Cash ISAs: The Best Currently Available List

intalex

Anyone had their annual interest credited on a multi-year Shawbrook fixed rate ISA?

The first anniversary of the initial funding of my account has lapsed and no sign of any interest being credited. Obviously this affects compounding the longer it takes to credit the interest, hence wondering what others have experienced.

Thanks in advance

someone

pecunianonolet said:

Johnny-Cage said:

Was tempted to jump on trading 212 to max this years allowance out but it’s seems it’s only a matter of time before they drop the rates as well. Maybe might as well just max Chip out so it’s all together 

I have some Euros at Trading 212 and was under the impression that when the ECB started to lower rates they would follow suit. However, they have kept the rate stable since then so there might be good change that the ISA rate of 5.2 remains a little longer competitive.

With daily payments of interest every day counts. Transfer in transactions did take a while in June so unless you pay in fresh money it could take 3 weeks before funds arrive, it may go much quicker now if they have less demand and can process things faster.

"With daily payments of interest every day counts" ... every day counts with monthly or annual interest payments too. "Caculated daily, paid monthly/anually"

Also, If I remember rightly - if an account has the same AER monthly or annually and you plan to make frequent deposits and withdrawals, the annual account has a slight benefit. This comes from the annual rate having compounding built in, but monthly (and daily) would actually require the money to be deposited to yield the same return.

Despite this, I prefer monthly over annually; seeing the payments add up is more satisfying, you can check that interest is paid correctly quicker and over a shorter period, and there is less mystery in how close to the FSCS limit (deposit + interest) you might be.

pecunianonolet

slinger2 said:

pecunianonolet said:

Johnny-Cage said:

pecunianonolet said:

Johnny-Cage said:

Was tempted to jump on trading 212 to max this years allowance out but it’s seems it’s only a matter of time before they drop the rates as well. Maybe might as well just max Chip out so it’s all together 

I have some Euros at Trading 212 and was under the impression that when the ECB started to lower rates they would follow suit. However, they have kept the rate stable since then so there might be good change that the ISA rate of 5.2 remains a little longer competitive.

With daily payments of interest every day counts. Transfer in transactions did take a while in June so unless you pay in fresh money it could take 3 weeks before funds arrive, it may go much quicker now if they have less demand and can process things faster.

Thx for the reply it is fresh cash got 17k dropping in to my current account from my 90 day Oxbury on the 19th. ATM I have 3k sitting in a Chip ISA for this year 

In that case if you pay in the 17k on Monday 19th you should receive the first interest payment on the 20th for the 19th and so on. Pay in during weekdays and business hours is pretty much instant. Let's hope the rate remains a it's level for some time :-)

Chip is a tracker. The interest rate follow the BOE base rate: "The Chip Cash ISA has a tracker rate. This means the gross interest rate is variable and tracks at 0.26% below the current Bank of England base rate."

They could change the margin between the savings rate and the base rate but they'd have to give notice of that.

Above was in relation to Trading 212. I am a heavy user of the Chip ISA as I like the nature of instant access and that I can still deposit late in the day or even in the evenings for it to count for the same day. 

someone said:

pecunianonolet said:

Johnny-Cage said:

Was tempted to jump on trading 212 to max this years allowance out but it’s seems it’s only a matter of time before they drop the rates as well. Maybe might as well just max Chip out so it’s all together 

I have some Euros at Trading 212 and was under the impression that when the ECB started to lower rates they would follow suit. However, they have kept the rate stable since then so there might be good change that the ISA rate of 5.2 remains a little longer competitive.

With daily payments of interest every day counts. Transfer in transactions did take a while in June so unless you pay in fresh money it could take 3 weeks before funds arrive, it may go much quicker now if they have less demand and can process things faster.

"With daily payments of interest every day counts" ... every day counts with monthly or annual interest payments too. "Caculated daily, paid monthly/anually"

Also, If I remember rightly - if an account has the same AER monthly or annually and you plan to make frequent deposits and withdrawals, the annual account has a slight benefit. This comes from the annual rate having compounding built in, but monthly (and daily) would actually require the money to be deposited to yield the same return.

Despite this, I prefer monthly over annually; seeing the payments add up is more satisfying, you can check that interest is paid correctly quicker and over a shorter period, and there is less mystery in how close to the FSCS limit (deposit + interest) you might be.

Yes, every day always counts for sure when we talk interest, regardless of the payment interval. My statement was in relation to Trading 212 being now an outlier having not (yet) lowered their rates so every day counts making use of their rate vs other market players and their rates as the spread between top place 5.2% and 5.05% next is 0.15%. That spread could even widen further if the Trading rate remains available for longer when others may lower and go below 5%. Plus, Marsden and The progressive BS have less flexibility or more restrictions.

pookey

Johnny-Cage said:

pecunianonolet said:

Johnny-Cage said:

Was tempted to jump on trading 212 to max this years allowance out but it’s seems it’s only a matter of time before they drop the rates as well. Maybe might as well just max Chip out so it’s all together 

I have some Euros at Trading 212 and was under the impression that when the ECB started to lower rates they would follow suit. However, they have kept the rate stable since then so there might be good change that the ISA rate of 5.2 remains a little longer competitive.

