Cash ISAs: The Best Currently Available List

CuparLad

2010 said:

...I'm put off going with Cynergy because of the rigmarole of their bank authenticator app.

The Autenticator App is end of life. It's all done through the banking app and is very straightforward.

fuzzzzy

I have just had maturity instructions through from Kent Reliance this weekend for a fixed rate ISA maturing early December. 

They are another one of those annoying providers that default to another fix at maturity if no instruction is received.

I also notice that the interest rate on their maturity option 2 year fix is only 3.5%, which is less than the 2 year fix on their website which is currently 3.86%! Not impressed.

Anyway I am transferring to another provider and have just initiated a transfer to Cynergy to take place at maturity. Fingers crossed it all goes smoothly.

Edit to add: 

I see that Cynergy also default to another fix at maturity too which is annoying.

winkowinko

You can politely decline the 3.5% they are offering and tell them that you would like the 3.86% instead. 

Just because they've offered you the lower rate, doesn't mean that they can't give you the higher one.

fuzzzzy

Yes I am aware of that, but still think to offer a maturity rate that is lower than the rate on their website is pretty poor in my opinion, considering they only give 14 days notice of maturity.

The 14 days notice is given via secure message which they do not email you about. Maturity options received in the post 5 days later.

refluxer

fuzzzzy said:

Yes I am aware of that, but still think to offer a maturity rate that is lower than the rate on their website is pretty poor in my opinion, considering they only give 14 days notice of maturity.

The 14 days notice is given via secure message which they do not email you about. Maturity options received in the post 5 days later.

There has been a fair few changes with fixed rate ISA rates from many providers in the last few weeks so it wouldn't be too surprising if any posted maturity documents from Kent Reliance were out of date by the time they were received, but it would be disappointing if the options offered online didn't reflect the latest rates - is that the case ?

While Kent Reliance and Cynergy defaulting automatically to another fixed rate ISA isn't ideal, I'd hope that they offer the option to transfer internally into one of their own easy access cash ISAs if required - the issue with Coventry seems to be that they don't do this, which is very odd considering they also offer easy access ISA accounts.

fuzzzzy

refluxer said:

fuzzzzy said:

Yes I am aware of that, but still think to offer a maturity rate that is lower than the rate on their website is pretty poor in my opinion, considering they only give 14 days notice of maturity.

The 14 days notice is given via secure message which they do not email you about. Maturity options received in the post 5 days later.

There has been a fair few changes with fixed rate ISA rates from many providers in the last few weeks so it wouldn't be too surprising if any posted maturity documents from Kent Reliance were out of date by the time they were received, but it would be disappointing if the options offered online didn't reflect the latest rates - is that the case ?

While Kent Reliance and Cynergy defaulting automatically to another fixed rate ISA isn't ideal, I'd hope that they offer the option to transfer internally into one of their own easy access cash ISAs if required - the issue with Coventry seems to be that they don't do this, which is very odd considering they also offer easy access ISA accounts.

The posted maturity options are the same as those provided online via secure message. I suppose it is possible that the fixed rate on offer from Kent Reliance had increased in the 5 days since the maturity options were produced, as I did not check them until I received the postal options. I would like to think though that if rate increases were imminent they would have provided them or given the assurance that an uprate  would be automatic if that happened, as some providers do.

Yes they do have an easy access ISA as an option. I personally think this should be the default maturity option.

Patr100

So 12K limit from April 2027, get your top ups in this  year if  you haven't already and next, and hopefully can still move around to conserve some benefit specially  as potential tax on savings when over the personal allowances etc ,  will be increased by 2%.

janusd

Patr100 said:

So 12K limit from April 2026, get your top ups in this  year if  you haven't already and hopefully can still move around to conserve some benefit
specially  as potential tax on savings when over the personal allowances etc ,  will be increased by 2%.

£12k change is April 2027 - so plenty of time yet.

Patr100

janusd said:

Patr100 said:

So 12K limit from April 2026, get your top ups in this  year if  you haven't already and hopefully can still move around to conserve some benefit
specially  as potential tax on savings when over the personal allowances etc ,  will be increased by 2%.

£12k change is April 2027 - so plenty of time yet.

Yeah I mistyped the date and changed it.
I will be 64 then, could sit on it for a year til I get the full 20k back.

pecunianonolet

Enough time to plan the departure of the UK for better tax jurisdictions.