Cash ISAs: The Best Currently Available List

pookey

I'm sure this must have been posted before but there are some changes. 
Virgin 5.05% fixed

According to the adverts on Facebook and the representative that replied to my comments, it's open to new customers that get the m current account. 
Previously it was only for people that previously had a current account from 2019.

Has anyone seen the revision for this please as they tell me that's the new requirements but the website says differently 

https://uk.virginmoney.com/savings/find/results/online

2010

pookey said:

I'm sure this must have been posted before but there are some changes. 
Virgin 5.05% fixed

According to the adverts on Facebook and the representative that replied to my comments, it's open to new customers that get the m current account. 
Previously it was only for people that previously had a current account from 2019.

Has anyone seen the revision for this please as they tell me that's the new requirements but the website says differently 

https://uk.virginmoney.com/savings/find/results/online

https://uk.virginmoney.com/current-accounts

There's something for everyone. And they all come with access to exclusive rates and offers, like a 1 Year Fixed Rate Cash ISA at 5.05% AER/Tax free
.

10_66

charlie12525 said:

friolento said:

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

You're right, it is important to know. I could not find a list of the banks involved so I did a chat with T212 and they said that there was no exact list but "The funds are held in multiple major EU/UK banks (including JP Morgan and Barclays) and we regularly review their financial stability."
Vague answer and not really good enough.

Might be a daft idea, but is the FSCS likely to be able to throw some light on how an individual can determine if their savings are protected if we don’t know in which banks T212 are holding the cash?

10_66

charlie12525 said:

friolento said:

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

You're right, it is important to know. I could not find a list of the banks involved so I did a chat with T212 and they said that there was no exact list but "The funds are held in multiple major EU/UK banks (including JP Morgan and Barclays) and we regularly review their financial stability."
Vague answer and not really good enough.

Can someone help me out here, please?  I've found Trading 212 on the FCA site, but when I search for them on the FSCS site I'm not getting a result.  Also, I can't find their Cash ISA listed on the Trading 212 site now.  I did open this when first appeared, but have held back on transferring into it now because of the above comments.

Edit:  Though their Cash ISA's now not showing on their website (as far as I can see), it is still available once you click on open an account.  After searching around this morning, it looks like they also use NatWest to hold cash (according to an article in This Is Money), and as I have savings with Ulster, then it's now an issue for me.

gt94sss2

10_66 said:

charlie12525 said:

friolento said:

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

You're right, it is important to know. I could not find a list of the banks involved so I did a chat with T212 and they said that there was no exact list but "The funds are held in multiple major EU/UK banks (including JP Morgan and Barclays) and we regularly review their financial stability."
Vague answer and not really good enough.

Can someone help me out here, please?  I've found Trading 212 on the FCA site, but when I search for them on the FSCS site I'm not getting a result.

https://community.trading212.com/t/the-212-cash-isa-is-now-live/70476/53

Blackbriar_040

This was very helpful, as I have just recently initiated a partial ISA transfer from Moneybox to Trading212!
I also funding the account with my current ISA allowance last night!

Going with the partner bank list, I would only have to keep a eye on my Chase account balance, if I was using it for the bulk of my savings, which am not!

If it helps anyone, I initially open the Trading212 investment account first and got some free fractional shares, then opened the Cash ISA!

The partial transfer from Moneybox is yet to complete, but the new funds were received into the account instantly!





 

10_66

gt94sss2 said:

10_66 said:

charlie12525 said:

friolento said:

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

You're right, it is important to know. I could not find a list of the banks involved so I did a chat with T212 and they said that there was no exact list but "The funds are held in multiple major EU/UK banks (including JP Morgan and Barclays) and we regularly review their financial stability."
Vague answer and not really good enough.

Can someone help me out here, please?  I've found Trading 212 on the FCA site, but when I search for them on the FSCS site I'm not getting a result.

https://community.trading212.com/t/the-212-cash-isa-is-now-live/70476/53

Thanks gt94sss2, I had already seen the Trading 212 forum, but it still doesn't fully answer the query, unless they tell you before you save with them, exactly which bank they will being using.  I think this is too slap-dash, as mentioned in my edited earlier post, I do have some savings with Ulster, so unless I know that Trading 212 won't be using Nat West (Ulster), than I can't take the risk.  I have emailed them asking why they won't specify which bank, but all I get is their standard repeat that they are covered.  They just don't seem to get it and to say they select banks that aren't likely to go bust is not a very professional response.  Pity.

pookey

Does anyone have a rough time frame for isa transfer from ybs to Virgin Money pls? 

Beddie

pookey said:

Does anyone have a rough time frame for isa transfer from ybs to Virgin Money pls? 

About 3 days for me.

SeanM42

Charter Savings Bank are no longer accepting applications for their Easy Access Cash ISA Issue 47 (4.97%) - just as I was about to apply for it!

I guess we won't see any new non-fixed cash ISAs around that rate - Trading212's vague answers re FCSC protection of funds doesn't inspire me with confidence as I'd be looking at transferring £40000 in.