Cash ISAs: The Best Currently Available List

s71hj

pecunianonolet said:

BigBlueSky said:

pecunianonolet said:

s71hj said:

BigBlueSky said:

s71hj said:

Expotter said:

Plum has increased their rate for Cash ISA to 5.18% ( including a 1.39% 12 months bonus). Minimum £100 to get this rate and 3  withdrawals allowed. Transfers also allowed.

https://withplum.com/cash-isa

Let's see if Trading 212 come back with a retort!!!

I doubt it now they are already reducing there rate on Saturday to 4.90%

I wasn't aware of that

Neither was I. Where and how was this rate drop communicated?

It is in pale grey text in the app above the current interest rate under 'Interest on Cash' option.

Thanks, not a place I check often. USD rates are also dropping and at the last rate drop for Euros I got an email so a bit strange that there is nothing this time for GBP. 

Of course sad to see the drop coming into effect now but they held it rather high for longer than expected and it will be still above BOE rate so can't complain too much. Still, almost half a quid less per day in returns. 

Moneybox still offers their Cash ISA at 5.17% variable. I opened the Moneybox Cash ISA last March speculatively when it was on offer and put the minimum of 500 into it and they haven't changed the rates since. Moneybox also allows transfers in for cash and stocks & shares ISA's from Trading212.

So for flexibility and to benefit from higher rates for longer, it might make sense to open Moneybox and transfer 500 in to keep a second option. How easy and smooth a transfer from Tradinf212 to Moneybox is, I don't know. 

Downsides of Moneybox are that interest isn't paid daily and annul instead, projected interest isn't FSCS protected. Also 3 withdrawals only without impact to interest rates, not flexible.

Is there any reason not to open the new Plum 5.18% one as well or instead?

pecunianonolet

s71hj said:

pecunianonolet said:

BigBlueSky said:

pecunianonolet said:

s71hj said:

BigBlueSky said:

s71hj said:

Expotter said:

Plum has increased their rate for Cash ISA to 5.18% ( including a 1.39% 12 months bonus). Minimum £100 to get this rate and 3  withdrawals allowed. Transfers also allowed.

https://withplum.com/cash-isa

Let's see if Trading 212 come back with a retort!!!

I doubt it now they are already reducing there rate on Saturday to 4.90%

I wasn't aware of that

Neither was I. Where and how was this rate drop communicated?

It is in pale grey text in the app above the current interest rate under 'Interest on Cash' option.

Thanks, not a place I check often. USD rates are also dropping and at the last rate drop for Euros I got an email so a bit strange that there is nothing this time for GBP. 

Of course sad to see the drop coming into effect now but they held it rather high for longer than expected and it will be still above BOE rate so can't complain too much. Still, almost half a quid less per day in returns. 

Moneybox still offers their Cash ISA at 5.17% variable. I opened the Moneybox Cash ISA last March speculatively when it was on offer and put the minimum of 500 into it and they haven't changed the rates since. Moneybox also allows transfers in for cash and stocks & shares ISA's from Trading212.

So for flexibility and to benefit from higher rates for longer, it might make sense to open Moneybox and transfer 500 in to keep a second option. How easy and smooth a transfer from Tradinf212 to Moneybox is, I don't know. 

Downsides of Moneybox are that interest isn't paid daily and annul instead, projected interest isn't FSCS protected. Also 3 withdrawals only without impact to interest rates, not flexible.

Is there any reason not to open the new Plum 5.18% one as well or instead?

Yes, because the headline rate only applies for new subscriptions not transfers in as flobbalobbalob already mentioned earlier. Also, they have some strange terms so would suggest reading the T&C's carefully. 

slinger2

pecunianonolet said:

s71hj said:

pecunianonolet said:

BigBlueSky said:

pecunianonolet said:

s71hj said:

BigBlueSky said:

s71hj said:

Expotter said:

Plum has increased their rate for Cash ISA to 5.18% ( including a 1.39% 12 months bonus). Minimum £100 to get this rate and 3  withdrawals allowed. Transfers also allowed.

https://withplum.com/cash-isa

Let's see if Trading 212 come back with a retort!!!

I doubt it now they are already reducing there rate on Saturday to 4.90%

I wasn't aware of that

Neither was I. Where and how was this rate drop communicated?

It is in pale grey text in the app above the current interest rate under 'Interest on Cash' option.

