Confused about 'best time of year to open a cash ISA - help!

F1F93

aprilthedog wrote: »

I've only just been able to navigate to my original post (I couldn't find the 'posts you made' link - told you I was a moron..)

But thanks for your advice and I think you're right. I've looked at 'Which?'s guide too, and they've highlighted a regular savings account by HSBC offering 6% interest. You have to bank with them - I don't and I'm not sure whether they'll let me in just to take advantage of this savings rate - and I'm wondering if there's another catch. I mean when I first saw it on 'Which?' I thought, why hasn't it been on Money Savings Expert?

But perhaps it has and I missed it.

So thanks for your reply, I do appreciate it!:D

That HSBC account is on MSE, under the regular savings account page. However you need to have one of their paying accounts to be eligible for the 6%, which will cost you more than the interest you gain, so theres no point unless you're already a happy customer. Otherwise it'll give you (a still pretty reasonable!) 4%.

However the First Direct account offers the same thing (6%, fee-paying accounts only) however you can avoid the fee by opening a standard savings account too. This account is pretty well advertised on MSE!

Also bear in mind that both of these are useless for the £1000 you already have. You are only allowed to put in £25-300 a month, so you'll have to wait until month 3 before it's all in there.

Like it has already been said, Nationwide FlexDirect and Halifax Rewards is your best bet, although you need 2 direct debits for the Halifax. This'll get you 5% (before tax) on the Nationwide and £5 flat interest for the Halifax.

Both require £1000 deposit per month to be eligible - but you can just shift your £1000 between your accounts so both have had £1000 coming in.

HTH.