Plum ISA at 5.17%

Pat38493

Beddie said:

Pat38493 said:

Beddie said:

You're right - the terms are somewhat designed to potentially trap people. I'd avoid it too. Go with Chip instead.

The Chip one looks interesting also.  However on the MME best buy page is says that transfers in are not allowed with the Chip account, but on the Chip website it seems to indicate that they are allowed.

You didn't say it was a transfer in your earlier post...  Cash ISA transfers are coming soon, according to Chip website. 

It's not yet - my first deposit would not be a transfer.  However I was curious for the future in case I wanted to transfer another one in later.

The other alternative I guess is to just put the money in an S&S ISA in an short term money market fund.  I realise this doesn't have the exact same protections (arguably) but it's likely to receive close to the best returns you can get without much effort changing things all the time.  (I did a few calculations and it seemed like the returns on the MMF after taking into account fees and transaction charges is marginally less than Plum or Chip, but it's better than pretty much all other ISAs and given that the rates will probably change during the year due to expected interest rate cuts, it probably will hardly make any difference in the end.  Also by having it in an MMF I keep the option open to invest some fo it in something else if I want.

MichaelAP

Beddie said:

You're right - the terms are somewhat designed to potentially trap people. I'd avoid it too. Go with Chip instead.

The only issue with Chip is they do not allow you to transfer in/out with an ISA from/to another account. ZOPA on the other hand do allow transfers in/out. This is important if they reduce their interest rate and you want to transfer to a better provider.

Beddie

Pat38493 said:

Beddie said:

Pat38493 said:

Beddie said:

You're right - the terms are somewhat designed to potentially trap people. I'd avoid it too. Go with Chip instead.

The Chip one looks interesting also.  However on the MME best buy page is says that transfers in are not allowed with the Chip account, but on the Chip website it seems to indicate that they are allowed.

You didn't say it was a transfer in your earlier post...  Cash ISA transfers are coming soon, according to Chip website. 

It's not yet - my first deposit would not be a transfer.  However I was curious for the future in case I wanted to transfer another one in later.

The other alternative I guess is to just put the money in an S&S ISA in an short term money market fund.  I realise this doesn't have the exact same protections (arguably) but it's likely to receive close to the best returns you can get without much effort changing things all the time.  (I did a few calculations and it seemed like the returns on the MMF after taking into account fees and transaction charges is marginally less than Plum or Chip, but it's better than pretty much all other ISAs and given that the rates will probably change during the year due to expected interest rate cuts, it probably will hardly make any difference in the end.  Also by having it in an MMF I keep the option open to invest some fo it in something else if I want.

Pat - you obviously know all the options available to you, so what exactly are you asking us for? There's no single "best" answer. Pick an option and do it!

Beddie

MichaelAP said:

Beddie said:

You're right - the terms are somewhat designed to potentially trap people. I'd avoid it too. Go with Chip instead.

The only issue with Chip is they do not allow you to transfer in/out with an ISA from/to another account. ZOPA on the other hand do allow transfers in/out. This is important if they reduce their interest rate and you want to transfer to a better provider.

You can definitely transfer out - as that is an ISA requirement. See here 

https://intercom.help/get-chip/en/articles/8856781-the-chip-cash-isa-faqs#:~:text=through our website.-,How do I transfer my Cash ISA out of Chip?,-To initiate a

Pat38493

Beddie said:

MichaelAP said:

Beddie said:

You're right - the terms are somewhat designed to potentially trap people. I'd avoid it too. Go with Chip instead.

The only issue with Chip is they do not allow you to transfer in/out with an ISA from/to another account. ZOPA on the other hand do allow transfers in/out. This is important if they reduce their interest rate and you want to transfer to a better provider.

You can definitely transfer out - as that is an ISA requirement. See here 

https://intercom.help/get-chip/en/articles/8856781-the-chip-cash-isa-faqs#:~:text=through our website.-,How do I transfer my Cash ISA out of Chip?,-To initiate a

That's what I was thinking too - surely it's a regulatory requirement that they must allow transfers out, even if they don't allow transfers in.

MichaelAP

Beddie said:

MichaelAP said:

Beddie said:

You're right - the terms are somewhat designed to potentially trap people. I'd avoid it too. Go with Chip instead.

The only issue with Chip is they do not allow you to transfer in/out with an ISA from/to another account. ZOPA on the other hand do allow transfers in/out. This is important if they reduce their interest rate and you want to transfer to a better provider.

You can definitely transfer out - as that is an ISA requirement. See here 

https://intercom.help/get-chip/en/articles/8856781-the-chip-cash-isa-faqs#:~:text=through our website.-,How do I transfer my Cash ISA out of Chip?,-To initiate a

Yes, my bad….. What Chip do not allow is ‘Partial’ Transfer out.