Cash ISAs: The Best Currently Available List

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. 

2010

@pecunianonolet
Shawbrook, if you do nothing, will move your money to an easy access ISA paying 0.10%.
It`s all in the maturity letter which you will find in your "documents" in your account online.

I have arranged to transfer to another provider when mine matures on 12th April because Shawbrook`s rates are poorer.
Having said that, maybe folk should wait until the 6th April to see what new rates the providers come up with.
I didn`t want to wait because I think you`ll be lucky to get 5% on a 1yr year fix.
BoE may not be cutting yet but it hasn`t stopped the providers cutting.
It might be wise to open a K&R EA today at 5.03% just as a standby.

Stargunner

friolento said:

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.

The problem is that some ISA providers will not act until your maturity date, which means that your money could be sitting in an easy access ISA earning hardly any intetest for up to 15 working days until yhe transfer completes.. I have just  come off chat with Zopa as I wanted to transfer an ISA to them that matures on the 1st May and they will not even start the process until that date.

CuparLad

Stargunner said:

The problem is that some ISA providers will not act until your maturity date, which means that your money could be sitting in an easy access ISA earning hardly any intetest for up to 15 working days until yhe transfer completes.. I have just  come off chat with Zopa as I wanted to transfer an ISA to them that matures on the 1st May and they will not even start the process until that date.

My Paragon fix matures on Saturday, but they move the funds to a different account with a difference reference number so you can't even pre-empt the end of the fix because you have to wait until it matures to get the new ref for the transfer. I managed to grab a Close Brothers Fix at 5.05% before it went NLA, but it'll be tight to get the transfer form over to them within the 10-day funding deadline. 

IMHO it's sharp practices like Paragon's whereby financial institutions create convoluted processes to get your money for a few days at a pittance rate that the regulators should be clamping down on.

refluxer

CuparLad said:

isa-transfers

Stargunner said:

The problem is that some ISA providers will not act until your maturity date, which means that your money could be sitting in an easy access ISA earning hardly any intetest for up to 15 working days until yhe transfer completes.. I have just  come off chat with Zopa as I wanted to transfer an ISA to them that matures on the 1st May and they will not even start the process until that date.

My Paragon fix matures on Saturday, but they move the funds to a different account with a difference reference number so you can't even pre-empt the end of the fix because you have to wait until it matures to get the new ref for the transfer. I managed to grab a Close Brothers Fix at 5.05% before it went NLA, but it'll be tight to get the transfer form over to them within the 10-day funding deadline. 

IMHO it's sharp practices like Paragon's whereby financial institutions create convoluted processes to get your money for a few days at a pittance rate that the regulators should be clamping down on.

If it's the Royal Mail you're worried about, Close Brothers are on the list of providers who use the BACs ISA transfer service mentioned on this page so transfers should (in theory) be wholly electronic, in which case you shouldn't need to send transfer forms through the post, hopefully.