Cash ISAs: The Best Currently Available List

Kim_13

vixen1500 said:

Can anyone help me out,  there was a comparison table somewhere that gave a comparison between ISA rates and what interest rate you would need in an ordinary savings account to make keeping the money in an ordinary account and pay tax on it. 
Can't seem to find it anywhere, looking at an ISA paying 4.78%, what rate would you need to beat it in an easy saver account?  

(Sorry if this is the wrong thread to post this question in)

Not a calculator but https://www.moneysavingexpert.com/savings/personal-savings-allowance/#cashisa

• Basic-rate taxpayers over the PSA limit. For every £100 interest you earn in normal savings you only get £80, whereas in an ISA you get all the £100. Therefore the normal savings rate would have to be 25% higher for it to beat a cash ISA.
  
  
• Higher-rate taxpayers over the PSA limit. For every £100 interest you earn in normal savings you only get £60, whereas in an ISA you get all the £100. Therefore the normal savings rate would have to be 66% higher for it to beat a cash ISA.
  
  
• Top-rate taxpayers. For every £100 interest you earn in normal savings you only get £55, whereas in an ISA you get all the £100. Therefore the normal savings rate would have to be 82% higher for it to beat a cash ISA.

2010

vixen1500 said:

Can anyone help me out,  there was a comparison table somewhere that gave a comparison between ISA rates and what interest rate you would need in an ordinary savings account to make keeping the money in an ordinary account and pay tax on it. 
Can't seem to find it anywhere, looking at an ISA paying 4.78%, what rate would you need to beat it in an easy saver account?  

(Sorry if this is the wrong thread to post this question in)

In an ordinary non ISA you would need 6% assuming you`re a 20% tax payer.

vixen1500

Thanks all, will sort out paying in this years £20,000 then, its sitting in Santander 5.2% account at the moment

subjecttocontract

If you're a basic rate tax payer it's 5.98%
If you're a higher rate tax payer it's 7.97%

vixen1500

subjecttocontract said:

If you're a basic rate tax payer it's 5.98%
If you're a higher rate tax payer it's 7.97%

Shame its restricted to only £20,000 a year, 

2010

vixen1500 said:

Thanks all, will sort out paying in this years £20,000 then, its sitting in Santander 5.2% account at the moment

Are you thinking of closing the Santander account?

Kim_13

vixen1500 said:

Thanks all, will sort out paying in this years £20,000 then, its sitting in Santander 5.2% account at the moment

Santander are reducing the rate shortly so the ISA will soon be a bigger win.

It doesn’t sound like you’re at risk of not doing so but do leave enough in Santander to keep the account open as it’s no longer accepting new applications and may be competitive again later.

subjecttocontract

There is a lot of optimism on this forum in regards to interest rates falling.......of course, they might not fall or fall anytime this year ( or next).

pecunianonolet

soulsaver said:

@pecunianonolet     Procrastination is the thief of time... - there are no rocks or hard places - just a decision.

2010 said:

pecunianonolet said:

Between rock and hard place here. Shawbrook fix maturing tomorrow, they confirmed yesterday to me they have received transfer instructions to Virgin. So I have now the option to just leave it and it turns into a 0.1% account and is hopefully transferred out by Friday to Virgin or latest by Monday.

Alternatively, I can give them instructions up until end of day tomorrow (maturity day) and will get new account details by Friday. They would in that instance cancel the transfer and I would need to submit again with Virgin. 

Not sure if I want to interfere now, which could potentially mess up things further or just take the risk of missing out on a few £. 

So far been very impressed with Shawbrook service, it's an electronic transfer too. Did get asked why I transfer out and what the rate is I have on offer, which is 5.25% with Virgin.

Any suggestions?

It all depends how much interest you are willing to lose a day whilst they dilly dally about.

Speaking from recent experience (within the last two weeks) I would tell them right now to transfer it to their 4.5% EA ISA and then request Virgin to transfer from there.
This would cancel your current transfer request with Virgin but at least you would be getting a decent amount of interest whilst they dither about with the current transfer.
Shawbrook are not in any hurry to do ISA transfers IMO, despite being signed up to the electronic transfer system.

Thanks both, I guess I will phone them up to do the EA route and request a new transfer at the weekend if they seem to be not in a hurry. I've got until 7th of May to fund Virgin.

slinger2

subjecttocontract said:

There is a lot of optimism on this forum in regards to interest rates falling.......of course, they might not fall or fall anytime this year ( or next).

Not sure "optimism" is the right word.