Top Cash ISAs

margaretx9

bryn23 said:

Anyone know of a 1year fixed ISA that you can open ON-LINE without having to send in certified copies of ID docs?  I have tried the Post Office, Kent Reliance and Aldermore, all allow you to apply on-line but then you must send in certified copies of ID... not very on-line and impossible to do at the moment. Cheers Bryn

Isn't the issue more about whether they can electronically ID you or not - some people will get approved immediately and others will need to provide ID all the time. So even KRBS may reject you if you have a quirky address - often if you live in a flat where the address can be presented several ways or the postcode checker comes up with a different variant.
Paragon offer good fixed rates and operate online - I don't think I had to provide ID when I applied but it depends on you and your address.

https://www.paragonbank.co.uk/savings/savings-accounts?tabid=cash-isas

Dolly_Mixture

I am hoping someone can help me here.  I opened a Coventry Building Society cash ISA last year and put the maximum £20,000 into it.  This tax year, I am opening a Post Office ISA  and will put the maximum £20,000 into it.  Can I transfer last year's Coventry Isa into the Post Office?  I keep reading all the information but it isn't clear (to me anyway) if you can transfer an ISA if you are already up to the maximum.  I would be grateful for any help.

eskbanker

Dolly_Mixture said:

I am hoping someone can help me here.  I opened a Coventry Building Society cash ISA last year and put the maximum £20,000 into it.  This tax year, I am opening a Post Office ISA  and will put the maximum £20,000 into it.  Can I transfer last year's Coventry Isa into the Post Office?  I keep reading all the information but it isn't clear (to me anyway) if you can transfer an ISA if you are already up to the maximum.  I would be grateful for any help.

The maximum relates to contributions per tax year (not per account), so it's permissible to have many years worth of contributions in one ISA.  You can transfer last year's money into one you open this year provided that the new one accepts inbound transfers (not all do) and that it allows them at the time you want to do it (fixed rate ones only have a short initial window in which to do this).

Many on here would steer well clear of Post Office products though, their 'service' is routinely slated on numerous threads....

badger09

In addition to what Eskbanker has said, it will depend on the T&C of your particular Coventry ISA. For example if it is Fixed Rate one which has not yet matured, you may not be able to transfer it to another provider. (You would be able to close it, probably with a penalty but that wasn't the question) 

I was going to comment on the choice of Post Office in relation to another post, but assuming most people who regularly use Fixed Rate/Fixed Rate Term ISAs are unlikely to want to access their funds in a hurry, then PO website issues are unlikely to be much of a problem as at the end of the term the new provider will request the transfer

TERRYGL

Just having a look around and found with Paragon they've got a 3 year bond paying 1.5% or a 3 year ISA paying 1.25%. I'm a normal rate tax payer so sorry if i seem a bit stupid but which would be better? Thanks.

gwapenut

TERRYGL said:

Just having a look around and found with Paragon they've got a 3 year bond paying 1.5% or a 3 year ISA paying 1.25%. I'm a normal rate tax payer so sorry if i seem a bit stupid but which would be better? Thanks.

If you definitely don't need early access and you've not got more than £1000 in interest each year, the bond would be better as it's simply a case of looking at the headline interest rate.
By law ISAs need to offer you early access, with a penalty (some bonds do too, but most don't) so if this is something which could be useful, you should investigate the trade-off between lower interest and potentially better early access conditions.

margaretx9

TERRYGL said:

Just having a look around and found with Paragon they've got a 3 year bond paying 1.5% or a 3 year ISA paying 1.25%. I'm a normal rate tax payer so sorry if i seem a bit stupid but which would be better? Thanks.

Depends how much savings you have and if you think you might become a higher rate taxpayer.
Unless its a large sum you are unlikely to exceed the basic rate £1k tax free limit - but of course ISAs are tax free for life.
One thing to bear in mind is that no withdrawals are allowed on the bond but you can withdraw on the cash isa with 270 days loss of interest. You could of course go for a shorter fixed period - 1 or 2 years - if there is a chance you might need the cash before May 2023!

Poppy150951

I have large sum of money in an ISA with Nationwide and £6000 in flex direct account. Having been notified by Nationwide regarding the reduced rate if interest l would like to transfer the ISA and open another current account for my other savings where l will get a greater return on my investments. I don’t intent to touch this money within the next 5 years 

badger09

Poppy150951 said:

I have large sum of money in an ISA with Nationwide and £6000 in flex direct account. Having been notified by Nationwide regarding the reduced rate if interest l would like to transfer the ISA and open another current account for my other savings where l will get a greater return on my investments. I don’t intent to touch this money within the next 5 years 

You could start here
https://www.moneysavingexpert.com/savings/

https://www.moneysavingexpert.com/bank-accounts/

Obviously, rates are changing almost daily, so check before you actually start any transfers

leafy211

Moneysavingexpert article stated the following:
Is it even worth saving in an ISA as rates are so low?Yes if you want a tax-free lump sum for the future.
But if you're thinking "I want high rates AND a tax-free savings pot", there is an answer. You could put cash into a higher-paying account, then a week before the end of the tax year (5 April), move the cash into an ISA.
You get the high rate for a year, and keep it safe from the taxman going forward. Im not clear on the advantage of the section I have highlighted in italics, suggesting saving in a high interest savings account and then moving into an ISA just before end of tax year.  My understanding is that any interest earnt from a normal savings account will be included in the yearly interest allowance of £1000. So why rush to move it into an ISA (other than utilising the ISA allowance for that particular tax year)?