Cash ISAs: The Best Currently Available List

2010

At the time the two banks rates weren't "too good to be true", they were just the best available.
Many big organisations, including county councils, had money with them.
Often hundreds of thousands.
The government, mainly Alistair Darling, paid the money back to savers, hoping to eventually get it back from Iceland.

Incidentally, Isbank meteor, who I've never heard of are covered by the £85k deposit scheme.

Personally, looking at the current 1yr ISA fixes, I've decided to go with NatWest at 4.2% until 7th January 2027

SickGroove

So, just received my maturity instructions from Coventry Building Society for my fixed rate cash ISA & as previously advised on here, it defaults into another fix with them automatically unless I take action...

It's all old money so I'm looking to transfer to either Chip (as a new customer as in closed my account a couple of months ago) or Zopa for a better rate than the 3.7% that Coventry are offering...

Firstly, do I need to open an easy access cash ISA with Coventry, to ensure it doesn't go into another fix with them...

If so, I can get 6 Access ISA - 1 Year (2) Statement @ 3.70% or Easy Access ISA (12) @ 2.2%

Is the 6 Access ISA classed as an easy access so I can just transfer it to another provider once it matures at the ends of this month? 

Alternatively, can I just take out a cash ISA with Chip, Zopa or someone else who accepts transfers in & no new money, and just request they don't transfer until after maturity date? So you get that option to avoid any penalties?

Cheers

refluxer

SickGroove said:

So, just received my maturity instructions from Coventry Building Society for my fixed rate cash ISA & as previously advised on here, it defaults into another fix with them automatically unless I take action...

It's all old money so I'm looking to transfer to either Chip (as a new customer as in closed my account a couple of months ago) or Zopa for a better rate than the 3.7% that Coventry are offering...

Firstly, do I need to open an easy access cash ISA with Coventry, to ensure it doesn't go into another fix with them...

If so, I can get 6 Access ISA - 1 Year (2) Statement @ 3.70% or Easy Access ISA (12) @ 2.2%

Is the 6 Access ISA classed as an easy access so I can just transfer it to another provider once it matures at the ends of this month? 

Alternatively, can I just take out a cash ISA with Chip, Zopa or someone else who accepts transfers in & no new money, and just request they don't transfer until after maturity date? So you get that option to avoid any penalties?

While it is possible to arrange transfers from fixed rate cash ISAs 'on maturity', I always play it safe and let mine mature into easy access or 'maturity' accounts first before I transfer away and, as a result, have never had an issue.

With Coventry's default option being another fixed rate, I'd be even more inclined to specify it gets transferred into one of their easy access ISAs and then transfer from there because, if anything goes wrong with an external transfer that you attempt to arrange on maturity (and delays can happen), it's going to be more hassle than usual to put right.

One drawback to this approach is that the easy access ISA is likely to take on a new account number so you can't arrange the subsequent external transfer in advance of your existing ISA maturing but, provided you stick with providers who do electronic ISA transfers, it's not going to make much difference to the overall return, particularly if the easy access ISA you choose has a rate which isn't too different to the new fixed rate account you're applying for elsewhere.

Coventry's 6 Access ISA does indeed sound like an easy access ISA which is limited to 6 withdrawals, but it always makes sense to read the T&Cs carefully to ensure you can transfer the whole lot away without a problem.

One quick word about Zopa - if you're not familiar with their cash ISAs, all ISAs you hold with them (in the form of 'pots') are considered to be part of the same 'Smart ISA' and they don't allow partial withdrawals from a Smart ISA. If you only intend to hold one single easy access or one fixed rate ISA pot with them, then transferring your whole balance away in the future won't be an issue but if you did decide to open a mixture of different pots which included one or more fixed rate pots, then all of your ISA money would be locked in for the duration of your longest fix if you wanted to avoid paying a penalty for transferring away before maturity of that fix. Just something to bear in mind.

SickGroove

refluxer said:

SickGroove said:

So, just received my maturity instructions from Coventry Building Society for my fixed rate cash ISA & as previously advised on here, it defaults into another fix with them automatically unless I take action...

It's all old money so I'm looking to transfer to either Chip (as a new customer as in closed my account a couple of months ago) or Zopa for a better rate than the 3.7% that Coventry are offering...

Firstly, do I need to open an easy access cash ISA with Coventry, to ensure it doesn't go into another fix with them...

If so, I can get 6 Access ISA - 1 Year (2) Statement @ 3.70% or Easy Access ISA (12) @ 2.2%

Is the 6 Access ISA classed as an easy access so I can just transfer it to another provider once it matures at the ends of this month? 

Alternatively, can I just take out a cash ISA with Chip, Zopa or someone else who accepts transfers in & no new money, and just request they don't transfer until after maturity date? So you get that option to avoid any penalties?

