Cash ISAs: The Best Currently Available List

2010

RG2015 said:

2010 said:

Opened a cash ISA on 3/4/24,funded it on 12/4/24, have I opened a cash ISA in the current tax year?

The answer is no, but your question has no relevance to the ISA rules.

As per the Gov.uk website;

Putting money into an ISA

Every tax year you can save up to £20,000 in one account or split the allowance across multiple accounts. The tax year runs from 6 April to 5 April.

https://www.gov.uk/individual-savings-accounts/how-isas-work

Thanks, but it does have relevance to the first question asked when applying for another cash ISA.

"Have you opened a new ISA in the current tax year".

Opened in the last tax year but funded with the some of the current year`s allowance.

RG2015

2010 said:

RG2015 said:

2010 said:

Opened a cash ISA on 3/4/24,funded it on 12/4/24, have I opened a cash ISA in the current tax year?

The answer is no, but your question has no relevance to the ISA rules.

As per the Gov.uk website;

Putting money into an ISA

Every tax year you can save up to £20,000 in one account or split the allowance across multiple accounts. The tax year runs from 6 April to 5 April.

https://www.gov.uk/individual-savings-accounts/how-isas-work

Thanks, but it does have relevance to the first question asked when applying for another cash ISA.

"Have you opened a new ISA in the current tax year".

Opened in the last tax year but funded with the some of the current year`s allowance.

Thanks, but I didn’t see reference to a provider asking that question. I have only ever seen comments about paying into another ISA in the same year.

Which provider is asking this question?

badger09

ortolickus said:

subjecttocontract said:

ortolickus said:

My santander 1yr fixed rate cash ISA matures on 1/5/24. I've opened a 1yr fixed rate cash isa with shawbrook today.

I've said i want to transfer the santander balance to open the account and ticked "wait for the full notice period to be served". Does this mean that my account will be automatically funded with the transfer on 1/5/24? In other words, does the "full notice period" mean the date when the santander ISA matures?

It seems to me the obvious answer to this question is 'yes', but this ISA business seems a complicated minefield and i'd appreciate confirmation from someone knowledgable, if possible please.

No it won't necessarily be transferred on 1st May. Chances are they won't start dealing with your transfer until it matures. So, anything between a couple of days and a couple of weeks.

Thanks - i guess i didn't necessarily expect it the same day; i was more concerned they'd transfer it earlier and i'd incur some penalty.

From your reply, I take it the "full notice period" does indeed mean the date when the santander ISA matures? (Why on earth don't they state this explicitly?)

If the transfer was effected before maturity, & you had evidence that you had not requested this, you would be entitled to compensation for the loss of interest. 

Perhaps to cover products which allow withdrawals or transfers subject to specified notice periods?

badger09

Kim_13 said:

ortolickus said:

subjecttocontract said:

ortolickus said:

My santander 1yr fixed rate cash ISA matures on 1/5/24. I've opened a 1yr fixed rate cash isa with shawbrook today.

I've said i want to transfer the santander balance to open the account and ticked "wait for the full notice period to be served". Does this mean that my account will be automatically funded with the transfer on 1/5/24? In other words, does the "full notice period" mean the date when the santander ISA matures?

It seems to me the obvious answer to this question is 'yes', but this ISA business seems a complicated minefield and i'd appreciate confirmation from someone knowledgable, if possible please.

No it won't necessarily be transferred on 1st May. Chances are they won't start dealing with your transfer until it matures. So, anything between a couple of days and a couple of weeks.

Thanks - i guess i didn't necessarily expect it the same day; i was more concerned they'd transfer it earlier and i'd incur some penalty.

From your reply, I take it the "full notice period" does indeed mean the date when the santander ISA matures? (Why on earth don't they sate this explicitly?)

On this, how should one deal with a fixed provider with whom the default is to reinvest into an unwanted new fix? Submit instructions for an Easy Access rather than just specifying maturity date on a transfer request, as otherwise a penalty might be applied if the ISA has rolled over before the transfer is actioned.

Safest would be to elect for EA on maturity. And keep copies of instructions to both old & new providers😉

badger09

2010 said:

RG2015 said:

2010 said:

Opened a cash ISA on 3/4/24,funded it on 12/4/24, have I opened a cash ISA in the current tax year?

