New Post Advanced Search

Top Cash ISAs

edited 26 February at 6:21PM in ISAs & Tax-free Savings
126 replies 126K views
1356713

Replies

  • silvercarsilvercar Forumite, Board Guide
    41.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    If I open a virgin money ISA that allows transfer in of old ISA, does that count as opening an ISA for this year? In other words I am amalgamating 4 ISAs opened previously into a new Virgin ISA, does that mean that I can't open another ISA elsewhere?
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I volunteer to help get your forum questions answered and keep the forum running smoothly.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of moneysavingexpert.com.
  • colstencolsten Forumite
    13.8K posts
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    ✭✭✭✭✭
    silvercar wrote: »
    If I open a virgin money ISA that allows transfer in of old ISA, does that count as opening an ISA for this year? In other words I am amalgamating 4 ISAs opened previously into a new Virgin ISA, does that mean that I can't open another ISA elsewhere?

    "opening" is irrelevant. You can open as many as you like.

    "subscribing" i.e. depositing new money is where the restrictions lie. ISA transfers, as long as they are being carried out by the receiving ISA provider, do not count as subscriptions.
  • The Coventry account, offering 2.4% does NOT allow you to deposit money after they've closed it to new subscribers. So you might only be able to put money in for a few more weeks.

    They're telling me this is similar to a Bond. I've never heard of this before; I've never opened anything like this before, and probably never will again.

    Am on the phone to cancel the account now; and I just hope it doesn't affect my current ISA.
  • After years of building up cash ISA accounts I am now getting out of them as they mature. What is the point for a standard rate tax payer when every bank reduces the rate they pay on their ISAs by more than the 20% tax rate? It surely can't cost that much to administer?

    RIP ISA
  • jimjamesjimjames Forumite
    13.7K posts
    Part of the Furniture 10,000 Posts Rampant Recycler
    ✭✭✭✭✭
    IS_A_waste wrote: »
    After years of building up cash ISA accounts I am now getting out of them as they mature. What is the point for a standard rate tax payer when every bank reduces the rate they pay on their ISAs by more than the 20% tax rate? It surely can't cost that much to administer?

    RIP ISA



    If you're running ISAs for years with substantial balances then surely it would be worth looking at S&S ISAs rather than cash?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • eskbankereskbanker Forumite
    14.5K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    IS_A_waste wrote: »
    every bank reduces the rate they pay on their ISAs by more than the 20% tax rate
    Not sure what you're getting at here - if you're comparing ISAs with the equivalent taxable savings accounts then I don't see much evidence that every bank does this at all, in fact from a quick surf I didn't find any bank that offers ISAs at less than their equivalent taxable savings accounts, never mind more than 20% less. Obviously a number of banks offer more lucrative current accounts just now but that's not a like-for-like comparison....

    Just out of interest, when you get out of cash ISAs, what are you going into instead?
  • I wasn't comparing accounts with the same banks - and am not (really) suggesting a global banking conspiracy - but for some time the best 5 year bonds have been around 3.1% and the best cash ISAs have been 2.4%. I agree that some banks offer the same rate for both - e.g. 2.35% with a certain one - but why would you opt for that anyway?

    I also agree - S&S ISA's make sense - as does P2P maybe?
  • whattochoosewhattochoose Forumite
    495 posts
    Sixth Anniversary 100 Posts
    ✭✭
    I had a variable rate ISA with the Halifax, but saw they were offering a 2 year fixed rate ISA offering 2%, so I've invested £30000 in that.
    I know the news today is that interest rates are expected to increase fairly soon, but not greatly, so I'm thinking the ISA I've taken out represents a reasonable rate of return given present circumstances.
    Do you agree?
  • colstencolsten Forumite
    13.8K posts
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    ✭✭✭✭✭
    I know the news today is that interest rates are expected to increase fairly soon, but not greatly

    That's been the news for about two years now, and importantly:p, the news is no more credible, or desirable for the economy and for lenders, than it's been in the last couple of years.
  • xylophonexylophone Forumite
    34.4K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    That's been the news for about two years now, and importantly, the news is no more credible, or desirable for the economy and for lenders, than it's been in the last couple of years.

    Eventually the boy who cried wolf was telling the truth.....;)
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support