Am I missing something?

babe-ruth

I have just transferred my isa to York Bank 40 day Isa it pays 2%. There is no mention of it in the isa savings section so is it not considered a decent rate? Could I have got a better rate without having a fixed term of several years etc?

ChopperST

What rate of tax do you pay and what sort of sum are we talking?

jimjames

If it's the Yorkshire Clydesdale one then it's certainly mentioned a lot

eskbanker

babe-ruth wrote: »

Am I missing something?

Yes, you're missing Kazza242's excellent summary of current cash ISA offerings on the ISA board at https://forums.moneysavingexpert.com/discussion/401374, which is far more comprehensive than the main MSE piece (which, to be fair, isn't intended to list all best-buy products).

babe-ruth

Thank you eskbanker, I would never have found that post

babe-ruth

ChopperST, my tax rate varies as I'm self employed, didn't earn enough last year to pay any. Also, I have enough in the ISA to get the full 2%. And in case you are wondering I have all the usual top paying current accounts, santander, Lloyds etc

Purplesky_2

Have a look at the Nottingham Building Society for 3%, If you can. No transfers allowed, but as long as you haven't put any money into your Yorkshire ISA, you could get this year's ISA allowance at 3%? There are a few other restrictions so make sure you understand the terms.

bowlhead99

Purplesky wrote: »

Have a look at the Nottingham Building Society for 3%, If you can. No transfers allowed, but as long as you haven't put any money into your Yorkshire ISA, you could get this year's ISA allowance at 3%? There are a few other restrictions so make sure you understand the terms.

This one is on the long list on the link above and the rate caught my eye as I scrolled down, but the major restrictions being:

- you can't put more than £1270 into it in any one month until the last one -it's a regular saver product - so it would take you all year to get your £15k into it and you'd need to find a home for the rest of the 'spare' cash for the first 11 months if you weren't just saving from salary

- and withdrawing if you needed it is pretty convoluted because you'd have to transfer to another ISA to take it out - no early closure otherwise.

Purplesky_2

Yes, those are all valid points.
The thing is that most people save regularly from their salary. I don't know anyone who has 15k to drop in any given month.

It works really well for me. It may not for others. It's also restricted by geography.

But the rate is very good (Jeez, a 3% tax free is 'very good'...), the people are helpful and friendly, it requires a pass book and there are significant disincentives to removing the money early. All are very positive things for me. And I don't mind ensuring that rules are followed every month.