Cash ISAs: The Best Currently Available List

AlwaysLearnin

refluxer said:

Yep - Kent Reliance, OakNorth, Aldermore, Secure Trust and Hodge have also recently suspended ISA applications until the new tax year. 

Looks like Close Brothers have too.

pecunianonolet

PCPLUM said:

d63 said:

flaneurs_lobster said:

d63 said:

rallycurve said:

It looks like Virgin Money have retired their market leader 1 year exclusive cash ISA at 5.25%
Maybe because we are near the tax year end or maybe they are planning on releasing a new version?
Current top 1 year is 5.07%

Uh-oh! Now what happens? I left them instructions for my old virgin fixed  isa 5 to be transferred to the fixed isa 10 when it matures in 2 days time on the 29th of march. This is not looking good.

If the new account was opened and the transfer request accepted before VM withdrew the 5.25% product then there should be no problems with the transfer or the new ISA. 

OTOH there does seem to be precedent for Virgin Money making a complete Horlicks of just about any kind of ISA transfer (although my recent move to them completed without a hitch).

umm. that is not encouraging!!  
sadly all i have at the moment is their standard text message from 17th march saying: "Great news! We've got your maturity instructions, so nothing else for you to do.  Your account will switch to your chosen product within 5 business days of your maturity date - 29th March 2024 and you will be able to view this in the mobile app or internet banking."

d63 said:

flaneurs_lobster said:

d63 said:

rallycurve said:

It looks like Virgin Money have retired their market leader 1 year exclusive cash ISA at 5.25%
Maybe because we are near the tax year end or maybe they are planning on releasing a new version?
Current top 1 year is 5.07%

Uh-oh! Now what happens? I left them instructions for my old virgin fixed  isa 5 to be transferred to the fixed isa 10 when it matures in 2 days time on the 29th of march. This is not looking good.

If the new account was opened and the transfer request accepted before VM withdrew the 5.25% product then there should be no problems with the transfer or the new ISA. 

OTOH there does seem to be precedent for Virgin Money making a complete Horlicks of just about any kind of ISA transfer (although my recent move to them completed without a hitch).

umm. that is not encouraging!!  
sadly all i have at the moment is their standard text message from 17th march saying: "Great news! We've got your maturity instructions, so nothing else for you to do.  Your account will switch to your chosen product within 5 business days of your maturity date - 29th March 2024 and you will be able to view this in the mobile app or internet banking."

I've the same issue. I provided instructions on maturity of my issue 5 ISA requesting it be transferred to the 5.25% fixed rate. Completed paperwork and received a text message. Totally forgot to do any checks until tonight and now noticed Virgin have transferred it into a flexi ISA at a lower interest rate..... any advice appreciated. 
 

My Virgin ISA Exclusive 5 matured on the 29th March. The maturity options are

1. Do nothing and it will convert to the Exclusive Flexi ISA 2 at a rate of 4.76%
2. Click the link in the email and provide instructions for a fix using Exclusive ISA 11, maturity 31st March 2025 with a rate of 5.25%

I provided instructions to Coventry BS on 30th March for a transfer in of £5 to their 4 access ISA online at 5.05% (NLA). I also opened a Moneybox ISA on 30th March and provided them with transfer in instructions of £500. I also provided West Brom BS transfer in instructions to their WebSave 60 Day Notice ISA 2 for £1 (5.1%) in February when it was a leading account. 

The form in option 2 above does not allow to specify any amount to be put into the new fix, meaning that the full balance will be transferred over after instructions are given. As I had the transfer requests I gave them a call on the 2nd of April (last day before my link would have expired).

The operator confirmed, that both transfer out requests were received and approved by Virgin. Once instructions to refix were given, you still have a 14 day cooling off window. During this time you can either transfer out or withdraw funds. (Moneybox and Coventry transfer outs need to happen within this window). 

As I provided instructions to fix again, I also have the usual 30 days to add further funds either by transfer in or pay in e.g. new tax year allowance and I was told my funding window would close on the 7th of May.

The transfer out during the cooling off period is possible because account number and sort code don't change. 

The new rate of 4.76% after maturity applied from the date of maturity and until the new fix is setup. Things do take a couple of days before everything will show correctly in the app/online banking. 

Should things go wrong I have the phone recording where all of this has been confirmed to me.

