Top Cash ISAs Discussion Area

rossk26

typistretired wrote: »

As previously posted you mean flexdirect current account.

You will need to keep open your first direct current account for your regular saver.

Yeh I meant FlexDirect!

Oh I know, I will also keep my Halifax open too for the £5 a month.

So my pay will continue to go into Halifax, then I will transfer £1k to First Direct, then from First Direct to Nationwide, then from Nationwide back into Halifax!

ellejaytee

Hi, I think this is an ok thread to post in, I'm looking to transfer all my current ISAs (3 maybe 4 different providers) to one provider. According to the MSE best deals page the highest rate currently that I could get is 2.3% on a postal one, but I quite like having online access to my accounts (even ISAs, just so I actually keep track of them).

I currently have an ISA with Lloyds accepting transfers in and offering a rate of 2.35% gross. Would I be better just sticking with this one rather than opening a new account at a lower rate elsewhere?

saintalan

ellejaytee wrote: »

Hi, I think this is an ok thread to post in, I'm looking to transfer all my current ISAs (3 maybe 4 different providers) to one provider. According to the MSE best deals page the highest rate currently that I could get is 2.3% on a postal one, but I quite like having online access to my accounts (even ISAs, just so I actually keep track of them).

I currently have an ISA with Lloyds accepting transfers in and offering a rate of 2.35% gross. Would I be better just sticking with this one rather than opening a new account at a lower rate elsewhere?

Hi, personally I would stick them all in one that I could get the best rate from.

You say you want on line, fair enough but do you just want easy access or will you accept 1, 2, 3 or more years fixed?

Alan

ellejaytee

saintalan wrote: »

Hi, personally I would stick them all in one that I could get the best rate from.

You say you want on line, fair enough but do you just want easy access or will you accept 1, 2, 3 or more years fixed?

Alan

That is where it gets tricky, I know I could lock it in, probably only for 1 or 2 years though, as a large amount of my savings are in ISAs and eventually I will want to break into them for a house/flat deposit

saintalan

ellejaytee wrote: »

That is where it gets tricky, I know I could lock it in, probably only for 1 or 2 years though, as a large amount of my savings are in ISAs and eventually I will want to break into them for a house/flat deposit

Well your best rate for this years money is 2.6% & 2.3% for transfers.

If you could handle a 2 year fix you could consider Santander at 3% but you'd have to open a 123 current a/c or credit card with them.

In fact up to £20k you could get 3% less tax 2.4% (at basic rate) from the 123 itself and get very easy access and meanwhile a better rate may pop up.

Its just not as easy as it looks getting the best for yourself.

Cheers

Alan

leaphaze

saintalan wrote: »

That is where it gets tricky, I know I could lock it in, probably only for 1 or 2 years though, as a large amount of my savings are in ISAs and eventually I will want to break into them for a house/flat deposit

Since you have several ISAs from previous tax years you could move some of them into higher paying fixed ISAs and the rest into easy access ISAs.

The_Enforcer

rossk26 wrote: »

Thanks for all the info and help guys.
http://www.newcastle.co.uk/savings/cash-isa.aspx - Pays 2% + 1% bonus if a 'Deposit' is made in the qualifying month.

It's effectively a 'hybrid' account with the 2% element operating like a variable instant access ISA and the 1% element behaving like a regular saver ISA. The risk here is that the rate on the variable element drops. The cash bonus makes it very profitable if you're aiming to get an NBS Mortgage, unfortunately I already have one with them.

http://www.principality.co.uk/en/Savings-Accounts/Fixed-Term-Savings-and-Bonds/1-Year-Regular-Saver-Bond-Issue-11.aspx - Pays 3% as long as a minimum of £20 and a maximum of £500 is paid each month

This is a more typical regular saver ISA with a fixed rate/variable payments and no withdrawals. This would be my second choice if I am unsuccessful at securing a Nottingham BS 4% regular saver ISA through the postal route.

Also just found this too: http://www.nationwide.co.uk/savings/cash_isa/flexclusive_isa/default.htm - pays £2.5% with a 1% bonus until November 2014...

I have been looking at setting up a FlexDirect Current Account as well, which pays 5% on balances of £2,500

If you have sufficient funds then the combination of Flexclusive ISA and FlexDirect Current Account is a good one. I'm hoping to have the current account working alongside the aforementioned Nottingham ISA.

skaps

I have just received my Coventry isa application form and do not have any cheque books. There are no branches in my area so I was wondering if I got my Mum to give me a cheque for a £1 then I could send this in with my application.

Would this work?

JS44

Hi
I'm a bit confused with this ISA malarky. Last year was the first year I managed to put some money away in a Cash ISA and now need to transfer it as my rate drops on 25th April. I'm trying to find the best deal to get the best return of investment.

I'm looking for Easy Access, so no fixed terms as I'm not sure where the next year'll take me :0)

I've seen the Cheshire one with 2.3% that accepts transfers but it's postal, and that's not really convenient (not in this day and age and the cost of stamps....!)
I've seen the Virgin Money E-ISA (issue 4), which is 2.15% (variable).
[please see virgin website for details - I'm not allowed to put a link in...!]
I've already got an online account with them so would be easy.

I've a couple of general questions:
- As the rate is variable, if it drops, can I open another ISA this tax year and transfer out? (I won't be adding this year's cash allowance into this Virgin ISA. (I'm going to open a Cov one at 2.6% - which sadly doesn't allow transfers). Virgin account would be transfer only.
- Also on web page, it says, 'Account can be withdrawn at any time' What does this mean if they did?? Esp if I hadn't used my ISA allowance? I think this is rather an odd thing to say. Is it just to cover their backs?

Lastly can I clarify, am I allowed to open more than one ISA each year but can only contribute to one, is that right?

Thanks for your help!

Consumerist

JS44 wrote: »

Hi
I'm a bit confused with this I . . . I've a couple of general questions:
- As the rate is variable, if it drops, can I open another ISA this tax year and transfer out? (I won't be adding this year's cash allowance into this Virgin ISA. (I'm going to open a Cov one at 2.6% - which sadly doesn't allow transfers). Virgin account would be transfer only.

Yes. Strictly, you are not opening another ISA, you are transferring an existing ISA into a different account. [Edit:] Get a transfer form from the new manager - DON'T transfer the cash yourself or you'll lose the tax-free wrapper.

- Also on web page, it says, 'Account can be withdrawn at any time' What does this mean if they did?? Esp if I hadn't used my ISA allowance? I think this is rather an odd thing to say. Is it just to cover their backs?

The bank can stop offering the account to new customers at any time.

Lastly can I clarify, am I allowed to open more than one ISA each year but can only contribute to one, is that right?

Yes. You can open as many ISA accounts as you like. An ISA is not open, as far as HMRC is concerned, until some money has been paid in. Once you have paid in, that is the only ISA you can add to in the current tax year. You may, however, transfer it and then continue to add to it up to the current year's ISA limit (£5,760).