Thanks, not a place I check often. USD rates are also dropping and at the last rate drop for Euros I got an email so a bit strange that there is nothing this time for GBP. 

Of course sad to see the drop coming into effect now but they held it rather high for longer than expected and it will be still above BOE rate so can't complain too much. Still, almost half a quid less per day in returns. 

Moneybox still offers their Cash ISA at 5.17% variable. I opened the Moneybox Cash ISA last March speculatively when it was on offer and put the minimum of 500 into it and they haven't changed the rates since. Moneybox also allows transfers in for cash and stocks & shares ISA's from Trading212.

So for flexibility and to benefit from higher rates for longer, it might make sense to open Moneybox and transfer 500 in to keep a second option. How easy and smooth a transfer from Tradinf212 to Moneybox is, I don't know. 

Downsides of Moneybox are that interest isn't paid daily and annul instead, projected interest isn't FSCS protected. Also 3 withdrawals only without impact to interest rates, not flexible.

Is there any reason not to open the new Plum 5.18% one as well or instead?

Yes, because the headline rate only applies for new subscriptions not transfers in as flobbalobbalob already mentioned earlier. Also, they have some strange terms so would suggest reading the T&C's carefully. 

Also you're stuck with them for a year to get your bonus.

"You can make a request to transfer out your ISA with Plum through Plum’s customer support. If you close your Cash ISA with Plum and Transfer Out within the 12 month period after opening your Cash ISA account with Plum you will lose your bonus and forfeit any interest earned that month. Only full transfers-out for the current tax year are accepted. Partial transfers-out are accepted for previous tax years."

s71hj

BigBlueSky said:

pecunianonolet said:

s71hj said:

BigBlueSky said:

s71hj said:

Expotter said:

Plum has increased their rate for Cash ISA to 5.18% ( including a 1.39% 12 months bonus). Minimum £100 to get this rate and 3  withdrawals allowed. Transfers also allowed.

https://withplum.com/cash-isa

Let's see if Trading 212 come back with a retort!!!

I doubt it now they are already reducing there rate on Saturday to 4.90%

I wasn't aware of that

Neither was I. Where and how was this rate drop communicated?

It is in pale grey text in the app above the current interest rate under 'Interest on Cash' option.

They're hardly going out of their way to make it known are they!!!
To paraphrase Douglas Adams, "the reduction in the interest rate was on display…”
“On display? I eventually had to go down to the cellar to find it.”
“That’s the display department.”
“With a flashlight.”
“Ah, well, the lights had probably gone.”
“So had the stairs.”
“But look, you found the notice, didn’t you?”
“yes I did. It was on display in the bottom of a locked filing cabinet stuck in a disused lavatory with a sign on the door saying ‘Beware of the Leopard.

10_66

pecunianonolet said:

...Moneybox still offers their Cash ISA at 5.17% variable. I opened the Moneybox Cash ISA last March speculatively when it was on offer and put the minimum of 500 into it and they haven't changed the rates since. Moneybox also allows transfers in for cash and stocks & shares ISA's from Trading212.

So for flexibility and to benefit from higher rates for longer, it might make sense to open Moneybox and transfer 500 in to keep a second option. How easy and smooth a transfer from Tradinf212 to Moneybox is, I don't know. Will Moneybox reduce their rates soon, I don't know either. 

Downsides of Moneybox are that interest isn't paid daily and annul instead, projected interest isn't FSCS protected. Also 3 withdrawals only without impact to interest rates, not flexible.

I'm getting confused about the Moneybox FSCS protection on the interest.  Before I transferred into it I checked with them and to quote their answer;

"Compounding does take effect within your Cash ISA.  However, because interest is paid annually, compounding takes place annually.  In other words, once the interest has been paid out into your Cash ISA and makes up part of your balance, it can then accrue interest too". 

It looks like I've misunderstood them then, as I thought that once it's added to the account, it benefited from the FSCS protection.  If this isn't correct, I'd better move it back out again 

Johnny-Cage

Hopefully after dropping the rate they start to increase them again to match other ISA’s like last time 

flaneurs_lobster

10_66 said:

It looks like I've misunderstood them then, as I thought that once it's added to the account, it benefited from the FSCS protection.  If this isn't correct, I'd better move it back out again 

Once the interest has been added to your ISA account then yes, the full balance has FSCS protection.

