Top Cash ISAs Discussion Area

jamesd

Some ISAs only offer high rates for new money so your best option is likely to be up to 3600 (the new cash limit) into the one that has the highest interest rate and moving the existing money to the one with the highest rate that will accept transfers in of money from prior years. They probably won't be the same one.

E-Gone

Just been handed a cheque for £32,000 - I'm running around like a fool trying to find the best options for investment - How should/where should I invest it??

Baldur

E-Gone wrote: »

Just been handed a cheque for £32,000 - I'm running around like a fool trying to find the best options for investment - How should/where should I invest it??

To be clear, do you mean 'invest' or 'save'?

JimmyTheWig

E-Gone wrote: »

Just been handed a cheque for £32,000 - I'm running around like a fool trying to find the best options for investment - How should/where should I invest it??

If you haven't used your cash ISA limit this tax year (i.e. since April) then I suggest you put £3,600 of it into the best paying cash ISA you can find (read the article for which one suits you the best).

As to what to do with the rest, Baldur's question is key. But in any event, £3,600 is the most you can put into a cash ISA in one year and so you might get better advice on a different thread.

Dalice

My account is a member's bond cash ISA with Nationwide - notice period is 60 days. I want to start a new higher rate ISA - should I open one now with £3,600, give notice on my account and then request the transfer after the 60 days. Alternatively, would my new ISA provider make the arrangements for me?
Many thanks

Baldur

Dalice wrote: »

My account is a member's bond cash ISA with Nationwide - notice period is 60 days. I want to start a new higher rate ISA - should I open one now with £3,600, give notice on my account and then request the transfer after the 60 days. Alternatively, would my new ISA provider make the arrangements for me?
Many thanks

The new ISA manager should arrange the transfer (ensure that you specify on the transfer form that you wish the transfer to take place on a specific date, i.e. when the 60 days notice expires). Give NW 60 days notice when submitting the new ISA application & transfer form.

spikeylance

Hi

I see Abbey are offering a super ISA with 9.75% tax free as long as you put £1500 in a guaranteed growth plan for 6 years whicha return of 20% (min 3% pa) http://www.abbey-products.com/product/super-isa-squirrel/more/

Is this a good idea as opposed to using the Icebank ISA?

many thanks
spikeylance

Baldur

spikeylance wrote: »

I see Abbey are offering a super ISA with 9.75% tax free as long as you put £1500 in a guaranteed growth plan for 6 years whicha return of 20% (min 3% pa) http://www.abbey-products.com/product/super-isa-squirrel/more/

Is this a good idea as opposed to using the Icebank ISA?

Personally, I wouldn't touch it with your bargepole, let alone mine.

The 'Guaranteed Growth Plan' is generally considered by many on this forum to be a poor product, which is likely to drag down the overall rate of return on your money.

welsbyc

spikeylance wrote: »

Hi

I see Abbey are offering a super ISA with 9.75% tax free as long as you put £1500 in a guaranteed growth plan for 6 years whicha return of 20% (min 3% pa) http://www.abbey-products.com/product/super-isa-squirrel/more/

Is this a good idea as opposed to using the Icebank ISA?

many thanks
spikeylance

I personally avoid 'linked' offerings like the plague. They're linked for a reason.... to make the banks a nice fat profit! I've taken a look at the offering and you have to put the 'same amount or more' into the growth plan. Whilst the ISA has instant access, the growth plan doesn't. So if you put the full Cash allowance of £3,600 into the ISA, you'd have to put £3,600 into the growth plan (which you can't touch over the term). If you get the minimum return back of just over 3%, then you may not even beat inflation (which is forecast to reach 4% by the end of the year) - so you lose money. Also, if the FTSE 100 performs well so you get better than the minimum guarantee, you do NOT get the full returns. For example, if it grew by 60%, you'd get 30%. If it grew by 130%, you'd get 60% (see the 'term sheet' for the product ontheir website). Doesn't sound like a good deal to me unless you are completely risk-averse and don't want to risk any of your cash.

Catriona.

elecious

Just a quick question for a bit of an ISA newb, i dont seem to be able to find an answer to this very easily

let say i have one ISA with egg for a few years

year 1 : £2000 is paid in
total: £2000

year 2: £3000 is paid in
total: £5000

year 3: £3000 is paid in
total: £8000

now i understand in year 1 i will recieve interest on the £2000 i've paid in, but for year 2 do i recieve interest on the £3000 paid in for that year or the total of £5000 for the 2 years? And for the 3rd year do i recieve interest on the £3000 i've paid in that year or the £8000 i've kept in there over all 3 years?

Thanks