Cash ISAs: The Best Currently Available List

jwelly

I understand that the temporary bonus rates that Zopa, T212 etc are offering are a bit annoying - but once the bonus rates end, one can simply transfer them to a better ISA, right?

Transfers are a bit of a faff, but I still don't see this as a huge issue to be honest if you can get a decent rate for a few months. Plus it seems like a lot of people do ISA transfers regularly anyway..

pecunianonolet

I had a Zopa ISA opened last April but never funded it and totally forgot that I had it until I got the email about rate reductions and wondered why I am getting it. 

I closed the ISA in the app and instantly was offered to open an ISA with the advertised bonus rate. So if someone had subscribed to an ISA with them it might be possible to transfer out to a different provider, the Zopa ISA is closed and you just open it up again and transfer back in. It might be very tight and will be a lot of faff and comes with the usual risks but it may not be impossible.

Also, the rate looks attractive now but all you really secure is the bonus rate as the underlying rate can be adjusted at any time and they are not really give you a lot of notice. I guess as long as the Neo brokers get so much publicity about their headline rates only, we will keep seeing the battles intensify with bonus rates and many "hidden" clauses in their T&C's. Plum is an expert in this with their ISA offering.

VNX

flobbalobbalob said:

My Zopa ISA pot bonus expires 6'th April. No offer to update it !

"You’re currently earning 4.30% AER* (4.21% gross**) variable on Access ISA pots. This includes a 0.5% AER*/gross** fixed bonus rate, which will expire on 6th April 2025. After that, you’ll earn 3.80% AER* (3.73% gross**) variable."

I can’t see in the app where it says when the bonus expires, where can I find it? Thank you 

flobbalobbalob

VNX said:

flobbalobbalob said:

My Zopa ISA pot bonus expires 6'th April. No offer to update it !

"You’re currently earning 4.30% AER* (4.21% gross**) variable on Access ISA pots. This includes a 0.5% AER*/gross** fixed bonus rate, which will expire on 6th April 2025. After that, you’ll earn 3.80% AER* (3.73% gross**) variable."

I can’t see in the app where it says when the bonus expires, where can I find it? Thank you 

That quote as from an email from Zopa. You should have had one if your currently on 4.3% APR. It's not shown in the app.

VNX

flobbalobbalob said:j

VNX said:

flobbalobbalob said:

My Zopa ISA pot bonus expires 6'th April. No offer to update it !

"You’re currently earning 4.30% AER* (4.21% gross**) variable on Access ISA pots. This includes a 0.5% AER*/gross** fixed bonus rate, which will expire on 6th April 2025. After that, you’ll earn 3.80% AER* (3.73% gross**) variable."

I can’t see in the app where it says when the bonus expires, where can I find it? Thank you 

That quote as from an email from Zopa. You should have had one if your currently on 4.3% APR. It's not shown in the app.

I transferred all my money out of Zopa ISA in January to Coventry in order to then do a partial transfer the left over monies I then opened a new Zopa isa with maybe I get a year bonus from when I opened the new account 

I’ve had no email about the bonus being removed I opened mtge original Zopa isa 13/3/24

winkowinko

Which ISA provider is responsible for paying the interest during the transfer process stage? Is it the existing one or the new one?

Will the existing one simply pay interest right up until the point where the transfer is complete, or is the new one responsible for paying interest from the moment you requested the transfer?

I think I can just about justify the effort required to change providers every 3 months (to get the bonus), but what I could really do without is any potential agro for loss of interest during every transfer. 

refluxer

winkowinko said:

Which ISA provider is responsible for paying the interest during the transfer process stage? Is it the existing one or the new one?

The existing provider will only pay interest up until the point that the money leaves their account and the new provider should, in theory, pay interest from that point onwards (covering the transfer period) although I believe this is only a guideline rather than a strict rule.

subjecttocontract

Sometimes the T&Cs offered provide a different process....you need to check what is being offered. By way of example, last year Metro bank offered to pay their market leading interest rate on cash ISA transfers from the date of the transfer application. This meant it didnt matter how long the transfer took to complete, the customer was already earning the higher interest rate.

winkowinko

subjecttocontract said:

Sometimes the T&Cs offered provide a different process....you need to check what is being offered. By way of example, last year Metro bank offered to pay their market leading interest rate on cash ISA transfers from the date of the transfer application. This meant it didnt matter how long the transfer took to complete, the customer was already earning the higher interest rate.

That's great if they do like Metro, but what turns me off (except for the additional admin) about chasing a bonus every 3 months, is that some of those providers might not backdate the interest rate. Which, unless you get your timings right, would potentially mean that you're earning the lower interest until the transfer is complete.

refluxer

winkowinko 
what turns me off (except for the additional admin) about chasing a bonus every 3 months, is that some of those providers might not backdate the interest rate. Which, unless you get your timings right, would potentially mean that you're earning the lower interest until the transfer is complete.

No bank is ever going to pay you interest once the money has left their account. If the new provider doesn't back-date the interest to that point, then you won't be earning the previous (lower) rate during the transfer period - you'll be earning no interest at all.

Thankfully, most ISA providers transfer electronically these days so this is much less of an issue than it used to be, when sending forms and cheques through the post was the norm.