While it is possible to arrange transfers from fixed rate cash ISAs 'on maturity', I always play it safe and let mine mature into easy access or 'maturity' accounts first before I transfer away and, as a result, have never had an issue.

With Coventry's default option being another fixed rate, I'd be even more inclined to specify it gets transferred into one of their easy access ISAs and then transfer from there because, if anything goes wrong with an external transfer that you attempt to arrange on maturity (and delays can happen), it's going to be more hassle than usual to put right.

One drawback to this approach is that the easy access ISA is likely to take on a new account number so you can't arrange the subsequent external transfer in advance of your existing ISA maturing but, provided you stick with providers who do electronic ISA transfers, it's not going to make much difference to the overall return, particularly if the easy access ISA you choose has a rate which isn't too different to the new fixed rate account you're applying for elsewhere.

Coventry's 6 Access ISA does indeed sound like an easy access ISA which is limited to 6 withdrawals, but it always makes sense to read the T&Cs carefully to ensure you can transfer the whole lot away without a problem.

One quick word about Zopa - if you're not familiar with their cash ISAs, all ISAs you hold with them (in the form of 'pots') are considered to be part of the same 'Smart ISA' and they don't allow partial withdrawals from a Smart ISA. If you only intend to hold one single easy access or one fixed rate ISA pot with them, then transferring your whole balance away in the future won't be an issue but if you did decide to open a mixture of different pots which included one or more fixed rate pots, then all of your ISA money would be locked in for the duration of your longest fix if you wanted to avoid paying a penalty for transferring away before maturity of that fix. Just something to bear in mind.

Thanks for the detailed explanation.

Coventry only gave me 3 options for ISA maturity... ALL FIXED RATE! 

So I've opened both of their easy access ISA accounts they currently have (as mentioned in my previous post) but, unlike other banks such as Charter, neither of them are showing under my maturity options even though they are both open & showing in my account.

Normally, when you open a new ISA account it then appears under maturity options...

With Coventry it seems you need to select withdraw under the maturity options where both accounts then appear.

I assume as it's under their maturity instructions, it won't immediately withdraw to the selected new easy access ISA account!!!

Also the 6 Access ISA states...

Can I withdraw money?

This is a flexible ISA. You can take money out and put it back in later without it counting any further towards your annual ISA allowance, aslong as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you cant transfer the allowance to 6 Access ISA – 1 Year (2). You can take money out of your account up to six times without having to pay a charge. From the seventh withdrawal onwards (which can include closure), you'll receive a charge equal to 50 days' interest based on the amount you're withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).

How to take money out of your account

- Arrange an ISA Transfer to another provider, without losing the tax-free status of your savings; contact them to arrange this

So reading that, once the funds are showing in the 6 Access ISA, I can then star the ISA transfer to the provider of my choosing?

refluxer

SickGroove said:

Coventry only gave me 3 options for ISA maturity... ALL FIXED RATE! 

So I've opened both of their easy access ISA accounts they currently have (as mentioned in my previous post) but, unlike other banks such as Charter, neither of them are showing under my maturity options even though they are both open & showing in my account.

That's really poor. You would expect to have all their currently available cash ISAs as maturity options, regardless of whether you currently have one open or not.

SickGroove said:

With Coventry it seems you need to select withdraw under the maturity options where both accounts then appear.

I assume as it's under their maturity instructions, it won't immediately withdraw to the selected new easy access ISA account!!

I would be wary about going down the 'withdrawal' route, whether the ISAs in question are flexible or not. What you obviously want to do is do an internal transfer on maturity to one of their easy access cash ISAs so there must be a way to do this - I've opened many fixed rate cash ISAs with lots of different providers over the years and have never come across an occasion when this hasn't been possible. The only situation I can think of where this wouldn't be possible is when the provider doesn't actually offer an easy access ISA account.

SickGroove said:

Also the 6 Access ISA states...

Can I withdraw money?

This is a flexible ISA. You can take money out and put it back in later without it counting any further towards your annual ISA allowance, aslong as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you cant transfer the allowance to 6 Access ISA – 1 Year (2). You can take money out of your account up to six times without having to pay a charge. From the seventh withdrawal onwards (which can include closure), you'll receive a charge equal to 50 days' interest based on the amount you're withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).

How to take money out of your account

- Arrange an ISA Transfer to another provider, without losing the tax-free status of your savings; contact them to arrange this

So reading that, once the funds are showing in the 6 Access ISA, I can then star the ISA transfer to the provider of my choosing?

It certainly sound like it from the details you posted, which is what you'd expect with an easy access ISA.

