Cash ISAs: The Best Currently Available List

Ch1ll1Phlakes

clairec666 said:

masonic said:

Kim_13 said:

masonic said:

Ch1ll1Phlakes said:

I did email them about this. This was their reply.

"
You are more than welcome to open an ISA with Vida Savings even if you have already done so this tax year.

You can transfer in any old subscriptions in full or in part however, if you wanted to deposit any of your current subscriptions, we would require you to hold the full amount with us.

When the government introduced the new ISA rules that let people split their ISA subscriptions between different providers in the same tax year, banks were given the option to adopt these new rules and Vida have decided not to at this time.

So, if you're saving with us, your 25/26 ISA contributions will need to stay with us for the current tax year.
"

Well that suggests they don't support partial transfers of current year subscriptions in or out, but not that you must move any current year subscriptions held elsewhere.

Well, yes, but as they still think that requiring a customer to have all current year subscriptions with them is legitimate, you’d have to make a false declaration that you did not have any current year subscriptions.
Not supporting partial transfers of current year subscriptions was optional for providers, but it is their final sentence that is causing the problem. The screenshot from their application process only exists because of that sentence.

It demonstrates a woeful naivety on their part. There is nothing in the legislation about the latter part being optional. Even if the lack of restriction to one cash ISA were optional, it would be the consumer who has the choice whether or not to subscribe to multiple cash ISAs. The provider cannot turn it from an option into no option. That would be a term that affects your statutory rights, which consumer contracts cannot do.

Because of the screenshot, the Financial Ombudsman test case will need to come from someone who subscribes to a Vida cash ISA first, then wishes to use the rest of their allowance in a different cash ISA.

Can't see how enforcing this "rule" (legal or not) is of any use to them, and can surely only lose them customers. I for one would be put off - I don't want to be tied to one cash ISA this year, I'd like to put some money into an easy-access and some into a fixed rate.

Also, the line "So, if you're saving with us, your 25/26 ISA contributions will need to stay with us for the current tax year." - kind of implies you can't transfer out later in the year? Surely wrong.

Everything discussed here is what I had thought. The fact that multiple ISAs are now allowed per year should mean that a Vida ISA can be opened without having to move current year subscriptions. Based on what the email and application had said (specifically "Your current year's ISA subscription must be moved to us in full") I decided against opening the account as I have current year subscriptions in a stocks & shares ISA and wasn't willing to transfer them.

EDIT:
To go back to their email, I do now recall that multiple-isas-per-year rules were optional for providers so their rules are somewhat ok. However, the language used here doesn't get that message across clearly especially since I had to email them for this information. Nowhere on the website or ISA product pages is it mentioned that Vida will only accept current-year subscriptions if all subscriptions are held with them.

Plus, the optional part of the rules was about whether they chose to offer multiple ISA subscriptions to customers. For example, Barclays and Principality Building Society (to name a few) still only allow you to open one ISA with them per year but their websites still clearly explain you can open ISAs with other providers.

I think Vida might have got a little confused with the rules here.

masonic

Ch1ll1Phlakes said:

EDIT:
To go back to their email, I do now recall that multiple-isas-per-year rules were optional for providers so their rules are actually ok. However, the language used here doesn't get that message across clearly especially since I had to email them for this information. Nowhere on the website or ISA product pages is it mentioned that Vida will only accept current-year subscriptions if all subscriptions are held with them.

They are entitled to only let you have one Vida cash ISA. They are not entitled to interfere in your choice of ISAs you hold elsewhere.

Ch1ll1Phlakes

masonic said:

Ch1ll1Phlakes said:

EDIT:
To go back to their email, I do now recall that multiple-isas-per-year rules were optional for providers so their rules are actually ok. However, the language used here doesn't get that message across clearly especially since I had to email them for this information. Nowhere on the website or ISA product pages is it mentioned that Vida will only accept current-year subscriptions if all subscriptions are held with them.

