Top Cash ISAs

Malchester

XYZetc said:

Ooops! Please ignore my post above, (Sainsburys ISA rate was lower because interest rates are tiered! Tail between legs!🙄
(No option to remove or edit my post, sorry!)

Hi. I did the same thing!!! I transferred a small amount first then added to £20000 on the same day and was surprised to see the interest rate at 0.75%. They told me the rate updates overnight. Surprised also to see the account was pulled on the second day 

SickGroove

silvermum said:

Is anyone aware of a calculator which quickly helps you decide if it's worth ditching/transferring fixed rate ISAs early, and taking  the early penalty hit, in favour of newer ISAs with much higher rates?

I have a sum of £40k in a fixed ISA from last year with still 6 months to run paying only 0.75%. Intuitively, I feel it will probably make sense to move it to a new 1.52% one?

(I know I can work it out myself, but I felt sure there must a be useful calculator somewhere!?)

Can you confirm who's offering a 1.52% one please?

silvermum

SickGroove said:

silvermum said:

Is anyone aware of a calculator which quickly helps you decide if it's worth ditching/transferring fixed rate ISAs early, and taking  the early penalty hit, in favour of newer ISAs with much higher rates?

I have a sum of £40k in a fixed ISA from last year with still 6 months to run paying only 0.75%. Intuitively, I feel it will probably make sense to move it to a new 1.52% one?

(I know I can work it out myself, but I felt sure there must a be useful calculator somewhere!?)

Can you confirm who's offering a 1.52% one please?

Virgin are offering a 2 Year Fixed Rate of 1.52%  (90 days loss of interest for withdrawal). It's not the best 2 year out there, but it's an easy transfer for me as I already have an account, so it's more of an upgrade really.

silvermum

silvermum said:

SickGroove said:

silvermum said:

Is anyone aware of a calculator which quickly helps you decide if it's worth ditching/transferring fixed rate ISAs early, and taking  the early penalty hit, in favour of newer ISAs with much higher rates?

I have a sum of £40k in a fixed ISA from last year with still 6 months to run paying only 0.75%. Intuitively, I feel it will probably make sense to move it to a new 1.52% one?

(I know I can work it out myself, but I felt sure there must a be useful calculator somewhere!?)

Can you confirm who's offering a 1.52% one please?

Virgin are offering a 2 Year Fixed Rate of 1.52%  (90 days loss of interest for withdrawal). It's not the best 2 year out there, but it's an easy transfer for me as I already have an account, so it's more of an upgrade really.

And the 90 day 'get out' penalty is low compared with other 2 year fixed ISAs, which tend to be 180 days. So I figure that if interest rates rise enough it would be worth me switching out of it anyway.

refluxer

silvermum said:

Virgin are offering a 2 Year Fixed Rate of 1.52%  (90 days loss of interest for withdrawal). It's not the best 2 year out there, but it's an easy transfer for me as I already have an account, so it's more of an upgrade really.

I wouldn't fix at that rate for 2 years, personally. If ISA rates continue to rise as they have been, then you might be able to get a 1 Year Cash ISA for 1.5% in the next week or two.

silvermum

refluxer said:

silvermum said:

Virgin are offering a 2 Year Fixed Rate of 1.52%  (90 days loss of interest for withdrawal). It's not the best 2 year out there, but it's an easy transfer for me as I already have an account, so it's more of an upgrade really.

I wouldn't fix at that rate for 2 years, personally. If ISA rates continue to rise as they have been, then you might be able to get a 1 Year Cash ISA for 1.5% in the next week or two.

Yes, good point, I'll probably wait until the end of April at least to see how things pan out.

cinders59

My husband and myself have instant Cash ISA with Coventry rubbish rate of 0.60% interest.
My question is He is having a lump sum from early retirement. is it possible to keep the current ISA open and keep them as old accounts and open up another one each and put the full amount into each account so as not to pay interest?
How would we go about it
Thanks

masonic

cinders59 said:

My husband and myself have instant Cash ISA with Coventry rubbish rate of 0.60% interest.
My question is He is having a lump sum from early retirement. is it possible to keep the current ISA open and keep them as old accounts and open up another one each and put the full amount into each account so as not to pay interest?
How would we go about it
Thanks

Yes, assuming no money has been paid into the Coventry ISAs in this tax year.

cinders59

masonic said:

cinders59 said:

My husband and myself have instant Cash ISA with Coventry rubbish rate of 0.60% interest.
My question is He is having a lump sum from early retirement. is it possible to keep the current ISA open and keep them as old accounts and open up another one each and put the full amount into each account so as not to pay interest?
How would we go about it
Thanks

Yes, assuming no money has been paid into the Coventry ISAs in this tax year.

No last amount was paid in March. Thank you 

refluxer

cinders59 said:

No last amount was paid in March. Thank you 

This tax year would mean the 6th April onwards. If you've not paid anything into one of your existing ISAs between 6th April and now, then you are free to open a new ISA and fund it with this years allowance.