Cash ISAs: The Best Currently Available List

PowerSavingMode

winkowinko said:

Presumably there's nothing stopping you from opening a Moneybox cash ISA (5.71% for 3 months), then transferring it to their Open access ISA (4.82%) as soon as the bonus has dropped?

Doesn't seem possible:

"Moneybox has two Cash ISAs to choose from, helping you select the account that suits your needs. Get our top-paying rate while making up to three withdrawals every 12 months with our Cash ISA, or keep your rate and enjoy unlimited withdrawals with our Open Access Cash ISA. Please note, you can only have one Moneybox Cash ISA account open at this time, and you cannot switch once the cancellation period of your first-opened Cash ISA has elapsed."

10_66

flobbalobbalob said:

10_66 said:

flobbalobbalob said:

flobbalobbalob said:

10_66 said:

flobbalobbalob said:

ISA Transfer Zopa to Monument

This time my wife’s. 16’th working day and not complete.

Chatted with Monument and they told me Zopa have not sent it and to contact them.

Zopa said they need the “CISA” number to locate the transfer. They said it was on the transfer request form. I explained that I am not involved in the process and Monument is doing the transfer. Zopa said they will “raise this to the relevant team” and email me by the end of today...

Exactly the same happened with mine & OH's.  When I tried chasing Zopa and they told me they wanted the CISA number I got in touch with Monument and asked them to chase on my behalf as it was getting too close to the 30 day funding cut off that Monument have.  OH did the same.  Both of our transfers were completed the next day.  Phew!

Thank you for that. I'm a little disappointed that Monument didn't offer to do that on first contact with them. I was getting worried about being piggy in the middle but now less worried. 👍

So I've chatted with monument again and they gave me the CISA reference. They suggested I could initiate a new transfer. I declined saying I did not want to wait another 15 days so they agreed to contact Zopa to check. I then contacted Zopa with the CRIS and they said they have just received it today, presumably after my chat with Monument, and that the 15 working day period will start from today. 

Crikey, that doesn't sound right does it?  I presume then, that Zopa are saying they never received the initial transfer request if they're saying that 15 days starts from today?  Did Monument say whether they'd had confirmation of acceptance from Zopa?  I have to say that I don't think I'll be going to Zopa again for an ISA.  The transfers out from them are too troublesome.

I'm actually thinking it is Monument at fault. They were keen for me to start a new transfer via the app, when they agreed to contact Zopa they actually initiated the transfer there and then.

Have I have read somewhere that Monument will have to pay me interest from the 15th day until the transfer is complete? That might explain why they wanted me to start again.

I'm afraid I don't know for sure who's responsible for paying what with these ISA transfers now.  I thought, in theory, customers weren't supposed to lose out during the transfer period.  It's all a bit of a dogs dinner with some of the providers recently.

pecunianonolet

Perhaps this would be one for Martin to put on his list to lobby the government to tighten the rules and make it mandatory that electronic transfers should not take more than 5 business dates to complete? 

With all the chat about potential changes to ISA rules and the government running consultations, including requests for monthly data reporting by financial institutions this would be something benefiting people and make the market more competitive. 

15 working days was from a time when the postal service was highly in demand (and more reliable too) but in todays time 5 working days would be appropriate. 

intalex

From what I recall, I think there was a transfer date shared by the sending cash ISA provider to the receiving cash ISA provider, probably when they sent the funds, which the receiving ISA provider was required (recommended?) to use as the credit date on the new ISA. If indeed recommended and not required, then the receiving ISA provider could literally take their sweet time crediting the new ISA with the funds.

masonic

intalex said:

From what I recall, I think there was a transfer date shared by the sending cash ISA provider to the receiving cash ISA provider, probably when they sent the funds, which the receiving ISA provider was required (recommended?) to use as the credit date on the new ISA. If indeed recommended and not required, then the receiving ISA provider could literally take their sweet time crediting the new ISA with the funds.

