Cash ISAs: The Best Currently Available List

pecunianonolet

refluxer said:

Charter now have the highest-paying (open to all) 1 year fixed rate cash ISA at 5.72%

But how they got there amused me this afternoon...

They actually relaunched it at 5.76% today (as still currently listed on moneyfacts at the time of posting this), then they must have noticed that Virgin had dropped their (open to all) 1 year rate from 5.75% down to 5.70% and so Charter then reduced theirs to 5.72% (to stay on top of the table, just ahead of Kent Reliance at 5.71%). I reckon that 5.76% Charter rate must have been available for a matter of hours

Of course these small rate tweaks don't make a big difference (we're talking £8/year on £20k for today's Charter drop), but it's interesting to see how different banks conduct their business.

Wanting to be top of the table, presumably for the weekend only, but not able to afford to keep the 0.04% and having to correct the rate within hours is a rather poor show imho. Guess they don't care because only a few rate tarts like us notice anyway.

Anyhow, guess we have reached the peak and it's down from here on with so many reductions across the board. 

cricidmuslibale

SickGroove said:

Wheres_My_Cashback said:

Coventry 4 Access Cash ISA now showing as 5.05% for new and existing customers - I'm sure it still said 4.90% yesterday.

So, I've set my £80K Shawbrook fixed rate Cash ISA (which consists of all previous years ISA funds) to mature into their Easy Access Cash ISA Account Issue 25 next week...

Once funds are showing can I then apply for this one & request they transfer the whole £80K into this, while I decide where to split the £80K once the next interest rates meeting has taken place? 

Yes you can and, for what it's worth, I would strongly advise you to do so! Coventry BS are usually very efficient with their handling of transfers from another cash ISA provider - it is all done electronically - and how long the transfer process takes will simply depend on how quickly Shawbrook respond to Coventry's transfer request.

You will need to be aware though that once the £80K is in Coventry's 4 Access Cash ISA you will have a maximum of 4 penalty-free transfers that you can make from there to any fixed rate Cash ISAs that you may wish to put this ISA money into! Each transfer out counts as one of the 4 allowed withdrawals; any further transfers will incur a penalty equivalent to 50 days interest! As long as you bear all this in mind you should have no problems whatsoever, as transferring out of Coventry BS is also done electronically as long as the receiving cash ISA provider is able to use the electronic transfer process, of course.

refluxer

SickGroove said:

Wheres_My_Cashback said:

Coventry 4 Access Cash ISA now showing as 5.05% for new and existing customers - I'm sure it still said 4.90% yesterday.

So, I've set my £80K Shawbrook fixed rate Cash ISA (which consists of all previous years ISA funds) to mature into their Easy Access Cash ISA Account Issue 25 next week...

Once funds are showing can I then apply for this one & request they transfer the whole £80K into this, while I decide where to split the £80K once the next interest rates meeting has taken place? 

While easy access ISA rates still appear to be creeping upwards, fixed rates have been falling gradually (the top 1 year fixed rate has dropped in recent weeks and 2-5 year fixes over the last few months) so there's a chance that you could stand to lose more by delaying your decision and allowing fixed rates to fall than you would gain (<£2/week on £80k) by moving from Shawbrook to Coventry easy access while you waited.

That's presuming that the base rate stays the same or falls at the next meeting - it could potentially rise of course, but if fixed rate ISAs continue to slide at the rate they are currently, then there's no guarantee that rates will be higher in 3-4 weeks time than they are at the moment, even if there is a small base rate increase. 

FWIW - if I was in your position, I would be thinking about taking out a couple of fixed rates (of different durations) now and then possibly moving the rest to Coventry and seeing what happens.... not that I'm necessarily recommending that you do this yourself though - my way of saving (which may be different to yours) is to spread the risk a little and therefore I've always favoured the 'savings ladder'-type of approach to taking out fixed rate accounts. 

Those are just my thoughts, anyway. Who knows what will happen and it's obviously a bit of a gamble, whatever you decide.

Ocelot

It's strange that fixed rates aren't falling by much, but fixed rate ISAs have fallen by quite a bit recently.

10_66

Virgin Money
OH opened a 1 Fixed Rate ISA with VM last month, with a nil balance.  Today, we wanted to transfer his existing ISA from VM to it, and to start a transfer in from another provider.  We couldn't see where to do this online, so rang them and they said it has to be done through their "continue with application" link.  Tried that, and all it does is take you to the option of downloading a form to post or go to a VM Store (don't have one anywhere near us).  Am I missing the blatantly obvious here, or can you only make transfers to VM by post?

