HTB and Cash ISA possible!?

PawelK

eskbanker wrote: »

Just to clarify, the HTB ISA itself is obviously new but Nationwide's policy of allowing multiple current-year cash ISAs has been around for quite a long time so their implementation of HTB just fits within their existing well-established model.

Thanks, it is still quite astonishing for me that if Nationwide can do this and still be compliant then why other banks would not follow to keep the customers like me? Because of that, Santander is just about to lose my 30k isa.

colsten

PawelK wrote: »

Because of that, Santander is just about to lose my 30k isa.

Don't take this the wrong way, but they might not be too bothered about that.

But my main reason for posting a response is that most people would make much more interest from £30K outside an instant access cash-ISA (HTB ISA is still worth the while of FTBs).

PawelK

colsten wrote: »

Don't take this the wrong way, but they might not be too bothered about that.

But my main reason for posting a response is that most people would make much more interest from £30K outside an instant access cash-ISA (HTB ISA is still worth the while of FTBs).

I realise my 30k is not even a drop in their deposits but if the cash isa rates are very similar amongst the banks (instant access) then they can potentially lose thousands of customers like me and the withdrawals could mount up to millions of pounds. What business model they must have if they cant be bothered with at least matching what other banks offer to prevent customers outflow.

Htb is obviously my first choice but again, it is capped at £200 per month and as I am already looking for a place to buy, I need all of my funds to be liquid. If you know any better instant access place outside of isa for my 30k then please do let me know.

colsten

PawelK wrote: »

Htb is obviously my first choice but again, it is capped at £200 per month and as I am already looking for a place to buy, I need all of my funds to be liquid. If you know any better instant access place outside of isa for my 30k then please do let me know.

Current account and monthly saver accounts, as plastered all over this forum (5% savings loophole etc). You can get some 3-6% on over £50K in them, all with instant access.Whether it's worth your bother if you plan to buy in the next few months is another matter, only you can judge.

PawelK

colsten wrote: »

Current account and monthly saver accounts, as plastered all over this forum (5% savings loophole etc). You can get some 3-6% on over £50K in them, all with instant access.Whether it's worth your bother if you plan to buy in the next few months is another matter, only you can judge.

I will double check, thanks. But so far the higher rates for instant access accounts are usually either capped on monthly contributions (regular savers) or rate applies to balances up to, for instance 3-5k. The only exception being santander who pays 3% for up to 20k hence I am with them for the last few years.
As per rates on over 50k in the region of 3-6 with instant access, I will consider as I can merge my savings outside of htb and use this option instead. You are right, I have to judge myself onwhen will I buy the flat but being in London doesnt help and after first viewings couple of months ago I doubt I will buy anytime soon. Reality check...

colsten

You'll need several accounts to achieve those rates but it's not hard to do if you have a half-organised approach to dealing with your finance, which you sound you do.