Cash ISAs: The Best Currently Available List

akh43

Thanks for the offer hopefully all the information is below.

Barclays 4% flexible ISA opened 13 Jan 23

17 Jan first 2 deposits/transfers on same day £11,827.13 & £20,691.76 = £32,518.89

13 Feb further deposit/transfer £20,158.18 = £52,677.07

17 Feb further deposit/transfer £126.49 = £52,803.56

Account matured 12/1/24 but as it was a Friday interest was not added until 15/1/24 of £2,028.92 = £54,832.48

Although transfer requested on 31/12/23 it was moved to a much lower rate ISA of  1.20%/1.21% AER interest until it finally transferred on 17/1/24 to new ISA and £54,840.05 was transferred.

The interest was only compounded once at the end of term on checking the key facts of the ISA

I tried to work out the best I could and got more interest than they gave me, but not sure on my working out and have raised it for them to check.

pecunianonolet

Coventry BS 4 access ISA at 5.05% The ISA is flexible.

Source: Moneyfacts




The ISA was available last between 22.09.2023 - 25.10.2023


Source: https://www.coventrybuildingsociety.co.uk/member/savings/closed-accounts.html


 
Edit:

Just checked and available to apply when logged in. 

AmityNeon

akh43 said:

Thanks for the offer hopefully all the information is below.

Barclays 4% flexible ISA opened 13 Jan 23
17 Jan first 2 deposits/transfers on same day £11,827.13 & £20,691.76 = £32,518.89
13 Feb further deposit/transfer £20,158.18 = £52,677.07
17 Feb further deposit/transfer £126.49 = £52,803.56

Account matured 12/1/24 but as it was a Friday interest was not added until 15/1/24 of £2,028.92 = £54,832.48

Although transfer requested on 31/12/23 it was moved to a much lower rate ISA of 1.20%/1.21% AER interest until it finally transferred on 17/1/24 to new ISA and £54,840.05 was transferred.

The interest was only compounded once at the end of term on checking the key facts of the ISA

I tried to work out the best I could and got more interest than they gave me, but not sure on my working out and have raised it for them to check.

Interest of £2,028.92 is correct for the 365-day period from 13 Jan 2023 to 12 Jan 2024.

(£0 × 4 days) + (£32,518.89 × 27 days) + (£52,677.07 × 4 days) + (£52,803.56 × 330 days)

Divide that monstrously large product by 365 to calculate the average annual balance, and then multiply by 4%:
18,513,893.11 ÷ 365 = 50,722.994822
50,722.994822 × 4% = £2,028.92

dlevene

An update that may be of interest to those that either experienced problems with their Metro Bank transfer, or are unsure if the interest has been backdated.

After a delay beyond the 15 day window for the transfer to complete, I made a complaint (which itself was a bit of an ordeal as there is no official way to provide a written complaint except for snail mail). That also has taken rather a long time to resolve - even accounting for the Christmas break - but today I got a Final Response Letter.

As a goodwill gesture they've provided a cheque of £125. I also asked for confirmation that the 5.11% interest had been backdated to at least the point it left the previous provider. They confirmed that it has been backdated to the date the ISA transfer form was signed.

So overall a satisfactory outcome (although I'd be wary of Metro in the future given the hassle) - others may wish to make a similar complaint (and also may be reassured re. the interest). 

subjecttocontract

Thanks for that information.
I opened a 1 year fixed rate ISA (5.71%) with Metro at the end of November. I was told that the Metro interest rate would be paid from the date that the transfer was signed in the branch. Nowhere on any paperwork I've been provided with is that date shown but at the end of the fixed term I know how much interest will be due and that's exactly what I expect to recieve. If not, I will be persuing them for what I'm due.

akh43

AmityNeon said:

akh43 said:

Thanks for the offer hopefully all the information is below.

Barclays 4% flexible ISA opened 13 Jan 23
17 Jan first 2 deposits/transfers on same day £11,827.13 & £20,691.76 = £32,518.89
13 Feb further deposit/transfer £20,158.18 = £52,677.07
17 Feb further deposit/transfer £126.49 = £52,803.56

Account matured 12/1/24 but as it was a Friday interest was not added until 15/1/24 of £2,028.92 = £54,832.48

Although transfer requested on 31/12/23 it was moved to a much lower rate ISA of 1.20%/1.21% AER interest until it finally transferred on 17/1/24 to new ISA and £54,840.05 was transferred.