Today, 3rd of April, my Virgin ISA shows that 2 transactions have taken place of £1 and £5. By checking Coventry BS, the transfer has been completed and the Coventry ISA has now a balance of £5 credited today 3rd April. The WestBrom also completed the transfer and shows the balance of £1 with credit date of 3rd April. 

In Moneybox, it shows the £500 transfer is in progress and that the request was sent to Virgin on the 1st of April. I'll give it until the weekend and I may call Virgin back to check if they have received the transfer out request by Moneybox.

On the 25th of April I have a 1y fix maturing with Shawbrook. That money will be split with 75% going into the Virgin 5.25% fix and the remaining 25% to go to Coventry as Coventry is a flexible ISA I have this as an emergency fund. 

Unfortunately, I do not have 20k available of new allowance (some stoozing credit cards require repayment in the summer and rolling reg saver maturity dates) as I would otherwise do a similar split to pump as much as possible into the fix and keeping some in a flexible ISA. 

My PSA of the 24/25 tax year is already maxed out with anticipated regular saver interest coming in. 

I will most likely use the Chip flexible ISA as a sort of easy access account from 6th April after the rule change. 

In summary, so far Virgin has not f.... up as so many others have experienced (knock on wood) and now all eyes on the Moneybox transfer in operation. Phoning Virgin in case of doubt and getting them to confirm things on the phone may help to gather evidence should things do go wrong to have evidence on recorded phone calls. 

Hope it helps some and provides some insight :-) 

A._Badger

In the light of people reporting ISA applications closing today, and in case anyone else is trying to open a 5.05% 1year fixed for next year, Case Trust Bank is still accepting applications. I hope that helps someone.

friolento

refluxer said:

Yep - Kent Reliance, OakNorth, Aldermore, Secure Trust and Hodge have also recently suspended ISA applications until the new tax year. 

I have just opened a 1 yr one at KR. I am an existing KR customer, applied whilst logged in.

pecunianonolet

Shawbrook told me today my maturity options, maturity for me is 25th April. 

On offer today is:

1y fix @ 4.8% 
18 months @ 4.75%
2y fix @ 4.5%
3y fix @ 4.38%
5y fix @ 4.0%
7y fix @ 3.6%

I have to select if I want to reinvest, using one of the options above or that I don't want to reinvest and the only option would be for all funds to be transferred to my nominated bank account. If I transfer to my bank account the ISA status will be lost. If I want to give them instructions, I have only fixes on offer but not easy access. 

Neither of their rates are attractive so I plan to transfer out but should they not give me an easy access option too? Will it be moving to an easy access account by default if I do nothing?

subjecttocontract

Thats appalling. It just shows that there is more to selecting a suitable ISA provider than picking the best interest rate.

friolento

pecunianonolet said:

Shawbrook told me today my maturity options, maturity for me is 25th April. 

On offer today is:

1y fix @ 4.8% 
18 months @ 4.75%
2y fix @ 4.5%
3y fix @ 4.38%
5y fix @ 4.0%
7y fix @ 3.6%

I have to select if I want to reinvest, using one of the options above or that I don't want to reinvest and the only option would be for all funds to be transferred to my nominated bank account. If I transfer to my bank account the ISA status will be lost. If I want to give them instructions, I have only fixes on offer but not easy access. 

Neither of their rates are attractive so I plan to transfer out but should they not give me an easy access option too? Will it be moving to an easy access account by default if I do nothing?

You can put a transfer request in with a new provider, which will transfer your ISA upon maturity. All transfer forms offer the option to "wait until maturity", and most (all?) providers who accept transfers-in will take your instructions up to 30 days before maturity.

I have just requested a transfer-in to KRBS for an ISA that matures on May 2.

rallycurve

Will it be moving to an easy access account by default if I do nothing?

I'm pretty sure that's what will happen. Have a read again at your maturity letter maybe it's there and you missed it. Otherwise review the terms and conditions of your account, it will likely say funds will be moved to an easy access ISA on maturity

CuparLad

This issue seems to have come up before:

https://forums.moneysavingexpert.com/discussion/6399364/shawbrook-maturing-isa

It suggests a maturing funds ISA is the default if you do nothing, but check the wording of your particular product.

pecunianonolet

Thanks for your replies. I guess I have a bit time left but my Virgin Money 5.25% 1y fix allows funding until 7th of May so I will move 75% of the funds there and the other to my flexible 5.05% Coventry 4 access ISA online as emergency pot so I am not wasting any day of funds hanging around in a low paying maturity holding account. With rates on the way down every day on a higher rate counts.