Cash ISAs: The Best Currently Available List

slinger2

intalex said:

slinger2 said:

or keep it open in case the rate on the issue 6 might at some point be more than the issue 9.

Is that how Paragon tend to do things - lowering rates on latter issues more than earlier issues (with both starting at the same level)?

All seems a bit random to me. See: https://www.paragonbank.co.uk/savings/historic-rates (Cash ISAs -> Defined access cash ISA -> Double access cash ISA)

XDA

slinger2 said:

XDA said:

slinger2 said:

XDA said:

intalex said:

intalex said:

intalex said:

Though Skipton haven't yet announced rate reductions, an issue 2 of their quadruple access ISA has been made available with 4.00% AER... I wonder what they'll drop issue 1 to (from 4.35% AER)...

Rate reductions effective 9 June now published, 4-access issue 1 not on the list so presumably stays at 4.35% AER just yet...

Anyone know if the Paragon double access ISA is on notice of rate reduction (from 4.50%)?

Yes.

We're changing your interest rate We're letting you know that we’re changing the rate on your account. Like other banks, we always monitor the savings market to make sure we stay as competitive as possible and occasionally we must make the decision to reduce our rates.

Double Access ISA Issue 6

Previous AER* New AER* Effective from Higher rate 4.55% 4.25% 30 May 2025

Issue 9 is still available currently paying 4.50%.

Can an issue 6 be upgraded to a issue 9 or do I have to do a transfer?

The Issue 9 T&Cs say "You can have one open Double Access Cash ISA per issue." So all I did was open an issue 9 and move £1k over from issue 6 to this issue 9 (as a test). When the issue 6 rate drops in a couple of weeks I'm planning to move the rest. The only issue then is whether to close the issue 6 to get the accrued interest (since I went for the annual interest option) or keep it open in case the rate on the issue 6 might at some point be more than the issue 9.

Thanks. I’ll do the same. I get monthly interest but I think I’ll close my issue 6 as I think the difference in any interest rate between issue 6 and issue 9 in the future won’t be too far apart?

Ultrasonic

friolento said:

VNX said:

Sad to see savings rates continue to fall 

....said no mortgage holder ever

Other than all those on long term fixes...

slinger2

XDA said:

slinger2 said:

XDA said:

slinger2 said:

XDA said:

intalex said:

intalex said:

intalex said:

Though Skipton haven't yet announced rate reductions, an issue 2 of their quadruple access ISA has been made available with 4.00% AER... I wonder what they'll drop issue 1 to (from 4.35% AER)...

Rate reductions effective 9 June now published, 4-access issue 1 not on the list so presumably stays at 4.35% AER just yet...

Anyone know if the Paragon double access ISA is on notice of rate reduction (from 4.50%)?

Yes.

We're changing your interest rate We're letting you know that we’re changing the rate on your account. Like other banks, we always monitor the savings market to make sure we stay as competitive as possible and occasionally we must make the decision to reduce our rates.

Double Access ISA Issue 6

Previous AER* New AER* Effective from Higher rate 4.55% 4.25% 30 May 2025

Issue 9 is still available currently paying 4.50%.

Can an issue 6 be upgraded to a issue 9 or do I have to do a transfer?

The Issue 9 T&Cs say "You can have one open Double Access Cash ISA per issue." So all I did was open an issue 9 and move £1k over from issue 6 to this issue 9 (as a test). When the issue 6 rate drops in a couple of weeks I'm planning to move the rest. The only issue then is whether to close the issue 6 to get the accrued interest (since I went for the annual interest option) or keep it open in case the rate on the issue 6 might at some point be more than the issue 9.

Thanks. I’ll do the same. I get monthly interest but I think I’ll close my issue 6 as I think the difference in any interest rate between issue 6 and issue 9 in the future won’t be too far apart?

I managed to change issue 6 to monthly interest, so may keep it open.

Paragon operate what they call a "wallet" (called a "portfolio" elsewhere) for their ISAs. AFAIK this means that you can move money between your Paragon ISAs without worrying about doing a formal transfer; they're effectively all part of a single ISA.

