Top Cash ISAs Discussion Area

brownaldinho

I'm looking for some advice and I am unsure how my ISA actually works; I have a Halifax ISA Savers account that's current rate of interest is 5.00% gross p/a. My questions are:

A) Is my interest just based on the static figure in my bank balance at the end of the financial year (when it is paid currently) or does it take in to account the activity on the account during the course of the year?

Am I better to move my savings to a higher earning ISA, and if so, who would you recommend?

Hope someone can help me,

Thanks

poppy10_2

a) No, it should work like a normal savings account, so if you add money to it that additional money will start to earn interest straight away

b)Yes, 5% is a pathetic rate. Check Martin's guide - you can earn up to 6.1% easily.

samsong_1234

Hi everyone

I have been reading through this article with great intrest (no pun intended).

I am a student planning to save to travel europe this summer. I have a meeting with barclays tomorrow to discuss the monthly saver account, however i have decided i would rather have their tax haven ISA instead.

I plan to deposit £1000 right away and then pay in well as much as i can really being a student.

My question is am i doing the best thing for my money. From all my reading up so far i think so but just want to be sure before i go in tomorrow.

rlm_3

Hi all

Apologies if this sort of question has been posted before.

I currently have just over £4000 in a Barclays Tax Beater Cash ISA. Some of the balance is from last year and part of it from this year. The interest rate when I opened it was good but now isn't quite so hot. I want to transfer the balance out into the Icesave Easy Access ISA.

The information on the Icesave website says that more than £1000 needs to be deposited to get the best interest rate. My first question is: Does my current balance that I'd be transferring in from my Barclays ISA count as the £1000+ deposit? Or do I have to add a further £1000 to the account?

My second question is: Is it better to have the interest paid monthly or annually? I'm guessing this might depend on whether I expect to withdraw any of it during the course of the year?

Just need to check now whether there is a transfer out penalty for the Barclays ISA...

Cheers
Rebecca

Edited to say: Ooops, came straight to this thread via the Cash ISA article. Just realised that there is an ISA transfer thread too. Will also have a look on there to see if I can find an answer.

poppy10_2

rlm wrote: »

The information on the Icesave website says that more than £1000 needs to be deposited to get the best interest rate. My first question is: Does my current balance that I'd be transferring in from my Barclays ISA count as the £1000+ deposit? Or do I have to add a further £1000 to the account?

No, the £1000 transfer should count as the initial deposit

My second question is: Is it better to have the interest paid monthly or annually? I'm guessing this might depend on whether I expect to withdraw any of it during the course of the year?

This shouldn't make any difference, even if you withdraw some during the year. Interest is calculated daily, whether it is paid monthly or annually.

rlm_3

Thanks poppy10. That's what I thought but just wanted to double check.

Have opened the Icesave account, just need to send off my transfer in form.

OH mentioned today that one of XL airlines' biggest creditors is the bank that owns Icesave :eek: I hope this won't endanger customers who have savings with them...

EagerLearner

MrEL has his ISA with First Direct for convenience. However, this has only been up and running for 3 months with a vewi to transfer it to IceSave ASAP.

Is it worth transferring to IceSave, or does the fact that the transfer of any funds to FD ISA from our FD current acc is instant, rather than taking a few days to IceSave, make the difference in interest rates negligible?

owitemisermusa

Hello,

Just wondering if any of the ISAs accepting transfers are available with cashback (checked Quidco and Topcashback but nothing).

Need to transfer an ISA but would love some sweet cashback!

OMM

owitemisermusa

Bump! Bump!

aop

Does anyone have any pointers towards ISAs with tracker rates? I'm p*ssed off the the back teeth of getting hooked in on "best buy" sucker rates and having to switch accounts continually. I'm now phoning up the various banks and BS to check my rates monthly and fancy looking at something tha would guarantee Bank of England +/-.