The interest was only compounded once at the end of term on checking the key facts of the ISA

I tried to work out the best I could and got more interest than they gave me, but not sure on my working out and have raised it for them to check.

Interest of £2,028.92 is correct for the 365-day period from 13 Jan 2023 to 12 Jan 2024.

(£0 × 4 days) + (£32,518.89 × 27 days) + (£52,677.07 × 4 days) + (£52,803.56 × 330 days)

Divide that monstrously large product by 365 to calculate the average annual balance, and then multiply by 4%:
18,513,893.11 ÷ 365 = 50,722.994822
50,722.994822 × 4% = £2,028.92

Thanks for explaining in a way I can understand and now I know the formula going forward 👍I have done a test on my Shawbrook one which has several additions too.  I assume x by 366 for this years  calculation?

AmityNeon

akh43 said:

AmityNeon said:

akh43 said:

Thanks for the offer hopefully all the information is below.

Barclays 4% flexible ISA opened 13 Jan 23
17 Jan first 2 deposits/transfers on same day £11,827.13 & £20,691.76 = £32,518.89
13 Feb further deposit/transfer £20,158.18 = £52,677.07
17 Feb further deposit/transfer £126.49 = £52,803.56

Account matured 12/1/24 but as it was a Friday interest was not added until 15/1/24 of £2,028.92 = £54,832.48

Although transfer requested on 31/12/23 it was moved to a much lower rate ISA of 1.20%/1.21% AER interest until it finally transferred on 17/1/24 to new ISA and £54,840.05 was transferred.

The interest was only compounded once at the end of term on checking the key facts of the ISA

I tried to work out the best I could and got more interest than they gave me, but not sure on my working out and have raised it for them to check.

Interest of £2,028.92 is correct for the 365-day period from 13 Jan 2023 to 12 Jan 2024.

(£0 × 4 days) + (£32,518.89 × 27 days) + (£52,677.07 × 4 days) + (£52,803.56 × 330 days)

Divide that monstrously large product by 365 to calculate the average annual balance, and then multiply by 4%:
18,513,893.11 ÷ 365 = 50,722.994822
50,722.994822 × 4% = £2,028.92

Thanks for explaining in a way I can understand and now I know the formula going forward 👍I have done a test on my Shawbrook one which has several additions too.  I assume x by 366 for this years  calculation?

There isn't an industry standard for the treatment of leap year interest, but Shawbrook's general T&Cs heavily imply that daily interest for periods that include 29 February is calculated at 1/366 of the annual rate.

10.2 Where an interest payment period incorporates the leap year day of 29 February, the daily interest rate will be calculated to reflect that extra day. This means that the interest rate accrued on a daily basis may be different.

pecunianonolet

Harpenden BS Online ISA (Issue 1) 5.10%

soulsaver

@sparkiemalarkie and...


..For those interested in the outcome of my VM complaint (also posted in the VM ISA to VM ISA thread) or those interested in Virgin Money's competence...

Recap: Iss4 1 yr FT (4.25%) requested transfer (on 20/12) at maturity (Jan 31) to Issue 7 (5.85%), legitimately c.70 days after it went 'off sale' (Nov 23rd IIRC). See here for more detail if required and the follow on posts

But VM did the transfer December 23rd instead and deducted an early closure penalty.


It's taken VM 3 weeks to reimburse the penalty, (Jan2 when I first contacted them on the issue) which they did  today and back dated it a few days.

So I got my maturing Iss4 into Iss7 c 40 days early on the original sum (inc interest on the principal less £210 penalty) plus 12 days early on the £210 penalty reimbursal.  

I've had no communication (3 broken CS telephone promises) but I'm expecting a resolution letter that I'll bet they'll say, 'That should be that'.

I'll argue, of course..

pecunianonolet

pecunianonolet said:

Harpenden BS Online ISA (Issue 1) 5.10%

Now NLA. Online for around 3 days. Let's hope for similar or better deals closer to the end of the tax year or beginning of the new tax year with the new rules kicking in and hopefully more competition. 

EDIT:
Issue 1 replaced with Issue 2 for 5.01%

https://www.harpendenbs.co.uk/savings/personal-savings-accounts/onlineisa-issue2/