Cash ISAs: The Best Currently Available List

pookey

Hi thanks for pointing me in the right direction. 

I'm looking at opening 

Zopa Smart ISA - 5.08%

Minimum deposit: £1.

Operated via: Mobile app.

Notes: This is a flexible cash ISA.

On the website is it says:

"Earn a bonus rate on Access ISA pots!

We're offering new Smart ISA customers a 1-year fixed bonus rate of 0.5% AER*/gross** on on top of the underlying 4.58% AER (4.48% gross) variable Access ISA pot rate!

This means you'll earn a total of 5.08% AER (4.96% gross) variable on Access ISA pots!

The bonus will run for 1-year from the date you open a Smart ISA."


Does this mean it's still an easy acess ISA please? 
Also just to confirm, a flexible ISA means you can take money in and out? 

Also, very early this morning it said to get the bonus the account would be open by 6thMay but i think they removed that but now as can't see it anymore

refluxer

pookey said:

Does this mean it's still an easy acess ISA please? 

Also just to confirm, a flexible ISA means you can take money in and out? 

Yes, it's an easy access ISA. The bonus rate is a big meaningless really considering the underlying rate is variable and will most-likely change with the base rate anyway.

'Flexible' means that money can be withdrawn and replaced before the end of the tax year without it counting again towards your annual ISA allowance.

pookey said:

Also, very early this morning it said to get the bonus the account would be open by 6thMay but i think they removed that but now as can't see it anymore

You'll need to read the T&C's that apply at the time you open your account. I would imagine they'll simply change the date you need to apply by to get the bonus rate on an ongoing basis, otherwise the underlying rate of 4.58% would make it pretty uncompetitive at the moment.

pookey

refluxer said:

pookey said:

Does this mean it's still an easy acess ISA please? 

Also just to confirm, a flexible ISA means you can take money in and out? 

Yes, it's an easy access ISA. The bonus rate is a big meaningless really considering the underlying rate is variable and will most-likely change with the base rate anyway.

'Flexible' means that money can be withdrawn and replaced before the end of the tax year without it counting again towards your annual ISA allowance.

pookey said:

Also, very early this morning it said to get the bonus the account would be open by 6thMay but i think they removed that but now as can't see it anymore

You'll need to read the T&C's that apply at the time you open your account. I would imagine they'll simply change the date you need to apply by to get the bonus rate on an ongoing basis, otherwise the underlying rate of 4.58% would make it pretty uncompetitive at the moment.

Thank you, I'm going to reconsider fixing, it just seems strange to fix at a lower rate then variable 😅

soulsaver

pookey said:

refluxer said:

pookey said:

Does this mean it's still an easy acess ISA please? 

Also just to confirm, a flexible ISA means you can take money in and out? 

Yes, it's an easy access ISA. The bonus rate is a big meaningless really considering the underlying rate is variable and will most-likely change with the base rate anyway.

'Flexible' means that money can be withdrawn and replaced before the end of the tax year without it counting again towards your annual ISA allowance.

pookey said:

Also, very early this morning it said to get the bonus the account would be open by 6thMay but i think they removed that but now as can't see it anymore

You'll need to read the T&C's that apply at the time you open your account. I would imagine they'll simply change the date you need to apply by to get the bonus rate on an ongoing basis, otherwise the underlying rate of 4.58% would make it pretty uncompetitive at the moment.

Thank you, I'm going to reconsider fixing, it just seems strange to fix at a lower rate then variable 😅

Maybe in a few months it just could seem wise.. 

2010

pecunianonolet said:

Also, Shawbrook seems to be taking extra time for transfers out trying to hold on to your cash for as long as possible even if they are signed up to the electronic transfer scheme, which really isn't an excuse for taking ages.

The 15 day rule should be reformed to 2 days for electronic transfer and the 15 days can stay for non electronic transfers.

I agree with you and that`s why I advised earlier to get your matured funds into an EA ISA to at least earn a decent rate whilst Shawbrook dithers about and then to start your transfer request again.

