Cash ISAs: The Best Currently Available List

soulsaver

pecunianonolet said:

soulsaver said:

pecunianonolet said:

Thanks, I may open it up just in case. My fix matures on the 31st with Virgin (4.25%) issue 5 and I am debating if I should put it into this fix for a few months until Jan 25 or leave it in Easy Access hoping the current rates hold for a while as I may need access to it. 

2 points:

1.You are aware that there is a 60 day interest equiv. penalty for early access?

2. If you do the 'in the hope' opening, you wont have done the transfer as part of the opening process - then your only option on the transfer-in is paper form posted... or telephone. The post can't be relied upon in a tight deadline - so you'll likely need to phone to make the transfer.

Maybe TGMTSE, but if phoning make sure to get the transfer reference and a note the time date & who you spoke with in case VM screw up - IME they do.... &  they'll do just about anything to get out of paying compensation.

Yes, opened the account and was showing up in the app instantly. Yes, aware of the 60 days so I either use the account and have to run it down to maturity on 31/01/25 or not use the account at all and put in easy access with the risk of rate dropping. I may split funds so I can hedge my risk a little. 

Snailmail can't be relied upon but I luckily have a branch 25 min walk away from me so would take the paper form in and get them to get it done straight away or at least acknowledge it on a piece of paper with date, time and so on.

Even better 

refluxer

OakNorth have increased their 1 year fixed rate cash ISA from 4.70% to 5.00%.

Hodge and Castle Trust have also increase their 1 year fixed rates slightly.

pecunianonolet

West Brom BS WeBSave 60 Day Notice ISA (Issue 2) @ 5.1%

The previous issue was 5.25% and withdrawn on 19th January 2024. More info about previous rates here.

EDIT: Can't find anything about a pay in/ transfer window. Maybe I overlooked it. Does anyone know?

Malchester

You can add to this account anytime as it is variable. I know because I asked them. I have a previous issue of this account and they confirmed that I can add funds anytime up to the annual limit 

pecunianonolet

Malchester said:

You can add to this account anytime as it is variable. I know because I asked them. I have a previous issue of this account and they confirmed that I can add funds anytime up to the annual limit 

Thanks, I am just asking because they say operating minimum balance of £1 and if they enforce it and close the account down if not funded within a given period or not. Would otherwise allow to open the account and let it sit with a 0 balance (no subscription) to potentially move a fix in I have maturing in March or not if something else comes around or decide for another fix. Just to keep options and stay flexible.

refluxer

pecunianonolet said:

Malchester said:

You can add to this account anytime as it is variable. I know because I asked them. I have a previous issue of this account and they confirmed that I can add funds anytime up to the annual limit 

Thanks, I am just asking because they say operating minimum balance of £1 and if they enforce it and close the account down if not funded within a given period or not. Would otherwise allow to open the account and let it sit with a 0 balance (no subscription) to potentially move a fix in I have maturing in March or not if something else comes around or decide for another fix. Just to keep options and stay flexible.

The product-specific terms state that "your cheque or first transaction from your nominated bank/building society account must be received by the Society within 30 days of submission of your online application to enable your WeBSave account/bond to be opened or your WeBSave application will be rejected" but I couldn't see any information relating to someone solely funding the account with an ISA transfer. In my experience of funding ISAs though, the same funding window is likely to apply to them receiving a transfer-in request.

surreysaver

Principality on top form. Opened their Bonus Issue 2 a couple of weeks ago for 5%, sent them a message and they changed it to an Issue 3 at 5.05%. Always great service from them on the odd occasion I've contacted them.
They even changed the maturity date as well 

pecunianonolet

Plum is launching a new Cash ISA. 

https://withplum.com/cash-isa/

Key notes of what is known:

- Save from £1
- Transfers in from anywhere
- Easy access with funds transferred the next working day
- FSCS protection as usual

Unknown (or I haven't seen it yet):

- Interest rate
- Launch timings
- Flexible or not
- Will they also offer fixes?

They make you join a wait list, perhaps the first xx get an additional bonus as I don't know what else it would be for when they send out an email anyway, which I got today. Maybe just a simple marketing tool to grasp the level of interest?

I'll guess they will join the likes of Zopa, Moneybox, Chip and I would expect similar rates for the former two as the Chip rate is underwhelming. 

dlevene

Metro have just emailed to say they're dropping the variable ISA from 5.11% to 4.86% from the 22nd April.

It's a shame it's such a big drop after it was such a hassle to open, but it's a fair while away and the market may well look a little different in 2 months (not least as the start of the financial year often sees quite a bit of movement).

Have to say I won't miss Metro.

pecunianonolet

dlevene said:

Metro have just emailed to say they're dropping the variable ISA from 5.11% to 4.86% from the 22nd April.

It's a shame it's such a big drop after it was such a hassle to open, but it's a fair while away and the market may well look a little different in 2 months (not least as the start of the financial year often sees quite a bit of movement).

Have to say I won't miss Metro.

With many other providers around and so many easy access rates above 5% at the moment plus the simplification of ISA rules I would not be surprised if they will have a lot of funds flowing elsewhere.

Especially with the new rules in place ISA's are becoming very flexible when it comes to moving funds around to chase better rates. Bound to a transfer but if done electronically it should with most providers still be rather quick. Also, if savers will make more use of the new rules and open more accounts the number of transfer requests will skyrocket and banks and building societies in particular will have to upgrade there systems to cope or offer attractive rates to make me fill out paper forms or even agree to manual processes of sending cheques between institutions. 

Further, it's a 0.25% cut so to me it indicates that Metro expects the base rate to fall by 0.25% on the 9th May MPC meeting.