They are entitled to only let you have one Vida cash ISA. They are not entitled to interfere in your choice of ISAs you hold elsewhere.

Yep edited my last message you're entirely correct. The funny thing is they allow multiple ISAs with themselves. To quote their summary for the easy access ISA 

"You can spread your ISA allowance across multiple ISAs in our range. This is subject to HMRC guidelines, and you must not exceed your annual ISA allowance. You can request to transfer in ISAs held with other providers at any time.​"

Kim_13

Ch1ll1Phlakes said:

clairec666 said:

masonic said:

Kim_13 said:

masonic said:

Ch1ll1Phlakes said:

I did email them about this. This was their reply.

"
You are more than welcome to open an ISA with Vida Savings even if you have already done so this tax year.

You can transfer in any old subscriptions in full or in part however, if you wanted to deposit any of your current subscriptions, we would require you to hold the full amount with us.

When the government introduced the new ISA rules that let people split their ISA subscriptions between different providers in the same tax year, banks were given the option to adopt these new rules and Vida have decided not to at this time.

So, if you're saving with us, your 25/26 ISA contributions will need to stay with us for the current tax year.
"

Well that suggests they don't support partial transfers of current year subscriptions in or out, but not that you must move any current year subscriptions held elsewhere.

Well, yes, but as they still think that requiring a customer to have all current year subscriptions with them is legitimate, you’d have to make a false declaration that you did not have any current year subscriptions.
Not supporting partial transfers of current year subscriptions was optional for providers, but it is their final sentence that is causing the problem. The screenshot from their application process only exists because of that sentence.

It demonstrates a woeful naivety on their part. There is nothing in the legislation about the latter part being optional. Even if the lack of restriction to one cash ISA were optional, it would be the consumer who has the choice whether or not to subscribe to multiple cash ISAs. The provider cannot turn it from an option into no option. That would be a term that affects your statutory rights, which consumer contracts cannot do.

Because of the screenshot, the Financial Ombudsman test case will need to come from someone who subscribes to a Vida cash ISA first, then wishes to use the rest of their allowance in a different cash ISA.

Can't see how enforcing this "rule" (legal or not) is of any use to them, and can surely only lose them customers. I for one would be put off - I don't want to be tied to one cash ISA this year, I'd like to put some money into an easy-access and some into a fixed rate.

Also, the line "So, if you're saving with us, your 25/26 ISA contributions will need to stay with us for the current tax year." - kind of implies you can't transfer out later in the year? Surely wrong.

Everything discussed here is what I had thought. The fact that multiple ISAs are now allowed per year should mean that a Vida ISA can be opened without having to move current year subscriptions. Based on what the email and application had said (specifically "Your current year's ISA subscription must be moved to us in full") I decided against opening the account as I have current year subscriptions in a stocks & shares ISA and wasn't willing to transfer them.

EDIT:
To go back to their email, I do now recall that multiple-isas-per-year rules were optional for providers so their rules are somewhat ok. However, the language used here doesn't get that message across clearly especially since I had to email them for this information. Nowhere on the website or ISA product pages is it mentioned that Vida will only accept current-year subscriptions if all subscriptions are held with them.

Plus, the optional part of the rules was about whether they chose to offer multiple ISA subscriptions to customers. For example, Barclays and Principality Building Society (to name a few) still only allow you to open one ISA with them per year but their websites still clearly explain you can open ISAs with other providers.

I think Vida might have got a little confused with the rules here.

Your S&S ISA plus a Vida Cash ISA would have been compliant with the old rules - one ISA of each type per tax year was permitted. 

Having checked again, they do say Cash ISA, so you can honestly answer no and proceed.

friolento

masonic said:

Ch1ll1Phlakes said:

EDIT:
To go back to their email, I do now recall that multiple-isas-per-year rules were optional for providers so their rules are actually ok. However, the language used here doesn't get that message across clearly especially since I had to email them for this information. Nowhere on the website or ISA product pages is it mentioned that Vida will only accept current-year subscriptions if all subscriptions are held with them.

