All the ISA rates go down after one year?

asdf1982

I have been in debt but now in a position go start saving again.

Years ago I had an isa with interest rate about 4.5% I was building up my savings every year.

Now all the ones I can see only have a decent interest rate for one year then go down to 1.5% etc. This is obviously less than inflation.

I can't keep opening new ones and moving the balance every year because of the limit you can put in.

Is there one I don't know about with permanent interest rate? 

TIA

Mark_d

I think the best option is to open a new cash ISA every year and then do a transfer.  The limit you mention only applies to the ISA contributions you make, rather than ISA transfers.

If you're saving for the long term and have cash savings accessible for your short term needs, then you could consider a stocks and shares ISA.

subjecttocontract

There are fixed rate isas that run for 2, 3 or 5 years.

p00hsticks

asdf1982 said:

I can't keep opening new ones and moving the balance every year because of the limit you can put in.

That sort of implies that you are closing the ISA, removing the money and then putting it into a new one, which isn't a sensible thing to do if you have more than the annual £20k limit in total. 

As Mark-D says, each year you need to look for new ISAs with better interest rates that allow transfers in (not all do).
You then transfer last years Isa into this years (when any fixed term is up and the interest rate drops).

That way your old money keeps its ISA status and you still have this years £20k allowance to add to it (if you are lucky enough to have that kind of spare cash)   

born_again

https://www.moneysavingexpert.com/savings/best-cash-isa/

Not one of the 6 below 4.75% Most not fixed term either.

Virgin easy access 4.76% (OK, need a current acc with them)
https://uk.virginmoney.com/savings/find/results/online