Cash ISAs: The Best Currently Available List

ortolickus

So, with the West Brom BS WeBSave 60 Day Notice ISA (issue 2) - 5.10%, if they drop the rate and  i want to transfer, i still have to wait 60 days or pay a penalty?

slinger2

ortolickus said:

So, with the West Brom BS WeBSave 60 Day Notice ISA (issue 2) - 5.10%, if they drop the rate and  i want to transfer, i still have to wait 60 days or pay a penalty?

5e of the General Terms and Conditions says:

"If the change may have a substantial effect and may be to your disadvantage (a ‘material’ change), we will let you know at least 14 days beforehand, usually by letter or email. You will have 30 days (or, if your notice period is more than 30 days, a period equal to your notice period) from the date we tell you about the change to close (or switch) your account, without losing interest or paying any fees. We will remind you of these options when we write to you to let you know your interest rate is changing. We will decide if the change is classed as material based on regulatory and other industry guidance that applies at the time."

Not exactly plain English. But I think it means that if it's covered by the first bit (substantial effect/material change), they'll give you 14 days notice and then you'll have 60 days after that during which you can avoid the penalty (60 days loss of interest).

ortolickus

It is rather equivocal, isn't it? The specific terms simply say:

If you want to make a withdrawal (including transfers or account closure) you will need to give us 60 days notice or you can withdraw earlier at a charge equivalent to 60 days loss of interest.

No riders or asterisks, so perhaps this overrides the general terms. I think i need to contact them for clarity.

slinger2

ortolickus said:

It is rather equivocal, isn't it? The specific terms simply say:

If you want to make a withdrawal (including transfers or account closure) you will need to give us 60 days notice or you can withdraw earlier at a charge equivalent to 60 days loss of interest.

No riders or asterisks, so perhaps this overrides the general terms. I think i need to contact them for clarity.

Maybe your right. The specific terms also say "For details about why we may change the interest rate, as well as how and when we’ll let you know, please refer to sections 5d) and 5e) of our General Terms and Conditions." So this says that those sections tell you "why we may change the interest rate" and "how and when we’ll let you know" but doesn't say that the other parts of those sections apply.

flobbalobbalob

shmike said:

Zopa do accept Cash ISA transfers in, page 1 says they don't.

Yes they do. It's here

https://www.zopa.com/help/collection/isa-transfers

If you have a Zopa account to transfer your ISA to goto smart savings hub , manage at top right, account information, smart ISA details, ISA transfers.

Kazza242

shmike said:

Zopa do accept Cash ISA transfers in, page 1 says they don't.

Yes, that's a recent change that Zopa has made to accept transfers in.  They seem to toggle between not allowing transfers in, to allowing them and vice-versa.

The Zopa Smart ISA has been moved to the accepting transfers in section (while they are currently accepting transfers into this ISA).  

pokemaster

West Brom 60 day notice ISA

just rang up to ask them about their “having to transfer in my other ISA” as didn’t feel right saying “no I don’t have any other ISAs”

The lady told me that even with the new rules West Brom don’t allow more than one ISA and don’t allow more subscriptions to other ISAs in other banks or building society’s. She said West Brom was one of a few that weren’t allowing it.

So I was wondering if there was a list somewhere already of those not allowing this?

Guess there could be 2 lists,
> one of banks and BSs that only allow subscription to ONE isa in their institute 
> And one list of banks of BSs that won’t allow you to have ISAs in other institutes.

subjecttocontract

Well in terms of your second list......I think you'll find that many people are just ignoring it. 

MDMD

pokemaster said:

West Brom 60 day notice ISA

just rang up to ask them about their “having to transfer in my other ISA” as didn’t feel right saying “no I don’t have any other ISAs”

The lady told me that even with the new rules West Brom don’t allow more than one ISA and don’t allow more subscriptions to other ISAs in other banks or building society’s. She said West Brom was one of a few that weren’t allowing it.

So I was wondering if there was a list somewhere already of those not allowing this?

Guess there could be 2 lists,
> one of banks and BSs that only allow subscription to ONE isa in their institute 
> And one list of banks of BSs that won’t allow you to have ISAs in other institutes.

Re the bold bit, ignoring the fact that this person you spoke to was clearly clueless about the new regulations, it is not up to them to make that decision, it is permitted in the regulations.

In any case how would they be able to prevent anyone from subscribing to an account with another provider?

Reed_Richards

pokemaster said:

West Brom 60 day notice ISA

just rang up to ask them about their “having to transfer in my other ISA” as didn’t feel right saying “no I don’t have any other ISAs”

The lady told me that even with the new rules West Brom don’t allow more than one ISA and don’t allow more subscriptions to other ISAs in other banks or building society’s. She said West Brom was one of a few that weren’t allowing it.

So I was wondering if there was a list somewhere already of those not allowing this?

Guess there could be 2 lists,
> one of banks and BSs that only allow subscription to ONE isa in their institute 
> And one list of banks of BSs that won’t allow you to have ISAs in other institutes.

Have a read here https://forums.moneysavingexpert.com/discussion/6514005/new-isa-rules-april-2024/p1.  It has never been necessary to "declare" ISAs from previous tax years.  West Brom have no power to prevent you subscribing to other ISAs this year except insofar as if you sign a declaration that you won't then later tell them you have they might be able to terminate your ISA (by requiring you to transfer it elsewhere).  I suspect if push came to shove they wouldn't do that; they just haven't got their heads around the changed rules yet.