Shawbrook send you an email saying there`s a a  secure message in your inbox.
The message says that they have accepted your transfer out to whoever.
BUT instaed of just doing it they seem to wait about 5 working days and then send it by electronic transfer.
I can`t see why it`s not done as soon as they receive the request and accept it.

Also if you phone up they want you to go online instead because they are extremely busy.
If you go onlone and send a secure message, it takes about 5 days to receive a reply.

gwapenut

pecunianonolet said:

Also, Shawbrook seems to be taking extra time for transfers out trying to hold on to your cash for as long as possible even if they are signed up to the electronic transfer scheme, which really isn't an excuse for taking ages.

The 15 day rule should be reformed to 2 days for electronic transfer and the 15 days can stay for non electronic transfers.

Personally, I think Shawbrook are misusing the 15 day timescales in a very cynical manner.

https://www.legislation.gov.uk/uksi/2010/2957/regulation/5/made

It's not meant to be 15 days for them to faff around as they wish.
1. the transferee shall, within 5 business days beginning on the instruction day, send to the transferor ... 
2. the transferor shall, within 5 business days beginning on the day that the transferor receives the transfer instructions and the consent notice...
3. the transferee shall ensure that the subscriptions....

The only part of the legislation which refers to Shawbrook as a transferor is the bit in bold (2) which gives them 5 days to respond to a transfer request. The other 10 days are an allowance for the bank requesting the transfer, and not intended for Shawbrook to grab for themselves and profit from.

I think they should be reported to the FCA.

pecunianonolet

2010 said:

pecunianonolet said:

Also, Shawbrook seems to be taking extra time for transfers out trying to hold on to your cash for as long as possible even if they are signed up to the electronic transfer scheme, which really isn't an excuse for taking ages.

The 15 day rule should be reformed to 2 days for electronic transfer and the 15 days can stay for non electronic transfers.

I agree with you and that`s why I advised earlier to get your matured funds into an EA ISA to at least earn a decent rate whilst Shawbrook dithers about and then to start your transfer request again.

Shawbrook send you an email saying there`s a a  secure message in your inbox.
The message says that they have accepted your transfer out to whoever.
BUT instaed of just doing it they seem to wait about 5 working days and then send it by electronic transfer.
I can`t see why it`s not done as soon as they receive the request and accept it.

Also if you phone up they want you to go online instead because they are extremely busy.
If you go onlone and send a secure message, it takes about 5 days to receive a reply.

Exactly as you said so phoned yesterday and asked them if they send funds by pigeon post when they told me the transfer is accepted the same day I gave instructions to Virgin on Friday 26th April. When I phoned yesterday afternoon they told me the account was closed, interest credited and funds been sent. Around 3 hours later Virgin sent me a text and email informing the funds have arrived. Checked in the app and all credited with the date of yesterday. thought I have to wait until the end of the bank holiday weekend. 

Happy that it worked out in the end and I am now earning a decent 5.25% with Virgin until end of March 2025 

flobbalobbalob

Transferring 08 sort code Virgin ISA to Zopa.
5 working days so far !

10_66

flobbalobbalob said:

Transferring 08 sort code Virgin ISA to Zopa.
5 working days so far !

OH still waiting for YBS to Zopa, 7 working days.  Zopa didn't even request the transfer until last Friday, so not YBS holding up.  Zopa are really slow, and customer service is abysmal.  I guess too many people doing the ISA musical chairs.

flobbalobbalob

10_66 said:

flobbalobbalob said:

Transferring 08 sort code Virgin ISA to Zopa.
5 working days so far !

OH still waiting for YBS to Zopa, 7 working days.  Zopa didn't even request the transfer until last Friday, so not YBS holding up.  Zopa are really slow, and customer service is abysmal.  I guess too many people doing the ISA musical chairs.

Ok thanks, hopefully Zopa is better than Virgin. How do you know when the transfer is requested ? I keep looking for a message on Virgin.

Edit - Zopa sent an email immediately after I made the request quote:
"We just wanted to confirm that we’ve received your ISA transfer in request and are working on it."
I assumed that maybe they were not doing it electronically.