Cash ISAs: The Best Currently Available List

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.

friolento

slinger2 said:

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.

Have they said anywhere what those banks are? It's important to know, in case one would bust the £85k limit at a given bank

Northlight

Shawbrook 2 Year Fixed Rate ISA issue 82 at 4.63% now withdrawn and replaced with issue 83 at 4.4%. The 3 year fix remains at 4.41%.

wiseonesomeofthetime

There is a banner across the top of the Moneybox website that inidcates the rate of their Cash ISA will change on Monday morning. It reads:

"Don't miss out! Open a Moneybox Cash ISA and earn 5.16%* AER (variable) before this rate expires at 11:59pm 12/05/24."

slinger2

So you can open an account on Sunday at 5.15% (variable) and they'll cut that rate on Monday? Perhaps more likely they'll cut the bonus rate for new accounts.

wiseonesomeofthetime

I agree. More likely a change in that bonus rate 👍

2010

Looks like all rates are on the way down.
Not because the BoE has done anything but anticipating a future cut.
Then they can chop them again when it happens.
I can't see variable ISA rates holding up much longer either.