Cash ISAs: The Best Currently Available List

slinger2

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!)

Probably the 2 year fix will turn out to be a good option (but who knows?) The issue for me is that 2 years seems like a long time (at my time of life). Of course the advantage of a Cash ISA is that you can always get your money, you just have to pay hefty penalties (6 months loss of interest on a 2 year, so 2+%)

RetSol

FB13 said:

RetSol said:

subjecttocontract said:

This situation has all the hallmarks of a rushed change of policy by the Gov'. You would have thought they would have consulted with financial institutions, established the feasibility, what would be needed, the lead time, how many were prepared to adopt etc etc. But it seems very little of that was done just so they could make an announcement to grab the headlines. Appalling.

Ex-civil servant here.

My thoughts exactly!

The necessary regulations were made on 11th March 2024 - https://www.legislation.gov.uk/uksi/2024/350/made - so no certainty or clarity for providers until that date. 

Ex-SI drafter for HMT here. 

For someone who claims to have been a civil servant you’d hope that you would be aware that HMG publishes a document alongside the SI that discusses the consultation carried out. The EM confirms HMRC did exactly what subjecttocontract thinks they should have done.

But that is beside the point. This policy is simple enough that banks don’t need to see those final regs to know what they need to do. 

Ex-Government Legal Department SI drafter here!  Good to meet you on here, @FB13. 

We all have a different perspective and that is one of the things that makes this forum so useful. 

It's going to be fun seeing how this situation pans out. 

I will be watching from the sidelines as I am happy to go all-in with KRBS this year.

I don't have the energy to do this myself but I think that a separate thread on the topic of which providers are doing what now would be useful and would keep this thread on topic. 

flaneurs_lobster

Quick query re Cynergy.

Opened an Online ISA (Issue 44) with them this AM, moved £10 by FP as soon as I had the details.

Not showing online some 4 hours later. Is this timescale usual? 

auser99

steveksullivan said:

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 ....)

Thanks, that's more what was expected but still re-assuring to read. I'll probably put a portion in with them now.

TheBanker

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 personal to me - my mortgage fixed rate expires next May. I might decide to make an overpayment, depending on what happens to interest rates between now and then, so don't want to tie any money up for longer than a year. If I didn't have the mortgage to consider, I'd be tempted by a 2 year fix for a small portion of my savings. 

soulsaver

Just an option/idea for those looking for a safety net against falling rates:

Lloyds bank 2 year fixed at 4.20% (4.25 for existing customers) allows top ups throughout the term. 

So 4.25% isn't great? Well you can open it with £3k and then, under the new rules, open the best 1 year fix elsewhere. .

Next April, if rates have fallen below the 4.25, transfer it in to lloyds and add up to another £20k... and you've got another year at 4.25%.. and maybe transfers in, too.
Cash ISAs - See our ISA interest rates | Lloyds Bank

2010

1yr fix at 5% still available if you already have an account at Aldermore.

Reed_Richards

soulsaver said:

Just an option/idea for those looking for a safety net against falling rates:

Lloyds bank 2 year fixed at 4.20% (4.25 for existing customers) allows top ups throughout the term. 

I looked at this account and went so far as to read the Terms and Conditions but I could not find any reference as to whether or when top-ups were allowed.  Can you point me to this, please?

andyhicks88

Looking at Savings Guru and I'm drawn to some of the ISA's that are flexible but then at the same time some of them also state additions can only be made within the first 30 days or whatever? Surely that's not flexible then?  Isn't flexible that you can take money out and replace it? How can you replace it if you can't make further additions?!

Steve_xx

2010 said:

1yr fix at 5% still available if you already have an account at Aldermore.

It may be showing, but it's not available.