Beddie

10_66 said:

Virgin Money
OH opened a 1 Fixed Rate ISA with VM last month, with a nil balance.  Today, we wanted to transfer his existing ISA from VM to it, and to start a transfer in from another provider.  We couldn't see where to do this online, so rang them and they said it has to be done through their "continue with application" link.  Tried that, and all it does is take you to the option of downloading a form to post or go to a VM Store (don't have one anywhere near us).  Am I missing the blatantly obvious here, or can you only make transfers to VM by post?

I had this scenario too. Here's the fix - open another fixed ISA with VM, assuming it's still available, then do the transfer as part of the application. If the rate has gone, then you are stuck with using the post or visiting a branch.

10_66

Thanks Beddie, I wondered about that.  What a fiasco!  Do you know if it only allows you to make one transfer or two (I have an ISA with another provider I need to transfer to them too).

Rich2808

10_66 said:

Virgin Money
OH opened a 1 Fixed Rate ISA with VM last month, with a nil balance.  Today, we wanted to transfer his existing ISA from VM to it, and to start a transfer in from another provider.  We couldn't see where to do this online, so rang them and they said it has to be done through their "continue with application" link.  Tried that, and all it does is take you to the option of downloading a form to post or go to a VM Store (don't have one anywhere near us).  Am I missing the blatantly obvious here, or can you only make transfers to VM by post?

During the initial application (when you can make multiple transfers) yes you can only do subsequent transfers with VM by post - or by printing out the same form and taking it to a Virgin money store which means you get a guarantee of receipt and may save postage (you may need an appointment).

They are, however shutting loads of their Virgin money stores over the next few weeks - including I believe every single store in Greater London by the end of November - and reverting back to a more limited network linked in the north of England and Scotland where Yorkshire and Clydesdale banks used to operate.. So for most people that branch route isn't or won't be an option. 


https://www.moneysavingexpert.com/news/2023/07/virgin-money-bank-closures/

So its a bit of a pain, You can just open another fixed rate account - as you will of course get the fixed rate for a few days/weeks longer - as has been stated.

10_66

Rich2808 said:

10_66 said:

Virgin Money
OH opened a 1 Fixed Rate ISA with VM last month, with a nil balance.  Today, we wanted to transfer his existing ISA from VM to it, and to start a transfer in from another provider.  We couldn't see where to do this online, so rang them and they said it has to be done through their "continue with application" link.  Tried that, and all it does is take you to the option of downloading a form to post or go to a VM Store (don't have one anywhere near us).  Am I missing the blatantly obvious here, or can you only make transfers to VM by post?

After the initial application yes you can only do transfers with VM by post - or by printing out the same form and taking it to a Virgin money store which means you get a guarantee of receipt and may save postage (you may need an appointment). They are, howeverm shutting loads of their Virgin money stores over the next few weeks - including I believe every single store in Greater London by the end of November.

https://www.moneysavingexpert.com/news/2023/07/virgin-money-bank-closures/

So its a bit of a pain. You can just open another fixed rate account - as you will of course get the fixed rate for a few days/weeks longer!

If OH opens another new one do you know if you have the option of arranging more than one transfer to it (an ISA with another provider needs to go them as well as as old VM one).

Rich2808

10_66 said:

Rich2808 said:

10_66 said:

Virgin Money
OH opened a 1 Fixed Rate ISA with VM last month, with a nil balance.  Today, we wanted to transfer his existing ISA from VM to it, and to start a transfer in from another provider.  We couldn't see where to do this online, so rang them and they said it has to be done through their "continue with application" link.  Tried that, and all it does is take you to the option of downloading a form to post or go to a VM Store (don't have one anywhere near us).  Am I missing the blatantly obvious here, or can you only make transfers to VM by post?

After the initial application yes you can only do transfers with VM by post - or by printing out the same form and taking it to a Virgin money store which means you get a guarantee of receipt and may save postage (you may need an appointment). They are, howeverm shutting loads of their Virgin money stores over the next few weeks - including I believe every single store in Greater London by the end of November.

https://www.moneysavingexpert.com/news/2023/07/virgin-money-bank-closures/

So its a bit of a pain. You can just open another fixed rate account - as you will of course get the fixed rate for a few days/weeks longer!

If OH opens another new one do you know if you have the option of arranging more than one transfer to it (an ISA with another provider needs to go them as well as as old VM one).

You can do multiple transfers as part of your initial application - one by one = but anything after the application process is completed online must be done by post using a printed ISA transfer form. I would start with the external transfers first.