Top Cash ISAs

derrick

gwapenut said:

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derrick said:

gwapenut said:

What are the early access terms for the 48 months ISA? It may work out well to do that for a couple of years and jump ship / pay the penalty when rates improve.

Withdrawals will not be permitted until this account matures.
This account can only be closed subject to a charge equal to 120 calendar days interest on the balance in this account at the time of closure.

The 120 days is very reasonable if you don't mind losing the tax free status on all the money when you take it out. Subject to allowances, it could be put into another ISA when withdrawn.
Alternatively, if you max out your allowance each year and don't want to lose any tax free status, a workaround that sometimes works is to transfer / close it when you need the money to a more flexible or lucrative account, paying the 120 days penalty on the whole amount. It all depends on whether the T&Cs allow entire transfers out with 120 days penalty.

As the T&Cs say can only be closed, i.e. no partial withdrawals, then I can only assume a closure would include a transfer.

I have not filled my ISA allowance for several years and have no intention at the moment of filling this tax years due to the dismal interest rates.

But the 120 days would actually involve a lot of money, so any other account would have to have a substantial increased interest rate.

gwapenut

derrick said:

show previous quotes

gwapenut said:

derrick said:

gwapenut said:

What are the early access terms for the 48 months ISA? It may work out well to do that for a couple of years and jump ship / pay the penalty when rates improve.

Withdrawals will not be permitted until this account matures.
This account can only be closed subject to a charge equal to 120 calendar days interest on the balance in this account at the time of closure.

The 120 days is very reasonable if you don't mind losing the tax free status on all the money when you take it out. Subject to allowances, it could be put into another ISA when withdrawn.
Alternatively, if you max out your allowance each year and don't want to lose any tax free status, a workaround that sometimes works is to transfer / close it when you need the money to a more flexible or lucrative account, paying the 120 days penalty on the whole amount. It all depends on whether the T&Cs allow entire transfers out with 120 days penalty.

As the T&Cs say can only be closed, i.e. no partial withdrawals, then I can only assume a closure would include a transfer.

I have not filled my ISA allowance for several years and have no intention at the moment of filling this tax years due to the dismal interest rates.

But the 120 days would actually involve a lot of money, so any other account would have to have a substantial increased interest rate.

Let's say you close your account after 2 years.
You'll get 1.4% on the first year of savings. You'll get 1.4% x 2/3 of a year on the second year.
Ignoring compounding, this is an average of 1.17% roughly, which easily beats the 24 month deal at 1% for the same investment term. If rates stay low for a third year - something I am assuming, the way Covid is going - then you are even better off.
EDIT: In fact, you're better off even if you shut the 4-year account after a little over a year.

dmrvjr

How do I post as a new boy?

dmrvjr

Looking for fixed rate ISAs

dmrvjr

Found a guide to them

dmrvjr

National F.... R.... G...

dmrvjr

Fill in the blanks. MSE won't let me write the name out in full not provide its url but google it

dmrvjr

Anything over £25k from Barclays, Lloyds & Aviva fixed for 1 or 2 years at just under 4% to just over 5%.
I cannot find any reviews of them although they appear to be an intermediary. Lloyds are not advertising anything like them. Anyone heard of them?

dmrvjr

What a pain I'm afraid. I typed it as a simple single message but MSE refused to accept it until I broke it down. 

eskbanker

dmrvjr said:

National F.... R.... G...

dmrvjr said:

Fill in the blanks. MSE won't let me write the name out in full not provide its url but google it

dmrvjr said:

Anything over £25k from Barclays, Lloyds & Aviva fixed for 1 or 2 years at just under 4% to just over 5%.
I cannot find any reviews of them although they appear to be an intermediary. Lloyds are not advertising anything like them. Anyone heard of them?

No idea exactly what you're doing to make such a mess of posting, but you'll have to be less cryptic to let people see the name of the site you're referring to, albeit this will only be to discredit it and point out how there aren't any genuine cash ISAs offering those sort of rates....

Edit: just seen a reference to www.nationalfixedrateguide.com on another thread, which emphatically doesn't list cash ISAs, but investments, probably clones of genuine ones....

Edit 2: https://www.nationalfixedrateguide.com/terms is a massive unformatted block of text but containing such gems as

 In every communication sent over the Internet it is possible to infer standard technical information such as, but not limited to: browser type (e.g. Netscape or Internet Explorer); operating system (e.g. Macintosh or Windows); browser language (e.g. Java or Unix); Internet service provider (e.g. FreeServe or AOL).

so the site should be a good guide to investment bonds on offer in the late 1990s!