VNX

friolento said:

VNX said:

Sad to see savings rates continue to fall 

....said no mortgage holder ever

Very true. You can guess if I have a mortgage or not!

Rich2808

XDA said:

slinger2 said:

XDA said:

intalex said:

intalex said:

intalex said:

Though Skipton haven't yet announced rate reductions, an issue 2 of their quadruple access ISA has been made available with 4.00% AER... I wonder what they'll drop issue 1 to (from 4.35% AER)...

Rate reductions effective 9 June now published, 4-access issue 1 not on the list so presumably stays at 4.35% AER just yet...

Anyone know if the Paragon double access ISA is on notice of rate reduction (from 4.50%)?

Yes.

We're changing your interest rate We're letting you know that we’re changing the rate on your account. Like other banks, we always monitor the savings market to make sure we stay as competitive as possible and occasionally we must make the decision to reduce our rates.

Double Access ISA Issue 6

Previous AER* New AER* Effective from Higher rate 4.55% 4.25% 30 May 2025

Issue 9 is still available currently paying 4.50%.

Can an issue 6 be upgraded to a issue 9 or do I have to do a transfer?

You have to do a transfer - but it only takes seconds online.

I find with Paragon - when there is a rate cut due it is better to also open the double access isa paying the lower rate than the one you already have at a higher rate as they tend to cut the rates of the older issues first?

I have the 4.8 per cent issue 7 - but I expect that will drop below the 4.5 per cent soon. They have dropped the rate on my old easy access isa - only has £5 in it - from 2 to 1.5 per cent i.e. more than the base rate cut.

StayinAlive

Rich2808 said:

I have the 4.8 per cent issue 7 - but I expect that will drop below the 4.5 per cent soon. They have dropped the rate on my old easy access isa - only has £5 in it - from 2 to 1.5 per cent i.e. more than the base rate cut.

I also have Issue 7 and had an email to say it was dropping plummeting to 4.25 on May 30th.

So, premumably you can just open an Issue 9 and say during the application that you're transferring in from Issue 7?? Obviously not worth doing until about the 29th.

Rich2808

StayinAlive said:

Rich2808 said:

I have the 4.8 per cent issue 7 - but I expect that will drop below the 4.5 per cent soon. They have dropped the rate on my old easy access isa - only has £5 in it - from 2 to 1.5 per cent i.e. more than the base rate cut.

I also have Issue 7 and had an email to say it was dropping plummeting to 4.25 on May 30th.

So, premumably you can just open an Issue 9 and say during the application that you're transferring in from Issue 7?? Obviously not worth doing until about the 29th.

Thanks - I haven't had that email yet about issue 7 being cut from 4.8 to 4.25 per cent. Paragon email separately per account - so it can be hard work to monitor if you have several accounts - as they don't seem to publish the full list of rates for closed accounts on their site?

But you have proved my point - a 0.25 per cent base rate cut but a 0.55 per cent cut in the Paragon rate for their double access isa issue 7. So from 30 May the current issue 9 will pay more than issue 7 - for how long we shall see!

I keep the easy access isa as it is easy to move money once from the double access (if you are doing multiple transfers) to that - and then transfer using the easy access isa to avoid exceeding the two withdrawals post rate dropping on the double access. Paragon are very efficient and typically do transfers externally in 48 hours - so the interest loss is negligible.

I like Paragon - but you need to understand how they work to maximise your interest!

refluxer

Rich2808 said:

Thanks - I haven't had that email yet about issue 7 being cut from 4.8 to 4.25 per cent. Paragon email separately per account - so it can be hard work to monitor if you have several accounts - as they don't seem to publish the full list of rates for closed accounts on their site?

You can get the interest rates for previous issues of Paragon's savings accounts here : https://www.paragonbank.co.uk/savings/historic-rates

thor

VNX said:

Sad to see savings rates continue to fall 

From already historically low rates as well.