Cash ISAs: The Best Currently Available List

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/

dingling68

Good evening my fellow savers.

It has been a long time since I have made the best use of ISA's and have a quick question. I recently opened a couple of cash ISA's, one with current year's money and one that I transferred two older maturing accounts into. Neither of them were fixed term. There is now a higher interest rate available elsewhere, so is it ok to chase the rate? I am used to being a long term saver and feel a bit guilty for transferring out again so soon, but appreciate that that is down to me not the provider. Is being a "rate tart" as common for ISAs as it is for easy access accounts and the like? I am sure I am over thinking this, so thanks for reading 

nomorekids

dingling68 said:

Good evening my fellow savers.

It has been a long time since I have made the best use of ISA's and have a quick question. I recently opened a couple of cash ISA's, one with current year's money and one that I transferred two older maturing accounts into. Neither of them were fixed term. There is now a higher interest rate available elsewhere, so is it ok to chase the rate? I am used to being a long term saver and feel a bit guilty for transferring out again so soon, but appreciate that that is down to me not the provider. Is being a "rate tart" as common for ISAs as it is for easy access accounts and the like? I am sure I am over thinking this, so thanks for reading 

Arn't all we forumites rate tarts on here. Providers have to be used to it. 

pecunianonolet

Charter Savings Bank Easy Access Cash ISA - Issue 44 now 5.03% (£5k min), replacing issue 43 at 5.07%

orange-juice

Transfer to Zopa from Moneybox finally complete, having gone through Santander as an intermediate step.

Zopa seems to have a weird UI. You seem to be able to open as many pots as you'd like, but it's all under one Cash ISA? Any other Zopa Cash ISA users confirm that's how it works?

pecunianonolet

orange-juice said:

Transfer to Zopa from Moneybox finally complete, having gone through Santander as an intermediate step.

Zopa seems to have a weird UI. You seem to be able to open as many pots as you'd like, but it's all under one Cash ISA? Any other Zopa Cash ISA users confirm that's how it works?

May I ask why through Santander as an intermediary? 

I've got a Virgin ISA fix maturing in March and opened a Zopa ISA, but without any funding. I looked at the Zopa transfer in form and found it highly confusing.

refluxer

orange-juice said:

Transfer to Zopa from Moneybox finally complete, having gone through Santander as an intermediate step.

Zopa seems to have a weird UI. You seem to be able to open as many pots as you'd like, but it's all under one Cash ISA? Any other Zopa Cash ISA users confirm that's how it works?

Yes, Zopa allow you to spread your ISA funds across different (easy) 'Access' and 'Fixed Term' ISA pots - this is something that only a small number of ISA providers currently offer, although upcoming changes to the ISA rules will mean that you'll be able to pay new subscriptions into more than one cash ISA (with either the same or different providers) from 6th April this year.

The important thing to note with Zopa is that all of those pots are considered to be part of the same 'Smart ISA' (you get one reference number) and partial transfers out aren't allowed which means that if you ever want to transfer away to a different provider in future, then all the pots would have to be transferred at once and penalties will therefore apply if you have any Fixed Term ISA pots running at the time. 

I've currently got a single Fixed Term ISA pot running with Zopa so this doesn't affect me as such, but it does mean that I probably won't add money from future ISA allowances to an Access pot, as it would then be stuck with Zopa until my Fixed Term pot matures (if I wanted to avoid paying penalties to transfer away).