Cash ISAs: The Best Currently Available List

2010

Shawbrook received the request to transfer out first thing on Friday 3rd May.
Because of the bank holiday it`s now only the third working day (that`s 24/7 banking for you) if they count the day they received the request.
From past experience they seem to wait five working days after the request and then transfer electronically.
Which will either be this Friday or next Monday.
I can`t see why any of them that are part of the electronic transfer system can`t just do it as soon as the rquest comes in.
Is it, shortage of staff
a backlog of requests
or deliberately held back for their gain.

CuparLad

Shout out to the Building Society sector. I submitted an online transfer request in to Skipton from Coventry on Bank Holiday Monday. Yesterday the Pending Transfer status in the Skipton App was updated with the expected amount and today the funds arrived. Less than 48 hours from start to finish. I'm sure others may not have had such a smooth experience, but I certainly can't complain.

flobbalobbalob

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

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?