Cash ISAs: The Best Currently Available List

RetSol

Sussex_Green_Man said:

I opened a YBS Loyalty ISA yesterday (Sunday).  I then opened a KRBS Easy Access Cash ISA-Issue 48 but before transferring funds into it, I re-read the T&Cs.  There is a clause under the declarations which states

" I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that
I subscribe to this cash ISA;"

Given the law has changed I assumed that this was just a lazy cut and paste job but I phoned and talked to the KRBS helpline today to check.  After speaking with a couple of people,I was told that it is NOT a mistake.  The apparently knowledgeable person that I eventually spoke with explained that although the law has changed to allow multiple Cash ISA subscriptions in a single tax year, KRBS (and a number of other banks & building societies) have not signed up for this with the Revenue and can not, therefore, remove the clause.  Apparently it requires them to make significant changes to their 'systems' which they are not intending to do at this stage.

Given that I had already breached the conditions and will want to open other Cash ISAs, the person I was speaking with agreed to lapse my application.

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

Thank you very much for this, @Sussex_Green_Man.

I am an existing KRBS customer with fixed term products opened last tax year which I can continue to pay into this tax year (and next).

I have today asked Saffron Building Society whether they will permit partial transfers out of this year's ISA. They can do this now but they don't have to.  

I am waiting for the reply but it may be academic because it is likely to be better for me to continue to pay into KRBS this year.

As you say, look before you leap.

Perhaps we need a thread on this topic... 

soulsaver

Kim_13 said:

soulsaver said:

Bridlington1 said:

Nottingham BS have now launched their Starter ISA Issue 12 at 5% fixed.

Account can be opened/managed in branch only
Allows deposits of up to £1.5k/mth before allowing you to top up your balance to £20k in March 2025
No withdrawals but you can transfer out subject to 90 days interest penalty.

Regular Saver ISA | Saffron Building Society (saffronbs.co.uk) Saffron joins in.. 4.75% fixed but allows withdrawals.. £10 min.

£1500 pm & top up to £20k in mth 12. Not flexible. Branch or post. There's a few caveats, so do-your-due..

£1,650 per month, a change from last year when it was £1,850 in month 1 and £1,650 in months 2-12 with no ability to top up to the total allowance. Application went in the post today.

I secure messaged them last year to query whether up to £1,650 could be paid in between 1 April and 5 April, if the total allowance had not been used, as they work on calendar months. They said no. I’m guessing this is unchanged (as April is technically month 13) so I’ll probably early close an RS at the end of March to add it to the ISA.

A passbook was issued with last year’s account and there was no option online to withdraw, so while withdrawals are unlimited it looks like if’s a post off your passbook affair. I didn’t have to send it in when I transferred it to a fix with NatWest, though.

Probably won’t be funding it much until August when a string of RS’s begin to mature. 

Thanks edited post to avoid confusing. 

Umiamz

Sussex_Green_Man said:

I opened a YBS Loyalty ISA yesterday (Sunday).  I then opened a KRBS Easy Access Cash ISA-Issue 48 but before transferring funds into it, I re-read the T&Cs.  There is a clause under the declarations which states

" I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that
I subscribe to this cash ISA;"

Given the law has changed I assumed that this was just a lazy cut and paste job but I phoned and talked to the KRBS helpline today to check.  After speaking with a couple of people,I was told that it is NOT a mistake.  The apparently knowledgeable person that I eventually spoke with explained that although the law has changed to allow multiple Cash ISA subscriptions in a single tax year, KRBS (and a number of other banks & building societies) have not signed up for this with the Revenue and can not, therefore, remove the clause.  Apparently it requires them to make significant changes to their 'systems' which they are not intending to do at this stage.

Given that I had already breached the conditions and will want to open other Cash ISAs, the person I was speaking with agreed to lapse my application.

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

How would they even know if you've opened another Cash ISA elsewhere? I'd just be ignoring it if it were me.

soulsaver

Sussex_Green_Man said:

I opened a YBS Loyalty ISA yesterday (Sunday).  I then opened a KRBS Easy Access Cash ISA-Issue 48 but before transferring funds into it, I re-read the T&Cs.  There is a clause under the declarations which states

" I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that
I subscribe to this cash ISA;"

Given the law has changed I assumed that this was just a lazy cut and paste job but I phoned and talked to the KRBS helpline today to check.  After speaking with a couple of people,I was told that it is NOT a mistake.  The apparently knowledgeable person that I eventually spoke with explained that although the law has changed to allow multiple Cash ISA subscriptions in a single tax year, KRBS (and a number of other banks & building societies) have not signed up for this with the Revenue and can not, therefore, remove the clause.  Apparently it requires them to make significant changes to their 'systems' which they are not intending to do at this stage.

Given that I had already breached the conditions and will want to open other Cash ISAs, the person I was speaking with agreed to lapse my application.

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

Have you got a link to where the specific terms for the KRBS ISA says this? Or point to it here:
426-one-year-fixed-rate-cash-isas-flyer.pdf (kentreliance.co.uk)

Sussex_Green_Man

Umiamz said:

Sussex_Green_Man said:

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

How would they even know if you've opened another Cash ISA elsewhere? I'd just be ignoring it if it were me.

The person I spoke with at KRBS implied the revenue might withdraw ISA status from my ISA account if it was flagged up in their (the revenue's) system.  But I guess if you're willing to take the risk, you could ignore.

Umiamz

Sussex_Green_Man said:

Umiamz said:

Sussex_Green_Man said:

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

How would they even know if you've opened another Cash ISA elsewhere? I'd just be ignoring it if it were me.

The person I spoke with at KRBS implied the revenue might withdraw ISA status from my ISA account if it was flagged up in their (the revenue's) system.  But I guess if you're willing to take the risk, you could ignore.

