Cash ISAs: The Best Currently Available List

nomorekids

pecunianonolet said:

Chip Cash ISA

Anyone able to explain this or what I maybe miss here. My Chip ISA shows me a rate of 4.58% AER but on moneyfacts I see 4.85%



Checking on the Chip website, it shows me that new customers get a boosted rate. However, they also show this for existing members but say at the same time it is a tracker with 0.26% below base rate, which is at 4.75%



Is this a mistake on the website or have they actually tinkered with the rates? I suspect the former. 

Did this ever get resolved? I am in the same position and I applied as new customer around the same time as you?

pecunianonolet

dave_dph said:

pecunianonolet said:

West Brom BS

I've got the WeBSave 60 Day Notice ISA (Issue 2) and with the rate drop announced today I would need to move the cash. The balance is very small as I opened it a long time ago as a backup account. 

If I am not mistaken, when they drop the rate you are allowed to close the account earlier without penalty so you don't have to wait until the 60 days are over. 

I intend to move it to Virgin, so when I tell Virgin to wait until available, would WestBrom still apply the 60 days or will they release as soon as it is possible penalty free?

Can anyone confirm if my interpretation of the T&C's is correct? 

This is what it said in the email notification when they reduced the rate in December:

What's changing and when

We are reducing the rate of interest paid on your WeBSave account(s) on 17 December 2024. The accounts affected and new rates can be found in the tables at the end of this email. Your account(s) affected are shown below.

Account Name Account Number*

WeBSave 60 Day Notice ISA 

Make sure your account is still right for you

You may consider moving your savings following this change. If you want to do this, we will waive any notice period or withdrawal charges that may normally apply on your account(s) for any withdrawals completed up to (and including) 2 January 2025.

Thanks for the confirmation. I never received the email of rate reductions, only found out here. In that case I will hand in a transfer request and see what happens.

pecunianonolet

nomorekids said:

pecunianonolet said:

Chip Cash ISA

Anyone able to explain this or what I maybe miss here. My Chip ISA shows me a rate of 4.58% AER but on moneyfacts I see 4.85%



Checking on the Chip website, it shows me that new customers get a boosted rate. However, they also show this for existing members but say at the same time it is a tracker with 0.26% below base rate, which is at 4.75%



Is this a mistake on the website or have they actually tinkered with the rates? I suspect the former. 

Did this ever get resolved? I am in the same position and I applied as new customer around the same time as you?

Nope, it just went down and is now at 4.32% AER, which is now consistent with their website. OH already moved it as new ISA customer at Moneybox and I will move mine as well in the new tax year. Got a 50k fix maturing with Virgin and will consolidate to reduce accounts. Hope rates will not have dropped much further by then.  

flaneurs_lobster

nomorekids said:

Did this ever get resolved? I am in the same position and I applied as new customer around the same time as you?

@soulsaver made the point on the Best Easy Access thread earlier that Chip's offerings seem to be designed to be obtuse.

I'm struggling, not only with Chip but also Trading212 to verify exactly what interest rate I'm receiving (and when it might be reduced) and what interest rates I SHOULD be receiving. There seem to be overlapping New Customer deals/MSE coupon codes that may have been applied (or not).

You knew where you were in t' olden days wi' a proper bank.....

nomorekids

pecunianonolet said:

nomorekids said:

pecunianonolet said:

Chip Cash ISA

Anyone able to explain this or what I maybe miss here. My Chip ISA shows me a rate of 4.58% AER but on moneyfacts I see 4.85%



Checking on the Chip website, it shows me that new customers get a boosted rate. However, they also show this for existing members but say at the same time it is a tracker with 0.26% below base rate, which is at 4.75%



Is this a mistake on the website or have they actually tinkered with the rates? I suspect the former. 

Did this ever get resolved? I am in the same position and I applied as new customer around the same time as you?

Nope, it just went down and is now at 4.32% AER, which is now consistent with their website. OH already moved it as new ISA customer at Moneybox and I will move mine as well in the new tax year. Got a 50k fix maturing with Virgin and will consolidate to reduce accounts. Hope rates will not have dropped much further by then.  

I m so disappointed and feel completely duped, I was a new customer, rate advertised 4.85% so you in good faith click on their link, open and transfer existing lower rate ISA's from previous years to a substantial amount and the rate you get 4.32% with six month introductory bonus of 0.27 if you qualify which I do but still how do they get away with this 4.59% ? 

Did you complain? is it worth it? I m going to find somewhere else too if they are going to hide behind T&C's at no point did I read 4.32% and Chip are still advertising 4.85% on their website today?

2010

Coventry`s 6 access ISA (online 2) rate of 4.55%  will be dropping to 4.30% on 3rd March.

