Cash ISAs: The Best Currently Available List

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.

subjecttocontract

Secure Trust have the same system of giving the account a new number at maturity.
As I've said before there is far more to selecting a new ISA provider than just picking one with a good interest rate.

CuparLad

refluxer said:

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.

If you have the transfer details to hand when you apply, that's absolutely true, but follow up transfers require a manual form if you don't have access to online banking (which I probably won't have by Saturday). I opened the account ahead of time to grab the rate. It's a game of chicken, but should hopefully mean that the transfer will go through quickly once they get the paperwork. I'm mulling over whether to swallow the cost and send it special delivery just to be sure!

pecunianonolet

pecunianonolet said:

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 :-) 

Moneybox transfer completed today.

Bridlington1

Saffron BS are going to launch a regular saver cash ISA tomorrow paying 4.75% fixed (£10 min). Account can be opened in branch/post and allows unlimited penalty free withdrawals, which can be done by phone.

EDIT:
Now live:
https://www.saffronbs.co.uk/savings/cash-isas/regular-saver-isa

CuparLad

That seems to be all the >5% 1 Yr Fixes gone. The Castle Trust 1 Yr @ 5.05% is NLA leaving Zopa @ 5%. Fingers crossed something interesting happens tomorrow/next week.

soulsaver

Who is K&R?

2010 said:

K&R EA issue 47 @ 5.03% gone.