The answer is no, but your question has no relevance to the ISA rules.

As per the Gov.uk website;

Putting money into an ISA

Every tax year you can save up to £20,000 in one account or split the allowance across multiple accounts. The tax year runs from 6 April to 5 April.

https://www.gov.uk/individual-savings-accounts/how-isas-work

Thanks, but it does have relevance to the first question asked when applying for another cash ISA.

"Have you opened a new ISA in the current tax year".

Opened in the last tax year but funded with the some of the current year`s allowance.

BIB 
ISA providers have been asking this question since ISAs were launched. 

It has never been relevant! 

HMRC have never limited the number of ISAs which could be opened. 

Prior to 6 April 2024, HMRC rule was that you could subscribe (pay new money into) only 1 ISA of each type in a tax year. That rule no longer applies. 

Unfortunately ISA providers never found suitable wording. In theory🤔 the new rules should make asking the correct question easier. 

Reed_Richards

2010 said:

Opened a cash ISA on 3/4/24,funded it on 12/4/24, have I opened a cash ISA in the current tax year?

You funded the ISA in the 24/25 tax year, it is a 24/25 ISA.  Whatever money you deposited counts as part of the maximum £20,000 that you can deposit this (24/25) tax year.

refluxer

badger09 said:

Kim_13 said:

On this, how should one deal with a fixed provider with whom the default is to reinvest into an unwanted new fix? Submit instructions for an Easy Access rather than just specifying maturity date on a transfer request, as otherwise a penalty might be applied if the ISA has rolled over before the transfer is actioned.

Safest would be to elect for EA on maturity. And keep copies of instructions to both old & new providers😉

This is the method I've always used and I've never had an issue as a result. If you stick to banks that transfer ISAs electronically, then subsequent transfers from the EA or 'maturity' account are usually fairly quick and even if you wait until after maturity to request the transfer, the loss of interest (compared with arranging a transfer in advance in an attempt to go directly from fix to fix) is minimal. 

The only instances where this approach isn't possible is when the original ISA provider doesn't offer either an easy access account option or a default 'maturity' (essentially easy access) ISA account for the maturing fix to convert into (eg. UBL etc). In those circumstances, you're reliant on both providers to deal efficiently with transfer requests made in advance of maturity and this doesn't always work out, judging by various threads here. I tend to avoid such providers - luckily though, they're in the minority.

2010

I was hoping to do a partial transfer from a Shawbrook EA ISA to another provider.
None of the money is from the current tax year.
I have found the following and would like opinions whether it means they don`t allow partials from any acount or just one which has this tax year`s money.

In 2024, it became possible to operate more than one ISA in the current tax year. 
This means you can open an additional cash ISA with another provider and keep contributing to your Shawbrook ISA.

We don't offer partial transfers, so if you wish to transfer any contributions you’ve made in the current tax year from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA. 

slinger2

2010 said:

I was hoping to do a partial transfer from a Shawbrook EA ISA to another provider.
None of the money is from the current tax year.
I have found the following and would like opinions whether it means they don`t allow partials from any acount or just one which has this tax year`s money.

In 2024, it became possible to operate more than one ISA in the current tax year. 
This means you can open an additional cash ISA with another provider and keep contributing to your Shawbrook ISA.

We don't offer partial transfers, so if you wish to transfer any contributions you’ve made in the current tax year from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA. 

The last sentence is confusing but my understanding is that they don't for partial transfers even for "old" money. Not sure what their EA ISA offers? Not flexi, not the best interest rate.

CuparLad

2010 said:

I was hoping to do a partial transfer from a Shawbrook EA ISA to another provider.
None of the money is from the current tax year.
I have found the following and would like opinions whether it means they don`t allow partials from any acount or just one which has this tax year`s money.

In 2024, it became possible to operate more than one ISA in the current tax year. 
This means you can open an additional cash ISA with another provider and keep contributing to your Shawbrook ISA.

We don't offer partial transfers, so if you wish to transfer any contributions you’ve made in the current tax year from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA. 

If you take it all together, they're saying that they allow you to subscribe to multiple ISAs in the current tax year, but if you want to transfer out your current tax year subscriptions, you have to transfer the lot.