Top Cash ISAs Discussion Area

innovate

Are you sure it is a 1-year ISA? Looks more like a 2-year one to me, and the Santander 3.3% is definitely 2 years. May be you got a special offer from Virgin, only available to existing account holders?

INSPIRED

Yes, you are right, it is 2 years. I should have noticed that but it is not a problem .... is it? I will not need the funds for at least a couple of years. I can't see another 2yr ISA at this sort of rate.

I have just realised that the other option is to transfer the funds into a Manchester BS 1Yr ISA (3.06%) taken out this year.

claire07

My 1 year Fixed eISA with Northern Rock (now Virgin) matures next week but they just offered 3% Fixed for 3 years (till 2015) which I thought too long. If they had offered 2 years I might have been tempted but think I'll keep looking.

Planetdagon2000

Hi,

Just joined. Am looking to open a cash ISA, no bothered if easy access or fixed for 1 - 3 years, looking be best tax free interest rates.
Want to deposit an initial sum of money to start off and add a monthly amount up to the 5000+ threshold for the tax year.
Would be grateful for any advice on best options. I am struggling to see on website, which products allow an initial deposit and regular monthly deposits.

Thanks.

gunmaker

Planetdagon2000 wrote: »

Hi,

Just joined. Am looking to open a cash ISA, no bothered if easy access or fixed for 1 - 3 years, looking be best tax free interest rates.
Want to deposit an initial sum of money to start off and add a monthly amount up to the 5000+ threshold for the tax year.
Would be grateful for any advice on best options. I am struggling to see on website, which products allow an initial deposit and regular monthly deposits.

Thanks.

You will find the best rates somewhere in this website or on other websites. This one for example:-

http://www.money.co.uk/savings-accounts/regular-saver-cash-isas.htm

Fixed Rate ISAs normally don't allow regular deposits, just one lump sum deposit.

badger09

Planetdagon2000 wrote: »

Hi,

Just joined. Am looking to open a cash ISA, no bothered if easy access or fixed for 1 - 3 years, looking be best tax free interest rates.
Want to deposit an initial sum of money to start off and add a monthly amount up to the 5000+ threshold for the tax year.
Would be grateful for any advice on best options. I am struggling to see on website, which products allow an initial deposit and regular monthly deposits.

Thanks.

As gunmaker said, Fixed Rate ISAs don't normally allow deposits after the initial opening deposit or transfer.

My advice would be to open the best paying instant access or notice account you can find now then in March or April when rates usually rise (no guarantees though), transfer to a better rate.

gvlewis

Coventry Building Society has a 60 Day Notice Cash ISA paying 3.25% AER. This includes a 0.50% first year bonus.
ISA transfers not accepted.

wintermute01

claire07 wrote: »

My 1 year Fixed eISA with Northern Rock (now Virgin) matures next week but they just offered 3% Fixed for 3 years (till 2015) which I thought too long. If they had offered 2 years I might have been tempted but think I'll keep looking.

I'm in the same position with Virgin. Thinking of transferring to the Kent Reliant 1 year fixed at 3.00%. Can't see anything else that can be operated online and accepting transfers that offers a similar rate to this over one year.

shorty2240

Probably a very dumb question, but I'm new to managing my finances - can you set up a standing order to withdraw from an ISA such as the M&S ISA which can only be accessed by phone/post? Is the M&S ISA a viable saver to use to drip feed an AER such as the First Direct 8% AER - or would it be better just to stick to a standard saver with easy access?

badger09

shorty2240 wrote: »

Probably a very dumb question, but I'm new to managing my finances - can you set up a standing order to withdraw from an ISA such as the M&S ISA which can only be accessed by phone/post? Is the M&S ISA a viable saver to use to drip feed an AER such as the First Direct 8% AER - or would it be better just to stick to a standard saver with easy access?

Actually several questions

1) I'm not aware of any ISA which allows you to use Standing Orders to withdraw. SOs apply to current accounts.

2) There's nothing wrong with drip feeding money into a cash ISA, assuming you can't afford to fill it up all at once.

3) If you can save £300 per month (but no more) then you'd be better off saving in the FD Reg Saver 8%, because after tax that will still net you more than any instant access ISA currently available. When the FD Reg Saver matures, you could transfer it into an ISA, assuming you hadn't already filled it.

Does that help?