Cash ISAs: The Best Currently Available List

CuparLad

What to do, what to do...

A SecureTrust 1 Yr Fix matured on Monday and is currently winging its way to the Coventry Four Access ISA @ 5.05% (the ST Matured Funds ISA was an offensive 2.25%). Both Shawbrook and Oaknorth have a 5.03% 1 Yr Fix, but not sure whether to grab one of those, or wait it out and see whether the closure of the ISA season throws up any better deals. Of course there's Hunt's budget next week and the MPC on 21st March to consider too...

pecunianonolet

CuparLad said:

What to do, what to do...

A SecureTrust 1 Yr Fix matured on Monday and is currently winging its way to the Coventry Four Access ISA @ 5.05% (the ST Matured Funds ISA was an offensive 2.25%). Both Shawbrook and Oaknorth have a 5.03% 1 Yr Fix, but not sure whether to grab one of those, or wait it out and see whether the closure of the ISA season throws up any better deals. Of course there's Hunt's budget next week and the MPC on 21st March to consider too...

There is the 5.25% 1y fix with Virgin, although requires opening a current account. Current account doesn't have to be used in any way. There is also the 60 day notice account for 5.1% with WestBrom.

The Virgin fix has a 30 day funding window from the day they withdraw the account from sale, so you could open it and leave it unfunded until budget and MPC are over. WestBrom you can open and transfer 1 pound in to secure the account and you could always transfer more in at a later time if required. 

With rules changing on 6th April I anticipate a surge in transfer requests as it will be much easier to move current year funds or spread them out with various providers. 

Plum is also launching an ISA, might be just in time before end of tax year and maybe with market leading rate to shake up competition of Zopa an Moneybox. 

CuparLad

Unfortunately, the Virgin account isn't an option for me (I don't need a second current account nor do I want to switch). It's more about whether I fix now or wait and see what else comes along. The fixer's conundrum in all its glory I guess!

surreysaver

CuparLad said:

Unfortunately, the Virgin account isn't an option for me (I don't need a second current account nor do I want to switch). It's more about whether I fix now or wait and see what else comes along. The fixer's conundrum in all its glory I guess!

You do need a second current account if you want the Virgin ISA (there's many reasons why you may need a second current account). And you don't need to switch to open it 

karlie88

Chip's cash isa is now at 5.1%.

However, I'm a tad confused re: paying 0.6% lower than base rate?

CuparLad

I think you're missing a 2.

The interest rate is variable and tracks at a margin of 0.26% (gross) below the Bank of England base rate (“Tracking Rate”). We will notify you of any changes at this time.

https://getchip.uk/savings-accounts/cash-isa

pecunianonolet

karlie88 said:

Chip's cash isa is now at 5.1%.

However, I'm a tad confused re: paying 0.6% lower than base rate?

Nice rate but doesn't allow transfer in other ISA's so rather restrictive.

However, in the T&C'S they say the following:

To open a Chip Cash ISA, you must complete an application online through your Chip App. You must be at least 18 years old and a UK resident to open a Chip Cash ISA. You cannot have already paid into another cash ISA in the same tax year (unless that ISA has been closed or you are transferring your ISA to us).

I guess that needs some clarification.

Bridlington1

CuparLad said:

I think you're missing a 2.

The interest rate is variable and tracks at a margin of 0.26% (gross) below the Bank of England base rate (“Tracking Rate”). We will notify you of any changes at this time.

https://getchip.uk/savings-accounts/cash-isa

Though to be fair Chip have missed a 2 out in the FAQs section, which I suspect is what may have caused the confusion:

soulsaver

And maybe compounded by the fact that BoE base less 0.26% isn't 5.10%?

10_66

soulsaver said:

And maybe compounded by the fact that BoE base less 0.26% isn't 5.10%?

I think they're using the 4.99% gross figure they show (ie 5.25% - 0.26% = 4.99%)