Cash ISAs: The Best Currently Available List

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.

slinger2

@pecunianonole Most of my Cash ISA is in 1 year fixes (currently all 5+%). I keep some in variable rate products for emergency cash. However for those I want flexible ISAs. Agree though that MoneyBox looks a decent product (unlike Plum) for a non-flexible variable rate product with 14 days notice of a rate reduction. 

refluxer

Johnny-Cage said:

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

With a lot of the easy access cash ISA competition either heading towards (or already in) the 4 to 4.6% region, Plum, Moneybox and Trading212 @ 5%+ are very-much outliers at the moment and, with Trading212's impending drop, I would expect it's more likely that the other two will follow suit.

It strikes me that those three have presumably been offering those high-paying cash ISA accounts as loss-leaders which are designed to steer customers towards their investment products, so whether they maintain those high cash ISA rates will presumably also depend on how successful that strategy has been. Time will tell, I guess.

Zaul22

Just noticed Monument started an ISA at some point recently. Does anyone know if the 25k minimum for the savings includes the ISA?

Middle_of_the_Road

Zaul22 said:

Just noticed Monument started an ISA at some point recently. Does anyone know if the 25k minimum for the savings includes the ISA?

That would make no sense, as the maximum annual ISA contribution is £20k

CuparLad

Middle_of_the_Road said:

Zaul22 said:

Just noticed Monument started an ISA at some point recently. Does anyone know if the 25k minimum for the savings includes the ISA?

That would make no sense, as the maximum annual ISA contribution is £20k

And, if I recall, the newly launched ISA doesn't yet permit transfers in. The £25K does apply "across all accounts" so perhaps that's how they enforce the £25K minimum with an ISA.

Zaul22

Middle_of_the_Road said:

Zaul22 said:

Just noticed Monument started an ISA at some point recently. Does anyone know if the 25k minimum for the savings includes the ISA?

That would make no sense, as the maximum annual ISA contribution is £20k

The 25k minimum is for their savings account, it's 10k for the ISA. 
The terms say 'across all accounts' but that was written long before the ISA existed and has not been changed. 

To BIDBS, could you have 20K in an ISA and 5K in savings to meet the 25k minimum or would it only include savings?

frosch411

@Kazza242
Trading212 rate of 5.17% dropping to 4.9% effective 01-DEC-2024.
(Sorry, unable to add screenshot via the mobile app).

suecoo66

frosch411 said:

@Kazza242
Trading212 rate of 5.17% dropping to 4.9% effective 01-DEC-2024.
(Sorry, unable to add screenshot via the mobile app).

Yeah I'm gutted it's dropped, we moved ours to them recently 

slinger2

suecoo66 said:

frosch411 said:

@Kazza242
Trading212 rate of 5.17% dropping to 4.9% effective 01-DEC-2024.
(Sorry, unable to add screenshot via the mobile app).

Yeah I'm gutted it's dropped, we moved ours to them recently 

Surely this is the least surprising news of the week. This is a variable rate product with 1-day notice required for a rate reduction.