA, not put anything in so we secure the account and rate but since no contributions have been made another account could still be opened without having to transfer. Funds would only go in later in the year when OH PSA is used up.

I guess the question is more around who is more likely to keep rates for longer and who has the longer notice period for decreases.

Beddie

SickGroove said:

So, once you've opened a Virgin ISA but don't transfer any funds during application, how do you transfer the funds from a maturing ISA at a later date? Can you add the transfer details online once other ISA matures or do you have to call them to instigate the transfer of previous ISA funds?

I had this same issue - they want a transfer form filled in and posted, or you have go into a branch! How very dated.

I just opened another fixed ISA, as the same rate was still available, then did the transfer there and then.

The first one sits there empty, which is no problem at all. I suggested via live chat that they close it, as I won't be using it, but "computer says no" to that as well.

ASL1

Do you think Coventry (4.9% currently) will match the Paragon isa 4.95% soon? Annoyingly I just moved from Paragon to Coventry.

hamski

Just a heads up for anyone wanting to open an easy access account with Skipton, they do not allow partial withdrawals which is what I want to do to split an isa close to the £85000 protection limit

sparkiemalarkie

hamski said:

Just a heads up for anyone wanting to open an easy access account with Skipton, they do not allow partial withdrawals which is what I want to do to split an isa close to the £85000 protection limit

I have made several partial transfers from Skipton to other providers.

However, I was NOT allowed to do a partial ISA transfer from 1 Skipton ISA to a new Skipton ISA.

I wanted to have the both the Cash ISA tracker and the Bonus Cash ISA .... so I did a partial transfer to another provider and a transfer back into the new account.

It was a bit of a faff but was completed within 4 days.

HTH

sx