I think that's very unlikely if you haven't contravened HMRC's own ISA rules! They have enough work to do without unnecessary investigations.

Sussex_Green_Man

soulsaver said:

Sussex_Green_Man said:

I opened a YBS Loyalty ISA yesterday (Sunday).  I then opened a KRBS Easy Access Cash ISA-Issue 48 but before transferring funds into it, I re-read the T&Cs.  There is a clause under the declarations which states

" I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that
I subscribe to this cash ISA;"

Given the law has changed I assumed that this was just a lazy cut and paste job but I phoned and talked to the KRBS helpline today to check.  After speaking with a couple of people,I was told that it is NOT a mistake.  The apparently knowledgeable person that I eventually spoke with explained that although the law has changed to allow multiple Cash ISA subscriptions in a single tax year, KRBS (and a number of other banks & building societies) have not signed up for this with the Revenue and can not, therefore, remove the clause.  Apparently it requires them to make significant changes to their 'systems' which they are not intending to do at this stage.

Given that I had already breached the conditions and will want to open other Cash ISAs, the person I was speaking with agreed to lapse my application.

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

Have you got a link to where the specific terms for the KRBS ISA says this? Or point to it here:
426-one-year-fixed-rate-cash-isas-flyer.pdf (kentreliance.co.uk)

The confirmation screen of my application (which I downloaded) includes the following

Terms and conditions
Please note,
The above terms and conditions are the agreement for this account. For your own benefit, it is
important you read these and if you don't understand any part of them, please contact our Customer
Services Team on 0345 120 3223 for further help/information; and
By accepting the terms and conditions, you are declaring that:
1. I apply to subscribe for a cash ISA for the tax year 2024/2025 and each subsequent year until
further notice.
2. By accepting the ISA terms and conditions, I am declaring that:
• All subscriptions made, and to be made, belong to me;
• I am 18 years of age or over;
• I have not subscribed/made payments, and will not subscribe/make payments more than the
overall subscription/payment limit in total to a cash ISA, a stocks and shares ISA, an
innovative finance ISA, and a Lifetime ISA in the same tax year;
• I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that
I subscribe to this cash ISA;
• I am a resident in the United Kingdom for tax purposes or, if not a resident, either perform
duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003
(Crown employees serving overseas), are treated as being performed in the United Kingdom,
or I am married to, or in a civil partnership with, a person who performs such duties. I will
inform Kent Reliance if I cease to be so resident or to perform such duties or be married to,
or in a civil partnership with, a person who performs such duties;
• I agree to the ISA terms and conditions.
I authorise Kent Reliance :
• To hold my cash subscription, ISA investments, interest, dividends and any other
rights or proceeds in respect of those investments and any other cash; and
• To make on my behalf any claims to relief from tax in respect of ISA investments.
3. I declare that this application form has been completed to the best of my knowledge and belief.
Please ensure that you select each of the tick boxes below to confirm that you have read and
understood all our terms and conditions.

Our General Savings Terms and Conditions (PDF)
Our Online Services Terms and Conditions (PDF)
FSCS Information Sheet (PDF)
Our Product Specific Terms and Conditions (PDF)

I have read the Terms and Conditions, the summary of the Privacy Policy and information relating to
registering for Online Services and confirm that all of the information provided by me in this application
are correct.
I have been provided with and read the FSCS information sheet.

Sussex_Green_Man

Umiamz said:

Sussex_Green_Man said:

Umiamz said:

Sussex_Green_Man said:

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

How would they even know if you've opened another Cash ISA elsewhere? I'd just be ignoring it if it were me.

The person I spoke with at KRBS implied the revenue might withdraw ISA status from my ISA account if it was flagged up in their (the revenue's) system.  But I guess if you're willing to take the risk, you could ignore.

I think that's very unlikely if you haven't contravened HMRC's own ISA rules! They have enough work to do without unnecessary investigations.

So why do you think the KRBS person I spoke with said this?  Do you think he was turing away business just to cover for their not updating the website?  I did push him about when they might 'sign up' to the revenue's new rules but he was very vague.  As there are plenty of options, I'd prefer not to take the risk so KRBS lost my custom in this instance because of what he said but each to their own.

Malchester

Sussex_Green_Man said:

Umiamz said:

Sussex_Green_Man said:

Umiamz said:

Sussex_Green_Man said:

If opening a new Cash ISA, I would advise checking the T&C to ensure you are not agreeing to limit your newly acquired ISA benefits

How would they even know if you've opened another Cash ISA elsewhere? I'd just be ignoring it if it were me.

The person I spoke with at KRBS implied the revenue might withdraw ISA status from my ISA account if it was flagged up in their (the revenue's) system.  But I guess if you're willing to take the risk, you could ignore.

I think that's very unlikely if you haven't contravened HMRC's own ISA rules! They have enough work to do without unnecessary investigations.

So why do you think the KRBS person I spoke with said this?  Do you think he was turing away business just to cover for their not updating the website?  I did push him about when they might 'sign up' to the revenue's new rules but he was very vague.  As there are plenty of options, I'd prefer not to take the risk so KRBS lost my custom in this instance because of what he said but each to their own.

Banks are allowed to not allow more than one cash ISA being funded with them. That would account for the comment earlier about updating systems being difficult and costly. I was told by Lloyds Bank that they were not implementing the new rule as it was voluntary. However there is no way that any financial institution can force someone not to open and fund a second cash isa with another institution as it is clearly within HMRC rules. 

subjecttocontract

......and therein lies the problem.
Some will stick rigidly to the declaration and others will ignore the declaration in favour of the Governments relaxation of the rules. Rightly or wrongly it's a recipe for total confusion.