SickGroove

refluxer said:

SickGroove said:

Coventry only gave me 3 options for ISA maturity... ALL FIXED RATE! 

So I've opened both of their easy access ISA accounts they currently have (as mentioned in my previous post) but, unlike other banks such as Charter, neither of them are showing under my maturity options even though they are both open & showing in my account.

That's really poor. You would expect to have all their currently available cash ISAs as maturity options, regardless of whether you currently have one open or not.

SickGroove said:

With Coventry it seems you need to select withdraw under the maturity options where both accounts then appear.

I assume as it's under their maturity instructions, it won't immediately withdraw to the selected new easy access ISA account!!

I would be wary about going down the 'withdrawal' route, whether the ISAs in question are flexible or not. What you obviously want to do is do an internal transfer on maturity to one of their easy access cash ISAs so there must be a way to do this - I've opened many fixed rate cash ISAs with lots of different providers over the years and have never come across an occasion when this hasn't been possible. The only situation I can think of where this wouldn't be possible is when the provider doesn't actually offer an easy access ISA account.

SickGroove said:

Also the 6 Access ISA states...

Can I withdraw money?

This is a flexible ISA. You can take money out and put it back in later without it counting any further towards your annual ISA allowance, aslong as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you cant transfer the allowance to 6 Access ISA – 1 Year (2). You can take money out of your account up to six times without having to pay a charge. From the seventh withdrawal onwards (which can include closure), you'll receive a charge equal to 50 days' interest based on the amount you're withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).

How to take money out of your account

- Arrange an ISA Transfer to another provider, without losing the tax-free status of your savings; contact them to arrange this

So reading that, once the funds are showing in the 6 Access ISA, I can then star the ISA transfer to the provider of my choosing?

It certainly sound like it from the details you posted, which is what you'd expect with an easy access ISA.

Yeah it's pretty poor that the only maturity options Coventry Building Society offer are 3 fixed cash ISAs & if you do nothing, you automatically get put into one of them...

As I say they do offer two easy access cash ISAs but neither available as a maturity option, which is ridiculous.

I've opened both easy access cash ISAs but when I go into the maturity options it still only shows the 3 fixed options but under the withdrawal option the the new easy access cash ISA accounts are both showing...

As the withdrawal option is only available under the maturity section, you would hope that by selecting the 6 Access ISA or standard easy access ISA, it would withdraw upon maturity...

I will certainly be transferring the whole balance out (via ISA transfer process) elsewhere as soon as it hits my easy access Cash ISA.

It's my first maturing cash ISA with Coventry so don't need this palava moving forward.

Not sure if anyone else has had the same experience with a maturing Coventry cash ISA.

fuzzzzy

SickGroove said:

refluxer said:

SickGroove said:

Coventry only gave me 3 options for ISA maturity... ALL FIXED RATE! 

So I've opened both of their easy access ISA accounts they currently have (as mentioned in my previous post) but, unlike other banks such as Charter, neither of them are showing under my maturity options even though they are both open & showing in my account.

That's really poor. You would expect to have all their currently available cash ISAs as maturity options, regardless of whether you currently have one open or not.

SickGroove said:

With Coventry it seems you need to select withdraw under the maturity options where both accounts then appear.

I assume as it's under their maturity instructions, it won't immediately withdraw to the selected new easy access ISA account!!

I would be wary about going down the 'withdrawal' route, whether the ISAs in question are flexible or not. What you obviously want to do is do an internal transfer on maturity to one of their easy access cash ISAs so there must be a way to do this - I've opened many fixed rate cash ISAs with lots of different providers over the years and have never come across an occasion when this hasn't been possible. The only situation I can think of where this wouldn't be possible is when the provider doesn't actually offer an easy access ISA account.

SickGroove said:

Also the 6 Access ISA states...

Can I withdraw money?

This is a flexible ISA. You can take money out and put it back in later without it counting any further towards your annual ISA allowance, aslong as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you cant transfer the allowance to 6 Access ISA – 1 Year (2). You can take money out of your account up to six times without having to pay a charge. From the seventh withdrawal onwards (which can include closure), you'll receive a charge equal to 50 days' interest based on the amount you're withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).

How to take money out of your account

- Arrange an ISA Transfer to another provider, without losing the tax-free status of your savings; contact them to arrange this

So reading that, once the funds are showing in the 6 Access ISA, I can then star the ISA transfer to the provider of my choosing?

It certainly sound like it from the details you posted, which is what you'd expect with an easy access ISA.

Yeah it's pretty poor that the only maturity options Coventry Building Society offer are 3 fixed cash ISAs & if you do nothing, you automatically get put into one of them...

As I say they do offer two easy access cash ISAs but neither available as a maturity option, which is ridiculous.

