First time looking for a ISA

ang.slater64

Looking on MSE for a good 2yr fixed ISA most of the good ones I've seen are companies I haven't heard of, has anyone invested in Metro Bank, Hinkley & Rugby BS and Saffron BS ?

eskbanker

It's increasingly unusual for major high street banks to offer market-leading savings rates (outside certain gimmicky ones), so you need to decide which is more important between best rates or names you've heard of.

Having said that, the MSE listings are nothing like as comprehensive as those elsewhere so there'll be a longer list to choose from at the likes of https://moneyfactscompare.co.uk/isa/2-year-fixed-rate-isas/

Obviously you don't need much interaction with an institution where you're going to lock your money away for two years so customer service won't be as significant as for, say, a current account, but the key thing is to ensure that the one you choose has FSCS protection (the ones shown on both MSE and MoneyFacts generally do).

Reed_Richards

I used to live near Saffron Walden and the Saffron BS branch was just off the market square.  I don't know if they have other branches.  My OH invested there for a while, but then we moved away.  Saffron Walden is a quaint little market town, if you want to visit in person.

Metro Bank has rather shaky finances but the FSCS should protect you up to £85,000.

Albermarle

ang.slater64 said:

Looking on MSE for a good 2yr fixed ISA most of the good ones I've seen are companies I haven't heard of, has anyone invested in Metro Bank, Hinkley & Rugby BS and Saffron BS ?

As well as the above mentioned these are near the top of the comparison tables.

Post Office - You will have heard of them but their customer service/admin is not great.
Leeds BS - one of the bigger BS
Aldermore and Charter - Often get positive mentions on the forum.

eskbanker

Albermarle said:

ang.slater64 said:

Looking on MSE for a good 2yr fixed ISA most of the good ones I've seen are companies I haven't heard of, has anyone invested in Metro Bank, Hinkley & Rugby BS and Saffron BS ?

As well as the above mentioned these are near the top of the comparison tables.

Post Office - You will have heard of them but their customer service/admin is not great.
Leeds BS - one of the bigger BS
Aldermore and Charter - Often get positive mentions on the forum.

Perhaps worth pointing out that even though Post Office is obviously a familiar name in terms of its high street presence, its savings products are outsourced to other less familiar names:

Post Office ISAs are provided by OneFamily. Savings in Post Office cash ISAs are deposited with Bank of Ireland UK.

Barkin

ang.slater64 said:

Looking on MSE for a good 2yr fixed ISA most of the good ones I've seen are companies I haven't heard of, has anyone invested in Metro Bank, Hinkley & Rugby BS and Saffron BS ?

I've a couple of accounts with Saffron BS. Formerly called Saffron Walden & Essex BS I believe, they're a regional mutual since 1849, with 8 branches around Essex-ish, and full FSCS protection just like the big names that you've heard of. 

They have a mobile app that's a bit basic, but does all that I need it to do. 
On the (very) few occasions that I've needed to contact them, they've been a pleasure to deal with.

Hope this helps. 

Reed_Richards

Barkin said:

I've a couple of accounts with Saffron BS. Formerly called Saffron Walden & Essex BS I believe, they're a regional mutual since 1849, with 8 branches around Essex-ish, and full FSCS protection just like the big names that you've heard of. 

It was formerly the Saffron Walden, Herts and Essex BS, to be precise; that following a merger.  Details are here: https://www.saffronbs.co.uk/about/about-us/our-heritage .  

Bigwheels1111

Do you think you might need access to the money ?.
if so look at the 60,90,120 days interest penalty.
My friend opted for M&S 2 year isa as has a £75 flat fee.
On 20k that’s very good.
The best 2 year fixed has a 180 day interest penalty on 20k that’s £530.

Hinckley & Rugby BS 5.30%.

M&S is 5.10% and £75 penalty.

Ocelot

I had a 5 year fix with Hinkley & Rugby (1999-2004), and now have an IA account. Never had an issues with them (they've been going for over 150 years).