With daily payments of interest every day counts. Transfer in transactions did take a while in June so unless you pay in fresh money it could take 3 weeks before funds arrive, it may go much quicker now if they have less demand and can process things faster.

Thx for the reply it is fresh cash got 17k dropping in to my current account from my 90 day Oxbury on the 19th. ATM I have 3k sitting in a Chip ISA for this year 

Just in case you didn't know, if you put it in Chip and want to transfer out you have to do the full amount. 

I opened this year allowance with Chip and kept topping it up to avoid going over my PSA. I also took to long to set up a LISA so I can't transfer the money from Chip to my LISA, it's fine but a bit annoying. I have some money maturing next month so I'm just waiting for that to top up my LISA. 

Johnny-Cage

pookey said:

Johnny-Cage said:

pecunianonolet said:

Johnny-Cage said:

Was tempted to jump on trading 212 to max this years allowance out but it’s seems it’s only a matter of time before they drop the rates as well. Maybe might as well just max Chip out so it’s all together 

I have some Euros at Trading 212 and was under the impression that when the ECB started to lower rates they would follow suit. However, they have kept the rate stable since then so there might be good change that the ISA rate of 5.2 remains a little longer competitive.

With daily payments of interest every day counts. Transfer in transactions did take a while in June so unless you pay in fresh money it could take 3 weeks before funds arrive, it may go much quicker now if they have less demand and can process things faster.

Thx for the reply it is fresh cash got 17k dropping in to my current account from my 90 day Oxbury on the 19th. ATM I have 3k sitting in a Chip ISA for this year 

Just in case you didn't know, if you put it in Chip and want to transfer out you have to do the full amount. 

I opened this year allowance with Chip and kept topping it up to avoid going over my PSA. I also took to long to set up a LISA so I can't transfer the money from Chip to my LISA, it's fine but a bit annoying. I have some money maturing next month so I'm just waiting for that to top up my LISA. 

Thx just opened a T212 and requested to transfer 3k plus the interest to T212 from Chip so will see how long it takes, then will transfer the deposit from Oxbury when it lands on the 19th 

pookey

Johnny-Cage said:

pookey said:

Johnny-Cage said:

pecunianonolet said:

Johnny-Cage said:

Was tempted to jump on trading 212 to max this years allowance out but it’s seems it’s only a matter of time before they drop the rates as well. Maybe might as well just max Chip out so it’s all together 

I have some Euros at Trading 212 and was under the impression that when the ECB started to lower rates they would follow suit. However, they have kept the rate stable since then so there might be good change that the ISA rate of 5.2 remains a little longer competitive.

With daily payments of interest every day counts. Transfer in transactions did take a while in June so unless you pay in fresh money it could take 3 weeks before funds arrive, it may go much quicker now if they have less demand and can process things faster.

Thx for the reply it is fresh cash got 17k dropping in to my current account from my 90 day Oxbury on the 19th. ATM I have 3k sitting in a Chip ISA for this year 

Just in case you didn't know, if you put it in Chip and want to transfer out you have to do the full amount. 

I opened this year allowance with Chip and kept topping it up to avoid going over my PSA. I also took to long to set up a LISA so I can't transfer the money from Chip to my LISA, it's fine but a bit annoying. I have some money maturing next month so I'm just waiting for that to top up my LISA. 

Thx just opened a T212 and requested to transfer 3k plus the interest to T212 from Chip so will see how long it takes, then will transfer the deposit from Oxbury when it lands on the 19th 

Can you please update how long it takes? I might do the same too. Just trying to figure out what to put where 😅

soulsaver

qbadger  Have you got the T&Cs for the account you're talking about?

soulsaver

Well 'may be refused' could be in particular circumstances - like lower rates.

And your quoted phrase is in the summary.

Is this statement in the terms for your account, bullet point 3:

'Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term'.

Bridlington1

West Brom Interest Rate Reductions From 16/9/24:

Of note the following NLA ISAs will reduce:

2010

soulsaver said:

Well 'may be refused' could be in particular circumstances - like lower rates.

And your quoted phrase is in the summary.

Is this statement in the terms for your account, bullet point 3:

'Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term'.

Does bullet point 3 mean the 1yr fixed ISA product or the issue number of that product?

Shawbrook 1yr fixed rate ISA issue 100 @ 4.93% was withdrawn on 19/7/24.
They are now on 14/8/24 issue 104 @ 4.25%.

Would they really let you keep funding issue 100 now the 30 day window is up and gain 0.68% more in interest?