Top Cash ISAs Discussion Area

innovate

I wouldn't do that - - - firstly, there is no guarantee that the variable 3% on the 123 lasts much longer, but more importantly, she would lose the tax-free status for good.

The max she would get from the 123 is 2.4% net, if she is a basic rate tax payer.

It is still possible to get ISAs that allow transfers in and pay more than 2.4%. Even a 2% ISA could effectively be worth more than losing the tax free status.

HSBC have a 2.75% ISA if min balance is £15K - I she hasn't a current account already with them, she'd need to open one to get access to it.

http://www.hsbc.co.uk/1/2/savings-accounts/cash-isa

Other top rates ones: http://forums.moneysavingexpert.com/showpost.php?p=4603369&postcount=1

funnyguy

Thanx for that.The only temptation is that she retired last year and receives £9500 in pensions p.a..So close to being tax free if governmentdo the £10000 min earnings before tax after next tax year

innovate

Even more important to keep the ISA then?

green1960

VfM4meplse wrote: »

^^^^Thanks for responding.This is the bit that I have an issue with, specifically because I was asked to declare that I hadn't already opened an ISA in 2012/13 (which of course I did in April ). The forms needed to be printed to be posted off the Cheshire BS - plse do let me know when they get back to you confirming that the account has been opened or not?

Had an email and text this morning to say the account has been opened and will receive a welcome pack in 5 days. I have not checked my Santander to see if the money has gone from there yet. It was Friday 25 when I posted forms. Very impressed so far. Just wish you could deal with the account on line now instead of just by post. Opened this now in case nothing better comes along in March or April. Wish I had opened the Santander 2 year fixed at 4%, now that the rates are so dire.

dqnet

Hi,

I've been looking at the HSBC ISA saver account and it seems pretty good. I currently have 15,000+ with Halifax and was thinking of transferring it to them. I already hold a HSBC account.

What does everybody think?

The other question is, if you guys advise that it is actually a good ISA is the rate they are advising for the 2013/2014 or the current 2012/2013 year?

I'm a little confused as to when I should transfer my money into them?

rb10

dqnet wrote: »

Hi,

I've been looking at the HSBC ISA saver account and it seems pretty good. I currently have 15,000+ with Halifax and was thinking of transferring it to them. I already hold a HSBC account.

What does everybody think?

The other question is, if you guys advise that it is actually a good ISA is the rate they are advising for the 2013/2014 or the current 2012/2013 year?

I'm a little confused as to when I should transfer my money into them?

This rate is an ongoing rate - it applies to any money that you've currently got in ISAs and want to transfer in, and to any new money that you add.

Interest rates aren't pinned to certain tax years - you'll get the advertised rate on the whole balance of your account until they change it.

It is currently a very good rate on the £15k+ tier.

I do wonder how long it will last ... HSBC generally prefer cheap wholesale funding to expensive retail funding, and so don't tend to offer decent savings accounts. If you do open it, then check the rate every couple of months or so to ensure they haven't dropped it.

If you want to transfer, then do so asap.

Note that whilst it claims to be an e-ISA, unless you are adding money for the current tax year, it has to be opened in a branch.

dqnet

Great thanks for that..!

I just need to know if I will forefit any interest I have accumulated over the last year with Halifax. My worry is if I transfer everything out now I will lose all last year's interest. Is there a way to check this?

p.s. It will be a new account with them, I actually need to go into the branch? Can I not just send them the completed form?

rb10

dqnet wrote: »

Great thanks for that..!

I just need to know if I will forefit any interest I have accumulated over the last year with Halifax. My worry is if I transfer everything out now I will lose all last year's interest. Is there a way to check this?

p.s. It will be a new account with them, I actually need to go into the branch? Can I not just send them the completed form?

As long as the Halifax ISA is instant access and not in the middle of a fixed term, then interest that you have earned but not yet been paid will be sent to HSBC with the current balance in the ISA.

You can post the form in to HSBC if you prefer.

dqnet

rb10 wrote: »

As long as the Halifax ISA is instant access and not in the middle of a fixed term, then interest that you have earned but not yet been paid will be sent to HSBC with the current balance in the ISA.

You can post the form in to HSBC if you prefer.

Thanks a million!!

Alex92_2

Interesting article from the Guardian I saw today.


I didnt realise so little ISAs allow transfers from previous ISAs to be made into them!



It seems as though the best ISA I can get at the moment for the 13/14 season with my current £5640 from 12/13 Season would be the Cheshire Building Society's 2.5% and stick £11400 in there for 1 year and then move it transfer it to a better one the year after.

Just a quick question. When is best to open an ISA for the 13/14 season. April 6th? If interest is paid annually and I have to take into account the time it takes them to transfer my previous tax free funds, surely after like 4-5 years I will be having to open accounts in May or so? Correct me if I am wrong, but you cant have more than 1 ISA a year, but if I open an ISA on 6th April, it takes 3-4 days to complete the transfer from previous, thats 9-10th April, then next year I will have to open an account after the interest has been paid (9-10th April,) then wait for my transfer to complete again 13-14th April. Sorry, im probably explaining this terribly!

First Direct has the best rate, offering 3%; however, to get that much you need to have built up at least £40,000 in Isa savings. If you have £20,000 in Isa savings, you will get a reasonable 2.20%. Your cash isn't locked away and there is no bonus to disappear in six months' time.
Coventry building society is offering 2.8% on its 60-day notice Isa, guaranteed to be at least that rate until December 2013. You can get instant access to your cash, subject to the loss of 60 days' interest. Deposits of just £1 are accepted, but you cannot transfer an Isa into it. Deposits will only be accepted into the account up to 5 April 2013.
Nationwide building society is offering 2.7% on its four-year fixed-rate Isa. The rate is available on deposits of £1 and the Isa accepts transfers. Closing before the four years are up will mean losing 320 days' interest. The society is also offering 2.55% on a 30-month fixed-rate Isaand 2.35% on a two-year fixed rate. Again, savers can pay in as little as £1 and transfer cash from existing Isas.
Earl Shilton building society also pays 2.7% on a cash Isa – its account is a 90-day notice Isa accepting deposits from £10. Transfers of existing Isas are only accepted from existing Earl Shilton members but the account can be opened by post as well as at a branch. However, the rate is set to fall to 2.25% on 1 May.
Cheshire building society is paying 2.5% on its Isa Saver (Issue 1). You will need to deposit at least £1,000 to get that rate, but transfers are accepted and you can make unlimited withdrawals and deposits (subject to the overall Isa rules). The rate does include a 2% bonus which will disappear on 31 July 2014.
It's not at the top of the table, but if you want a no-notice, easy account operation (online or by phone) with a relatively low minimum deposit of £100, National Savings & Investments offers a rate of 2.25% on its direct Isa. Your money is backed by the Treasury, but you can't make transfers in.