I've opened both easy access cash ISAs but when I go into the maturity options it still only shows the 3 fixed options but under the withdrawal option the the new easy access cash ISA accounts are both showing...

As the withdrawal option is only available under the maturity section, you would hope that by selecting the 6 Access ISA or standard easy access ISA, it would withdraw upon maturity...

I will certainly be transferring the whole balance out (via ISA transfer process) elsewhere as soon as it hits my easy access Cash ISA.

It's my first maturing cash ISA with Coventry so don't need this palava moving forward.

Not sure if anyone else has had the same experience with a maturing Coventry cash ISA.

I haven't opened a Coventry ISA for a while, but usually when you open an ISA with most providers it will ask at application if you want to transfer an ISA in, and you could have opted at that stage to transfer in at maturity? You could also check online in the newly opened ISAs and see if there is any way to give instruction to transfer in. Failing that just give them a ring.

I agree though Coventry should really offer easy access ISAs as well as fixed rate as maturity options.

clairec666

fuzzzzy said:

SickGroove said:

refluxer said:

SickGroove said:

Coventry only gave me 3 options for ISA maturity... ALL FIXED RATE! 

So I've opened both of their easy access ISA accounts they currently have (as mentioned in my previous post) but, unlike other banks such as Charter, neither of them are showing under my maturity options even though they are both open & showing in my account.

That's really poor. You would expect to have all their currently available cash ISAs as maturity options, regardless of whether you currently have one open or not.

SickGroove said:

With Coventry it seems you need to select withdraw under the maturity options where both accounts then appear.

I assume as it's under their maturity instructions, it won't immediately withdraw to the selected new easy access ISA account!!

I would be wary about going down the 'withdrawal' route, whether the ISAs in question are flexible or not. What you obviously want to do is do an internal transfer on maturity to one of their easy access cash ISAs so there must be a way to do this - I've opened many fixed rate cash ISAs with lots of different providers over the years and have never come across an occasion when this hasn't been possible. The only situation I can think of where this wouldn't be possible is when the provider doesn't actually offer an easy access ISA account.

SickGroove said:

Also the 6 Access ISA states...

Can I withdraw money?

This is a flexible ISA. You can take money out and put it back in later without it counting any further towards your annual ISA allowance, aslong as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you cant transfer the allowance to 6 Access ISA – 1 Year (2). You can take money out of your account up to six times without having to pay a charge. From the seventh withdrawal onwards (which can include closure), you'll receive a charge equal to 50 days' interest based on the amount you're withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).

How to take money out of your account

- Arrange an ISA Transfer to another provider, without losing the tax-free status of your savings; contact them to arrange this

So reading that, once the funds are showing in the 6 Access ISA, I can then star the ISA transfer to the provider of my choosing?

It certainly sound like it from the details you posted, which is what you'd expect with an easy access ISA.

Yeah it's pretty poor that the only maturity options Coventry Building Society offer are 3 fixed cash ISAs & if you do nothing, you automatically get put into one of them...

As I say they do offer two easy access cash ISAs but neither available as a maturity option, which is ridiculous.

I've opened both easy access cash ISAs but when I go into the maturity options it still only shows the 3 fixed options but under the withdrawal option the the new easy access cash ISA accounts are both showing...

As the withdrawal option is only available under the maturity section, you would hope that by selecting the 6 Access ISA or standard easy access ISA, it would withdraw upon maturity...

I will certainly be transferring the whole balance out (via ISA transfer process) elsewhere as soon as it hits my easy access Cash ISA.

It's my first maturing cash ISA with Coventry so don't need this palava moving forward.

Not sure if anyone else has had the same experience with a maturing Coventry cash ISA.

I haven't opened a Coventry ISA for a while, but usually when you open an ISA with most providers it will ask at application if you want to transfer an ISA in, and you could have opted at that stage to transfer in at maturity? You could also check online in the newly opened ISAs and see if there is any way to give instruction to transfer in. Failing that just give them a ring.

I agree though Coventry should really offer easy access ISAs as well as fixed rate as maturity options.

Following this thread with interest as I've got a Coventry ISA maturing next year.

Generally I avoid attempting to transfer until after maturity, as I've heard a few horror stories about providers who don't do the "transfer at maturity" thing properly and people have ended up paying an interest penalty for withdrawing before term. To avoid this headache (rare though it may be) I'd rather let the ISA mature into an easy-access even through it will be at a rubbish interest rate for a few days.

Looking at their current fixed rate offer, it says:
"At maturity, the money in this account will be automatically re-invested into the default option unless you have asked us to do something else with it. However, you’ll have the option to take money out or even close your new ISA, without being charged within 21 days after the end of your fixed period."
So you've got a bit more leeway than the usual 14 day cancellation period.