Looking for an ISA fix with a good rate where you can deposit monthly

azaharchica

Struggling with this, wasted hours.  I know about Shawbrook as I have one about to mature but the new rate is only 4.02%     There is another one, can't remember the name but not suitable coz they won't let you have current year isa's with other banks as well and I have a few this year.

Any suggestions?  Need to decide quickly.   A few of them say that you can do further deposits over the year but when you check in detail they mean only for the first 30 days.

northernstar007

try monument, its flexible 4.25% interest paid monthly (min 10k)

azaharchica

Sorry,  thanks for this, but I wanted a wanted a fix with facility to monthly invest.
I did look at the Monument but better rate with CMC on an easy access - and, they send you a goody bag..... 

slinger2

The reality is that someone offering such a 1-year fixed rate ISA, in which you can add during the term, is likely to offer a lower rate, especially in the current interest rate environment where rates are expected to fall further over the next year.

The best 1-year fixes are about 4.25% at the moment so Shawbrook's 4.02% is not so out of line IMO.

singhini

Putting money into an investment on a monthly basis "typically" yields around half of the advertised rate.  Since the first monthly payment is invested for the full 12 months while the last monthly payment only attracts one months worth of interest.

So you would be looking for a 1 year fixed ISA which allows monthly payments and attracts an interest rate of something like 8% for you to receive around 4% 

Albermarle

I think fixed rate savings account linked to LLoyds will allow this.
Means LLoyds themselves, but also Halifax and Bank of Scotland.
Of course you will need to check the details carefully as I might be wrong.

singhini

i think the OP specifically wants an ISA
and he wants it FIXED 
and it allows monthly deposits

slinger2

singhini said:

Putting money into an investment on a monthly basis "typically" yields around half of the advertised rate.  Since the first monthly payment is invested for the full 12 months while the last monthly payment only attracts one months worth of interest.

So you would be looking for a 1 year fixed ISA which allows monthly payments and attracts an interest rate of something like 8% for you to receive around 4% 

Obviously you only get interest on the money that's actually in the account on each day. So I assume the OP knows that they won't get 4.02% of the final amount in the account.

clairec666

You won't find many ISAs that offer a fixed rate AND a deposit window of longer than 30 days. Barclays offer a fixed rate ISA which also allows up to 3 withdrawals, which is unusual. However it is only 3.85% so might not be of interest to you.

35har1old

azaharchica said:

Struggling with this, wasted hours.  I know about Shawbrook as I have one about to mature but the new rate is only 4.02%     There is another one, can't remember the name but not suitable coz they won't let you have current year isa's with other banks as well and I have a few this year.

Any suggestions?  Need to decide quickly.   A few of them say that you can do further deposits over the year but when you check in detail they mean only for the first 30 days.

Go with Shawbrook min £1000 as a fall back when rates drop.
Open one currently paying 4.3%
Then when you want to add check the current rates at that time

jimjames

singhini said:

Putting money into an investment on a monthly basis "typically" yields around half of the advertised rate.  Since the first monthly payment is invested for the full 12 months while the last monthly payment only attracts one months worth of interest.

So you would be looking for a 1 year fixed ISA which allows monthly payments and attracts an interest rate of something like 8% for you to receive around 4% 

As per the usual posts on regular savers this is completely wrong. You receive exactly 8% on every penny in the account if that is the advertised rate. Not sure why you would expect to be paid interest on money not in the account. To calculate the approx amount of interest you might want to divide the total you'd get for the end balance by 2 if you've paid in the same amount each month but that's definitely not the same as getting half the advertised rate.