They are entitled to only let you have one Vida cash ISA. They are not entitled to interfere in your choice of ISAs you hold elsewhere.

Most importantly, they have no means of finding out whether you have current year subscriptions elsewhere (unless you feel compelled to tell them). 

We've gone round these irrational requests from some ISA providers - KRBS and Charter spring to mind. Although I would not normally give a provider false information, I would make an exception here and say I have not subscribed elsewhere (except if I positively wanted to transfer a current year subscription to them).

surreysaver

friolento said:

masonic said:

Ch1ll1Phlakes said:

EDIT:
To go back to their email, I do now recall that multiple-isas-per-year rules were optional for providers so their rules are actually ok. However, the language used here doesn't get that message across clearly especially since I had to email them for this information. Nowhere on the website or ISA product pages is it mentioned that Vida will only accept current-year subscriptions if all subscriptions are held with them.

They are entitled to only let you have one Vida cash ISA. They are not entitled to interfere in your choice of ISAs you hold elsewhere.

Most importantly, they have no means of finding out whether you have current year subscriptions elsewhere (unless you feel compelled to tell them). 

We've gone round these irrational requests from some ISA providers - KRBS and Charter spring to mind. Although I would not normally give a provider false information, I would make an exception here and say I have not subscribed elsewhere (except if I positively wanted to transfer a current year subscription to them).

And the disclaimer asks if you have already subscribed. It doesn't ask if you're not going to subscribe to another ISA

rallycurve

rallycurve said:

Does anybody know how long it normally takes for Kent Reliance to reduce their rates on withdrawn easy access accounts?

Their NLA easy access cash ISAs issue 55 (withdrawn 10 April) and 56 (withdrawn 8 May) still pay more than their latest version at 4.36% and I am wondering if they have an habit of keeping the higher rate for a while? Should we expect an immediate reduction or maybe we will be getting some extra pence for a couple of months?

Kent Reliance

Replying to myself in case people try to find this kind of information in the future.

I have just received an email of a rate drop on issue 55 to 4.21% from 24 July. This is exactly 3 months since it was withdrawn, plus 14 days notice. 
And they are reducing it to a lower rate than their latest available issue (4.38%) so makes sense to request an internal transfer to that one

happybagger

friolento said:

We've gone round these irrational requests from some ISA providers - KRBS and Charter spring to mind

 I see that Marsden BS have the same 'requirement' in their "additional information" section

allegro120

friolento said:

masonic said:

Ch1ll1Phlakes said:

EDIT:
To go back to their email, I do now recall that multiple-isas-per-year rules were optional for providers so their rules are actually ok. However, the language used here doesn't get that message across clearly especially since I had to email them for this information. Nowhere on the website or ISA product pages is it mentioned that Vida will only accept current-year subscriptions if all subscriptions are held with them.

They are entitled to only let you have one Vida cash ISA. They are not entitled to interfere in your choice of ISAs you hold elsewhere.

Most importantly, they have no means of finding out whether you have current year subscriptions elsewhere (unless you feel compelled to tell them). 

We've gone round these irrational requests from some ISA providers - KRBS and Charter spring to mind. Although I would not normally give a provider false information, I would make an exception here and say I have not subscribed elsewhere (except if I positively wanted to transfer a current year subscription to them).

This rule doesn't make any sense.  Firstly, as you said, they don't know which subscription or part of subscription they are receiving. Secondly, having mixture of previous and current year allowances spread across a number of providers (some of them credit interest monthly without describing which part of interest is for which year's allowance) makes it quite difficult to calculate the figure required to obey this rule. 

friolento

Email from Vida today about their ISA T&Cs changing. Seems they had a review of their rules and are now going full-on flexible. Though they haven't explicitly removed their non-sensical  "must not have current year subscription elsewhere" requirement