Believe that @pecunianonolet 's point is that the interest owing, up to the point it is credited, is NOT covered by the guarantee. This is unlike a more 'conventional' fixed term account with a bank/BS, with interest paid at maturity, where if the institution fails during the term then the interest earned up to failure will be covered.

Is this right?

slinger2

pecunianonolet said:

BigBlueSky said:

pecunianonolet said:

s71hj said:

BigBlueSky said:

s71hj said:

Expotter said:

Plum has increased their rate for Cash ISA to 5.18% ( including a 1.39% 12 months bonus). Minimum £100 to get this rate and 3  withdrawals allowed. Transfers also allowed.

https://withplum.com/cash-isa

Let's see if Trading 212 come back with a retort!!!

I doubt it now they are already reducing there rate on Saturday to 4.90%

I wasn't aware of that

Neither was I. Where and how was this rate drop communicated?

It is in pale grey text in the app above the current interest rate under 'Interest on Cash' option.

Thanks, not a place I check often. USD rates are also dropping and at the last rate drop for Euros I got an email so a bit strange that there is nothing this time for GBP. 

Of course sad to see the drop coming into effect now but they held it rather high for longer than expected and it will be still above BOE rate so can't complain too much. Still, almost half a quid less per day in returns. 

Moneybox still offers their Cash ISA at 5.17% variable. I opened the Moneybox Cash ISA last March speculatively when it was on offer and put the minimum of 500 into it and they haven't changed the rates since. Moneybox also allows transfers in for cash and stocks & shares ISA's from Trading212.

So for flexibility and to benefit from higher rates for longer, it might make sense to open Moneybox and transfer 500 in to keep a second option. How easy and smooth a transfer from Tradinf212 to Moneybox is, I don't know. Will Moneybox reduce their rates soon, I don't know either. 

Downsides of Moneybox are that interest isn't paid daily and annul instead, projected interest isn't FSCS protected. Also 3 withdrawals only without impact to interest rates, not flexible.

To me personally an ISA that allows withdrawals but isn't flexible, is pretty useless.

10_66

flaneurs_lobster said:

10_66 said:

It looks like I've misunderstood them then, as I thought that once it's added to the account, it benefited from the FSCS protection.  If this isn't correct, I'd better move it back out again 

Once the interest has been added to your ISA account then yes, the full balance has FSCS protection.

Believe that @pecunianonolet 's point is that the interest owing, up to the point it is credited, is NOT covered by the guarantee. This is unlike a more 'conventional' fixed term account with a bank/BS, with interest paid at maturity, where if the institution fails during the term then the interest earned up to failure will be covered.

Is this right?

I've  just checked FSCS website and it confirms what you say about conventional bank/bs; "interest owed to the depositor as at the date FSCS declares the bank in default will be paid as part of the compensation amount. We would aim to pay compensation within seven days of the bank failing. This would include any interest accrued but not credited. We wouldn't pay interest that would have accrued after the date the bank has been declared in default".

pecunianonolet

flaneurs_lobster said:

10_66 said:

It looks like I've misunderstood them then, as I thought that once it's added to the account, it benefited from the FSCS protection.  If this isn't correct, I'd better move it back out again 

Once the interest has been added to your ISA account then yes, the full balance has FSCS protection.

Believe that @pecunianonolet 's point is that the interest owing, up to the point it is credited, is NOT covered by the guarantee. This is unlike a more 'conventional' fixed term account with a bank/BS, with interest paid at maturity, where if the institution fails during the term then the interest earned up to failure will be covered.

Is this right?

Exactly what I meant. Imagine you accrue for 360 days interest that should be credited on day 365, exactly one year after opening. Now on day 360 the underlying bank Moneybox deposited your funds with goes bust. You would be covered for the balance in the account but not for the 360 days of interest accrued to date and beyond. 

Most institutions do cover accrued interest. I believe Moneybox use a few big banks so it's up to everyone's individual risk assessment if this is a calculated risk somebody wants to take or more of a K.O criteria. 

@slinger2 I agree with you but let's not forget that we can open as many ISA's now as we want so nobody says that you have to keep all your eggs in one basket. You can always keep a proportion in Trading212 as your flexible funds  and some you could keep at Moneybox. You now have a blended rate between the two and hedge yourself as you now have more options on how and where you make your funds work for you. Especially relevant if you've got to split anyhow to stay below the 85k limit.