Top Cash ISAs

dekkard

This one seems to be missing from the MSE summary page:

https://www.principality.co.uk/home/savings/savings-accounts/online-bonus-5-access-cash-isa

gwapenut

dekkard said:

This one seems to be missing from the MSE summary page:

https://www.principality.co.uk/home/savings/savings-accounts/online-bonus-5-access-cash-isa

A 1 year bonus doesn't appeal to me much for a provider who only does transfers by post. Too much hassle and risk of complications for a definite short term.

But you're right, it should be summarised

JohnB47

JohnB47 said:

VNX said:

Aidanmc said:

Very quick ISA transfers from Virgin ISA's which matured on 31st

2x ISAs to T212 completed today - request made Friday evening

and another to Close Bros

I suppose many variables but I wonder what holds some ISA transfers up?

recently I’ve done paragon to shawbrook two days 
zopa to Coventry three days 
coventry to Zopa a week so far and still not done 

surely it is the current ISA provider that’s slows the transfers? Once the new provider has submitted the request it then on the current provider 

Requested a transfer from Paragon to T212 on Friday (31st) nothing received yet.

This transfer request was completed today. Also completed today was a transfer requested from Paragon to T212 on Sunday 2nd.

VNX

JohnB47 said:

JohnB47 said:

VNX said:

Aidanmc said:

Very quick ISA transfers from Virgin ISA's which matured on 31st

2x ISAs to T212 completed today - request made Friday evening

and another to Close Bros

I suppose many variables but I wonder what holds some ISA transfers up?

recently I’ve done paragon to shawbrook two days 
zopa to Coventry three days 
coventry to Zopa a week so far and still not done 

surely it is the current ISA provider that’s slows the transfers? Once the new provider has submitted the request it then on the current provider 

Requested a transfer from Paragon to T212 on Friday (31st) nothing received yet.

This transfer request was completed today. Also completed today was a transfer requested from Paragon to T212 on Sunday 2nd.

My Coventry to Zopa just completed too took just over a week 

dekkard

gwapenut said:

dekkard said:

This one seems to be missing from the MSE summary page:

https://www.principality.co.uk/home/savings/savings-accounts/online-bonus-5-access-cash-isa

A 1 year bonus doesn't appeal to me much for a provider who only does transfers by post. Too much hassle and risk of complications for a definite short term.

But you're right, it should be summarised

Just to add to this. I decided to transfer my cash ISA to the Principality. Sent the form to them by post on Friday night. Today (Tuesday) the transfer has gone through. So in basically one working day.

Olive_Spider

Are the “top paying accounts” really as safe as other cash ISAs?

Are Moneybox, Plum etc. really as safe as a high street bank?

I am particularly thinking of the recent failure in the US of Yotta ‘Bank’ and other similar FinTechs that were based on Synapse. While the savings were placed in FDIC covered banks, when Synapse failed, it became impossible to identify who the money belonged to. And the FDIC and other regulators did not intervene because Yotta etc. were not covered by FDIC themselves.

I understand Moneybox and Plum to be in a similar regulatory state in that they hold money in FCSC covered banks but are not themselves covered by the FCSC. If they or a company they relied on were to fail in similar circumstances, would the FCSC take a similar line to FDIC in the case of Yotta that these companies were not covered by FCSC themselves and therefore customers are on their own? Or is there a regulatory difference between the US and UK I have not understood that would make this different?

I just don’t feel like trusting my life savings to a company founded after I had started by GCSEs (and I haven't finished my undergrad yet) and whose only line of communications are an e-mail address and an in app chat function, especially not when entering its name into the FCSC’s database returns a result of “not protected”. I feel like if Moneybox were to fail, people would think me a complete fool for trusting them.

Best wishes,

masonic

Olive_Spider said:

Are the “top paying accounts” really as safe as other cash ISAs?

Are Moneybox, Plum etc. really as safe as a high street bank?

I am particularly thinking of the recent failure in the US of Yotta ‘Bank’ and other similar FinTechs that were based on Synapse. While the savings were placed in FDIC covered banks, when Synapse failed, it became impossible to identify who the money belonged to. And the FDIC and other regulators did not intervene because Yotta etc. were not covered by FDIC themselves.

I understand Moneybox and Plum to be in a similar regulatory state in that they hold money in FCSC covered banks but are not themselves covered by the FCSC. If they or a company they relied on were to fail in similar circumstances, would the FCSC take a similar line to FDIC in the case of Yotta that these companies were not covered by FCSC themselves and therefore customers are on their own? Or is there a regulatory difference between the US and UK I have not understood that would make this different?

I just don’t feel like trusting my life savings to a company founded after I had started by GCSEs (and I haven't finished my undergrad yet) and whose only line of communications are an e-mail address and an in app chat function, especially not when entering its name into the FCSC’s database returns a result of “not protected”. I feel like if Moneybox were to fail, people would think me a complete fool for trusting them.

Best wishes,

Moneybox has direct FSCS protection as it has Client Money permission, but Plum does not as it is only a Payment Services Provider and is not allowed to hold client money. There is precedent for FSCS not paying out when PSPs fail and money could not be found. However, there is no precedent for an aggregator service like Plum failing, only currency-conversion firms and the like.

Olive_Spider

masonic said:

Moneybox has direct FSCS protection as it has Client Money permission, but Plum does not as it is only a Payment Services Provider and is not allowed to hold client money. There is precedent for FSCS not paying out when PSPs fail and money could not be found. However, there is no precedent for an aggregator service like Plum failing, only currency-conversion firms and the like.

Thank-you for helping clear that up.