Cash ISAs: The Best Currently Available List

gwapenut

dc_scotland said:

Kazza242 said:

Yorkshire Building Society has launched their new Loyalty Six Access ISAs, which I have added to the first post.

They pay 4.85% on the portion of the balance between £1 - £20,000 and 4.75% on the balance over this (£20,000.01+).

They allow 6 penalty-free withdrawal days during the one year term.

YBS Loyalty Six Access eISA 2024 (Internet-based), see here

YBS Loyalty Six Access ISA 2024 (branch-based), see here

Disappointed to read this in the product details:

It is not possible to transfer an existing Yorkshire or Chelsea Building Society account to this product.

Interesting to read this. Do they not understand the irony of calling it a loyalty product? The rate is poor, and you have to move your savings away first to take advantage of it.

Nick_C

I don't understand the demand for new cash ISAs at this time of year that don't accept transfers in.   Am I missing something?

Ocelot

Nick_C said:

I don't understand the demand for new cash ISAs at this time of year that don't accept transfers in.   Am I missing something?

Presumably some people have left it late to open one, and don't want to lose this years allowance.

Kazza242

Kazza242 said:

dc_scotland said:

Kazza242 said:

Yorkshire Building Society has launched their new Loyalty Six Access ISAs, which I have added to the first post.

They pay 4.85% on the portion of the balance between £1 - £20,000 and 4.75% on the balance over this (£20,000.01+).

They allow 6 penalty-free withdrawal days during the one year term.

YBS Loyalty Six Access eISA 2024 (Internet-based), see here

YBS Loyalty Six Access ISA 2024 (branch-based), see here

Disappointed to read this in the product details:

It is not possible to transfer an existing Yorkshire or Chelsea Building Society account to this product.

I'm wondering if Yorkshire BS have mistakenly added that line to the webpages for the Loyalty Six Access Cash ISA/eISA, as you will notice that same term features on the Loyalty Regular eSaver webpage (under the 'Account Switching' section), here.  

I have read the Product Terms PDFs for both offerings and that condition is not included.

YBS Loyalty Six Access eISA 2024 (Product Terms)

YBS Loyalty Six Access ISA 2024 (Product Terms)

I have sent YBS a PM to check and will report back as soon as I receive a reply.

I have other ISAs paying more than 5.00% and so there are other options, in any case.  

With regards to the YBS Loyalty Six Access ISA/eISA term on the webpage for both products:

"It is not possible to transfer an existing Yorkshire or Chelsea Building Society account to this product."

I have now received a reply to my PM from Yorkshire Building Society.  They have confirmed that the term does not prevent customers with existing YBS ISAs from transferring them to the new Loyalty ISA. 

Provided the customer meets the Loyalty ISA eligibility requirements, then they can arrange a transfer of their existing YBS ISA to the new Loyalty Six Access ISA/eISA.  You just need to open the new Loyalty ISA first and then arrange the transfer once the new ISA is opened (by completing the online YBS ISA transfer form).

Please see the reply from YBS below:  

"The message means you cannot convert an existing account from a different account type to a Loyalty product. Loyalty accounts need to be applied for as new accounts. Once open, then you can arrange for the funds to be moved over from an existing account."

You can apply for the Loyalty ISA. The transfer or closure and transfer of the existing ISA needs to be requested by completing the online YBS ISA transfer form once the new account has been opened (usually from the next day)."

Bridlington1

Ocelot said:

Nick_C said:

I don't understand the demand for new cash ISAs at this time of year that don't accept transfers in.   Am I missing something?

Presumably some people have left it late to open one, and don't want to lose this years allowance.

Also it depends how long you have to make your initial deposit. We're now at the time of the year where in some cases you can open the account now and not make your initial deposit till the next tax year (30 days from today will be 6/4/24), by which point the new ISA rules will have come into force. Some may want to speculatively apply for ISAs now to secure the account and make deposits next month. I may apply for a few ISAs over the next few weeks for this reason.

CuparLad

Kazza242 said:

"The message means you cannot convert an existing account from a different account type to a Loyalty product. Loyalty accounts need to be applied for as new accounts. Once open, then you can arrange for the funds to be moved over from an existing account."

Very sloppy wording from YBS in their T&Cs in that case. Transfer has a particular meaning when it comes to ISAs so a reasonable person would assume that the term prevents exactly that; a transfer. Convert is something different. The outcome can be the same (assuming a full rather than a partial transfer), but the process is different.

elkiedee

I'm not eligible for the Loyalty ISA accounts at the moment but they're paying better rates than my ISA savings. They also have some quite good non ISA savings rates that are open to all, including decent rates for unlimited withdrawals. I think that I might open one or two accounts with them later this month, with £10 each but it will probably be on or after payday. Then I can decide whether to move or add more savings to them during the year, and can also see what accounts/rates/conditions are on offer in 2025 when some of the accounts I've opened recently come to an end and I have to make decisions anyway.

Kazza242

CuparLad said:

Kazza242 said:

"The message means you cannot convert an existing account from a different account type to a Loyalty product. Loyalty accounts need to be applied for as new accounts. Once open, then you can arrange for the funds to be moved over from an existing account."

Very sloppy wording from YBS in their T&Cs in that case. Transfer has a particular meaning when it comes to ISAs so a reasonable person would assume that the term prevents exactly that; a transfer. Convert is something different. The outcome can be the same (assuming a full rather than a partial transfer), but the process is different.

Yes, I agree that their wording could have been better on the product web pages.  However, it did not make sense to me that YBS would launch a new loyalty six access ISA and not allow their existing customers to transfer their existing YBS ISAs to it.  That's why I queried it with them.

They clearly copied and pasted the same sentence from their Loyalty Regular Saver page.  They should have amended it for clarity on their ISA product pages.  

super_reds

Think the Zopa 1 yr fix is now 5.00% (versus 4.90% on the first page) unless am missing something?

Also it looks to me like they take existing ISA transfers

Qyburn

super_reds said:

Think the Zopa 1 yr fix is now 5.00% (versus 4.90% on the first page) unless am missing something?

Also it looks to me like they take existing ISA transfers

They do, I've done it.