There is a best practice document with some voluntary guidelines here: https://www.tisa.uk.com/publications/762_BBA01-470823-v1-Revised_Cash_ISA_Transfers_Industry_Guidelines_-_1_Janu....pdf The big banks and major building societies signed up to this at some point, but I don't think the new wave of providers would have.

The only requirement is to complete within 15 working days (see https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers ). That should be enough to raise a complaint if you aren't receiving interest at the new provider by that point.

My observation is that backdating of interest seems to be less common now than it was in the days before electronic transfers, perhaps because many providers are able to complete the vast majority of their transfers within a week.

WLewer98

How do people feel about the CMC invest 5.70% flexible cash ISA? Does anyone already have the account or any experience with CMC?

The underlying interest rate of 4.85% is currently appealing, let alone the 0.85% bonus rate to total 5.70%!

Easy access Cash ISA | CMC Invest

masonic

WLewer98 said:

How do people feel about the CMC invest 5.70% flexible cash ISA? Does anyone already have the account or any experience with CMC?

The underlying interest rate of 4.85% is currently appealing, let alone the 0.85% bonus rate to total 5.70%!

Easy access Cash ISA | CMC Invest

It is an investment product, not a savings product. Some or all of the money will be held in a qualifying money market fund, which could decrease in value. Investment losses are not covered by the FSCS. If you wish to hold low risk investments, then the bonus is very tempting as an alternative to rolling your own in a S&S ISA.

pecunianonolet

WLewer98 said:

How do people feel about the CMC invest 5.70% flexible cash ISA? Does anyone already have the account or any experience with CMC?

The underlying interest rate of 4.85% is currently appealing, let alone the 0.85% bonus rate to total 5.70%!

Easy access Cash ISA | CMC Invest

I opened this on the 6th of April. Had a larger transfer in from Virgin and one from Chip shortly after. Virgin was very quick and was completed on the 10th April. Chip was also rather quick. First interest payment on the 6th of May as expected (3rd working day of the month). 

I did call them if they also need the customer ID for Chip as I wasn't sure. Used the phone number on their website and was straight through, got the explanation I needed and all worked out.

The app is not as sophisticated and with as many details and functions as many other banking apps but it does the job and shows you your details of transfer ins, interest paid and how much has already accumulated. That's imho the only downside that there should be some more functions e.g. the opportunity to generate PDF statements, etc. 

All in all, I am happy that I moved to them and I accepted the risk of QMMF's. I don't need the money just now so the flexibility of the ISA is a plus for emergencies that I can tap into it when needed.

s71hj

masonic said:

WLewer98 said:

How do people feel about the CMC invest 5.70% flexible cash ISA? Does anyone already have the account or any experience with CMC?

The underlying interest rate of 4.85% is currently appealing, let alone the 0.85% bonus rate to total 5.70%!

Easy access Cash ISA | CMC Invest

It is an investment product, not a savings product. Some or all of the money will be held in a qualifying money market fund, which could decrease in value. Investment losses are not covered by the FSCS. If you wish to hold low risk investments, then the bonus is very tempting as an alternative to rolling your own in a S&S ISA.

The link takes you to something that seems to state its a flexible cash isa?

csw5780

s71hj said:

masonic said:

WLewer98 said:

How do people feel about the CMC invest 5.70% flexible cash ISA? Does anyone already have the account or any experience with CMC?

The underlying interest rate of 4.85% is currently appealing, let alone the 0.85% bonus rate to total 5.70%!

Easy access Cash ISA | CMC Invest

It is an investment product, not a savings product. Some or all of the money will be held in a qualifying money market fund, which could decrease in value. Investment losses are not covered by the FSCS. If you wish to hold low risk investments, then the bonus is very tempting as an alternative to rolling your own in a S&S ISA.

The link takes you to something that seems to state its a flexible cash isa?

Yes but as mentioned (and confirmed here: https://www.cmcinvest.com/en-gb/client-funds) depending where they hold your funds, the £85k protection may not be active. The bank they could currently use is Natwest; so any other funds in accounts you have there will also count towards that limit.