Cash ISAs: The Best Currently Available List

Umiamz

This, of course, was the case before the start of this tax year, provided that you didn't pay into more than one of them!

Sussex_Green_Man

friolento said:

Sussex_Green_Man said:

Malchester said:

Sussex_Green_Man said:

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. 

The YBS eligibility criteria state

You may only subscribe to one Cash ISA in a single tax year with us.

 

What they mean is that you cannot have, and pay into, more than one of their cash ISAs in the same year.

They do not mean that you cannot have, and pay into, one or more other cash ISAs with other providers in the same year.

Precisely.  If you read my post you would see that I took out a Loyalty ISA with YBS on Sunday followed by the KRBS one.  It was the 'with us' at the end of the YBS declaration which prompted me to question the KRBS declaration.  I haven't spoken to anyone at YBS as they seem to understand the rules.  It was my discussions with both KRBS and Melton BS who have muddied the waters.

Growingold

Does anyone know the position with Skipton before I need to contact them?  Opened a FR ISA (unfunded as yet) this tax year but also have a Instant Access one with them from last year that I would also like to subscribe too this tax year.  Thanks

Growingold

Growingold said:

Does anyone know the position with Skipton before I need to contact them?  Opened a FR ISA (unfunded as yet) this tax year but also have a Instant Access one with them from last year that I would also like to subscribe too this tax year.  Thanks

Think I've found the answer . 
On their ISA declaration form it states                                                                                                            • You have not subscribed, and will not subscribe, to more than the overall ISA subscription limit total in the same tax year                             

Also in their general ISA info
We have a wide range of Cash ISAs, and with our options ranging from easy access to fixed term, you have the flexibility to find the right mix for you.

auser99

Was planning to open Cash ISAs with Kent and Shawbrook, but having read some of this thread and I see Shawbrook too have the below line in their ISA declaration
"I have not subscribed, and will not subscribe, to another Cash ISA in the same tax year that I subscribe to this Cash ISA".

Like others I can't possibly believe one Bank/BS can have any opinion on what you do with another Bank/BS with the new rules, but it's an unwelcome doubt.

Am tempted just to go all in on Kent now instead. It's 4.7% versus Shawbrooks 4.91%, but that'd only be £42 difference on a full 20k over a year, so might be easier for safety!

saitorama

A lot of people are going for 1 year fixed - is there a reason for avoiding 2 year fixed ISAs? I understand the broad expectation is for interest rates to remain static for a year but after that it is a lot more uncertain? 

UBL UK has the best 2 year fixed rate but reviews seem to be terrible - would anyone have any experience with them? I'm looking for monthly interest payments, but perhaps failing UBL UK, Skipton BS 18 month ISA is best (would have gone for 30 months if it hadn't closed yesterday!)

auser99

saitorama said:

A lot of people are going for 1 year fixed - is there a reason for avoiding 2 year fixed ISAs? I understand the broad expectation is for interest rates to remain static for a year but after that it is a lot more uncertain? 

UBL UK has the best 2 year fixed rate but reviews seem to be terrible - would anyone have any experience with them? I'm looking for monthly interest payments, but perhaps failing UBL UK, Skipton BS 18 month ISA is best (would have gone for 30 months if it hadn't closed yesterday!)

My reason is simply that I'm already with 2 of the banks offering decent 1 year rates (one of which doesn't even offer a 2 year), and not wanting to complicate my ISAs across another bank! Might not be the best logic, but keeps it slightly easier.

steveksullivan

@auser99 Although it probably doesnt affect me directly - I will prob put all my allowance into Shawbrook - I am currently queueing on phone to ask them another question. Will try to get a statement on this as well and will edit post when I do.

steveksullivan

auser99 said:

Was planning to open Cash ISAs with Kent and Shawbrook, but having read some of this thread and I see Shawbrook too have the below line in their ISA declaration
"I have not subscribed, and will not subscribe, to another Cash ISA in the same tax year that I subscribe to this Cash ISA".

Like others I can't possibly believe one Bank/BS can have any opinion on what you do with another Bank/BS with the new rules, but it's an unwelcome doubt.

Am tempted just to go all in on Kent now instead. It's 4.7% versus Shawbrooks 4.91%, but that'd only be £42 difference on a full 20k over a year, so might be easier for safety!

@auser99 OK lets assume for a moment that the CS rep knew what she was talking about ( .... and the call wasv recorded.

She was VERY CLEAR that Shawbrook are abiding by the new HMRC/ Government rules and that you CAN open as many cash ISAs with other providers as you like (as we know.....) The restriction is that you can't open more than one cash ISA with Shawbrook (which they are allowed to dictate ....)

auser99

steveksullivan said:

@auser99 Although it probably doesnt affect me directly - I will prob put all my allowance into Shawbrook - I am currently queueing on phone to ask them another question. Will try to get a statement on this as well and will edit post when I do.

Thanks, that'll be useful. My ideal solution, albeit more fiddly, is to split some with them and some elsewhere.