2010

cricidmuslibale said:

According to www.moneyfactscompare.co.uk, Coventry Building Society will today be pulling their Centrepoint Fixed ISA 31.05.26 paying 4.50% AER tax free and replacing it with Fixed Rate ISA (279) 31.05.26 which is paying a significantly lower interest rate of 4.32% AER tax free.

[The link to the Centrepoint Fixed ISA’s application buttons and details on Coventry’s website which @silvermum has kindly posted on page 832 of this thread was still working at c 2.30am on Friday 14 February so it may be possible to still apply for this more attractive ISA if you are very quick!]

It`s gone now on their website.

pecunianonolet

nomorekids said:

pecunianonolet said:

nomorekids said:

pecunianonolet said:

Chip Cash ISA

Anyone able to explain this or what I maybe miss here. My Chip ISA shows me a rate of 4.58% AER but on moneyfacts I see 4.85%



Checking on the Chip website, it shows me that new customers get a boosted rate. However, they also show this for existing members but say at the same time it is a tracker with 0.26% below base rate, which is at 4.75%



Is this a mistake on the website or have they actually tinkered with the rates? I suspect the former. 

Did this ever get resolved? I am in the same position and I applied as new customer around the same time as you?

Nope, it just went down and is now at 4.32% AER, which is now consistent with their website. OH already moved it as new ISA customer at Moneybox and I will move mine as well in the new tax year. Got a 50k fix maturing with Virgin and will consolidate to reduce accounts. Hope rates will not have dropped much further by then.  

I m so disappointed and feel completely duped, I was a new customer, rate advertised 4.85% so you in good faith click on their link, open and transfer existing lower rate ISA's from previous years to a substantial amount and the rate you get 4.32% with six month introductory bonus of 0.27 if you qualify which I do but still how do they get away with this 4.59% ? 

Did you complain? is it worth it? I m going to find somewhere else too if they are going to hide behind T&C's at no point did I read 4.32% and Chip are still advertising 4.85% on their website today?

I have been with Chip for well over a year. In fact, when I signed up they didn't even have an ISA and only a normal Instant/Easy access account. They at some point changed from individual rate setting to a BOE tracker. 

As you see from above, in the first screenshot, the bonus was for a full year, now it's only for 180 days and they seem to change their offerings like others change their underpants. Only very small in the T&C's do they say that once you transferred out you won't be allowed to open a new cash ISA with them, ever.

Loyalty, which really was valued in the past with employers, banks, building societies and in general is definitely dead, with a few exceptions. In most cases you are now punished for your loyalty. 

Due to being a higher rate tax payer I have used and treated the ISA as a well paying instant access account so salaries and other income, rewards, etc. went in there and I park funds there before I distribute to regular savers, pay bills, credit cards, etc and gradually build up the reserves to fil up the account to the limit of what I could subscribe to with Chip (made ISA contributions elsewhere). 

The main benefits for me are, flexible ISA and unlimited instant access with rates competitive for a long time. However, come 6th of April, I will transfer out my ISA from Chip and close down my relationship with them. 

I will have to consolidate all my ISA funds due to personal circumstances as I am planning to move my tax residency and life away from the UK, which comes with a ton of other problems. 

The OH has for the above reasons, (moving) transferred the Chip ISA to become a new Moneybox ISA customer so the funds earn the 5.02% rate until a further movement is most likely required, which is due to keeping accounts open as non resident. 

In your case, if your introductory bonus has now expired you have the choice to keep your funds with Chip, transfer out and won't be able to open a Chip ISA again. Of course, you could keep whatever you have in your Chip ISA and just don't make any more contributions from 6th April onwards. You could use your new allowance in possibly better paying accounts with tighter access restrictions and just use the Chip ISA as float. Remember, it is flexible so you could withdraw everything on the 6th April and you just have to make sure the exact same amount has to be back in the following year so you not lose the tax free status of the funds. It can still be, despite lower rates, be a very useful account, just depends how you operate it. 

Mr_Smith_4721

Tembo dropping their Cash ISA rate from 4.80% to 4.55% from 18 Feb, bringing it into line with their Cash LISA which will be doing the same drop on that day.

sammy_zammy

Drat, Shawbrook’s fixed term ISA rates have dropped. Was considering sticking £1k in there and making the most of the multi-tax year deposit perk, but hesitated due to the uncertainty on ISA transfers after account opening. Realised today that even if I try to transfer later, worst case is they’ll say no and I’ll have to save somewhere else, but seems I was too late!

1 year 4.31%

2 year 4.06%

3 year 4.01%

5 year 3.91%

7 year 3.56%