Cash ISAs: The Best Currently Available List

Bridlington1

I've just had this email from Trading 212. It seems they're going to be launching a cash ISA:


EDIT: I've just looked at the updated Ts&Cs. It says they can reduce the interest rate subject to a notice period of only one day.

dcs34

5.2% would put it just above the Moneybox one (5.15% with the previous bonus still applied). Though with that notice period and the fact they're a new entrant looking to capture some "market leading" headlines and "top of the table" press, perhaps it won't stay that competitive.

Your snip above says the T&C changes will come into effect on 8th June, so is that when the ISA will launch?

pecunianonolet

It might launch just in time before the MPC meeting on 20th of June, which is being speculated could be the first rate cut this year with anticipation it is held once again tomorrow.

pokemaster

Don’t they already have an ISA at 5.2% daily?

pecunianonolet

pokemaster said:

Don’t they already have an ISA at 5.2% daily?

Yes, a non flexible S&S ISA but not a Cash ISA, which they now announced and to make both flexible. 

Further discussions here: https://forums.moneysavingexpert.com/discussion/comment/80661978

slinger2

pokemaster said:

Don’t they already have an ISA at 5.2% daily?

There will be differences between the S&S ISA and new Cash ISA. The Cash ISA has "£85,000 FSCS protection" according to the email. Also: "We will hold your Cash ISA cash in segregated Regular Bank Deposits and Term Deposits with banks, as detailed in our Invest Terms. For the avoidance of doubt, we will not use QMMFs to hold money that you have contributed to your Cash ISA."

Although the interest rate for the Cash ISA is initially the same as that offered for pounds in the S&S ISA (that's the current plan anyway) there's no reason why the two should remain aligned. You might expect the Cash ISA to pay a somewhat lower rate.

Burns94

Looking at transferring my isa from Oak North due to them reducing the rate.

I am interested in the Moneybox isa but interest is paid annually rather than monthly like I am used to.

If I move to moneybox and in a few months decide to move again, does anyone know if I would loose the interest? 

gelato_cat

Burns94 said:

Looking at transferring my isa from Oak North due to them reducing the rate.

I am interested in the Moneybox isa but interest is paid annually rather than monthly like I am used to.

If I move to moneybox and in a few months decide to move again, does anyone know if I would loose the interest? 

If you transfer the whole lot from Oaknorth to Moneybox and close the account, then Oaknorth will calculate the interest already earned, and add that to the amount transferred to Moneybox (less any applicable penalties).

I don't know the T&C of the Oaknorth product - you'll have to check to see if there are any withdrawal penalties etc.

If you then want to move everything away from Moneybox, the same thing will happen.

If you only want to move part of the balance, then the interest won't go with the transfer.  It will be calculated on the usual date and added to your remaining balance.

flobbalobbalob

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

Messaged Virgin yesterday and the surprisingly fast response was quote:

"I can confirm that your ISA transfer was accepted on 8 May"

which was working day 6

wiseonesomeofthetime

I opened a Cash ISA with Moneybox this morning and the initial deposit went through fine via Instant Bank Transfer. 

Decided to put more in there and my bank stopped the deposit for fraud checks. Expected. THREE phone calls though to try and get it sorted and they have sent the transfer, however, Moneybox have said Transfer failed. No money in source account now and no sign in Moneybox yet.

Does not encourage me to put any more funds into this ISA, and meanwhile, I am left scratching my head whether the second deposit will arrive into my Moneybox ISA.

Moneybox CS silent, apart from the useless bot.

Not too worried yet, but may be as time progresses.