Cash ISAs: The Best Currently Available List

tenuissent

I had a large cash ISA with them at last year's fixed rate (only 5%! A mistake) maturing today, so I only had to ring up and spend perhaps 5 minutes while they transferred it into the new fixed rate. So for those reasons it was easy.

As a new customer last year, the large ISA was transferred to them from various untidy accounts I had scattered around, and that took longer. Had to go to local branch with a lot of paperwork, fill in forms, and wait for perhaps a couple of weeks, during which the rate fell...... Hope that answers your questions.

Desperate_Housewife_2-2

Hi everyone,

I am looking at the first direct cash isa at 7% fixed which seems like a good deal, does anyone have any experience of this that they can can share with me please? many thanks

cloud_dog

Desperate_Housewife wrote: »

Hi everyone,

I am looking at the first direct cash isa at 7% fixed which seems like a good deal, does anyone have any experience of this that they can can share with me please? many thanks

Your aware this is a monthly saver Cash ISA (between £25 ans £300 per month)?

As alwas, monthly saver accounts are good as a supplement to a top paying account (unless you have no capital and are starting up, in which case they are probably the best).

cloud_dog

purplestar133

Halifax fixed rate ISAs rates are changing w.e.f. 14.5.08:

2 year Fixed Rate ISA will go up 0.20% to 6%
3 year Fixed Rate ISA will go up 0.05% to 6% and
4 year Fixed Rate ISA will drop by 0.20% to 6%

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=171154

Milarky

Desperate_Housewife wrote: »

Hi everyone,

I am looking at the first direct cash isa at 7% fixed which seems like a good deal, does anyone have any experience of this that they can can share with me please? many thanks

It is fixed rate of course, and allows only a single payment per month (up to £300) by standing order from the 'first' account. (Are you already a current account customer with Frist Direct?) The payment can be varied from £25 to £300 but all 12 payments must still be made in order to qualify for the rate. After 12 months it transfers to their instant access ISA paying a variable rate.

Opening the account online is as made simple as possible and is instant.

One consideration to bear in mind is that the last payment will be 11 months after the opening date - so if opened tomorrow, for instance, the last payment would be the 15th April 2009. And the (slight) problem with that is it takes us into the next tax year. That means that if you wanted an ISA with a different provider rather than FD in 2009/10 you would have to be able transfer in there - and the 'best' deals often exclude transfers-in

[I intentionally opened mine before 5th May -on 23 April- so as to avoid being limited in the choice of ISA for next year]

something_girl

hi, I'm about to open a fixed rate Isa, I have never had a cash ISA before, would anyone mind telling me if it is a good idea to go for the Principality 6 month bond at 6.49% or to go for a year fix with B&B at 6.25%.

I mean, after the 6 months, do I just withdraw the money and then open another bond somewhere? I honestly have no idea the deal with ISA's.

Many thanks

Froglet

Hi.Whatever you do,don't withdraw the money or you will lose the tax free status.I personally would not bother for 6 months,i would go for the 12 month fix then if B and B don't offer a good rate next year you can transfer it to another institution.To transfer after only 6 months is not just hassle but rates could be worse by then(though one can only guess on that one).

something_girl

Froglet wrote: »

Hi.Whatever you do,don't withdraw the money or you will lose the tax free status.I personally would not bother for 6 months,i would go for the 12 month fix then if B and B don't offer a good rate next year you can transfer it to another institution.To transfer after only 6 months is not just hassle but rates could be worse by then(though one can only guess on that one).

thanks for that. After reading a bit, I am now realising that ISA's are quite difficult to move about. I've just stuck all my cash in building societies and I have a stocks n shares ISA/PEP, for some reason I just didn't bother getting an ISA.

Froglet

Hi again,isas aren't that difficult to move about,i have transferred more than once,as have many people on here,when the rate becoms uncompetitive.The best thing to do is pick one that is a good rate now,fixed if you don't need the money for a year or two,then either add to it each year or leave it and start another one come the next April.

If you are a tax payer it should always be the first port of call as you will save paying tax on that amount,on the B and B for instance you will gain another £45 in interest.Whereas I imagine that peps and shares are not a good option at the moment,i saw my sisters face when she opened her latest statement yesterday!!

something_girl

Froglet wrote: »

Hi again,isas aren't that difficult to move about,i have transferred more than once,as have many people on here,when the rate becoms uncompetitive.The best thing to do is pick one that is a good rate now,fixed if you don't need the money for a year or two,then either add to it each year or leave it and start another one come the next April.

If you are a tax payer it should always be the first port of call as you will save paying tax on that amount,on the B and B for instance you will gain another £45 in interest.Whereas I imagine that peps and shares are not a good option at the moment,i saw my sisters face when she opened her latest statement yesterday!!

I just sent £3600 off to Bradford & Bingley for a 1 year fixed rate isa, so that's that done!

as for the PEPs/ISA's..... I tell you it would make your toes curl! The amount of dosh I've lost since I first invested back in about 1994/5 is just shocking, but I've just left it there and decided to just ignore it. I pay £100 a month into a Newton continental European ISA and I've just left that too, for years, at least it gains more when the prices are down. It's the one I put a lot of cash in to begin with, that makes me wince.