Cash ISA Renewal

Devonian_Rodders

My cash ISA is up for renewal after 18 months.  I am advised by the bank the ISA will be renewed at a rate of 1.1%  which I consider to be extremely low in the current financial climate.
Not sure if there are many finance houses who are accepting transfers in at reasonable rates  I already have maxed current year ISA allowance elsewhere, and am conscious of the £85K limit.
Be interested in views from others.

winkowinko

The 1.1% that they are offering is if you do nothing with your money (which they are hoping you do)

Who is the ISA with, and have you actually looked at what options they are offer?

eskbanker

Devonian_Rodders said:

Not sure if there are many finance houses who are accepting transfers in at reasonable rates

Yes, there are plenty:

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

badmemory

Even the bank it is currently with will have much better offerings.  I only let mine go to that rate if I am expecting to spend it before the next term would end.  Be careful not to move it out of an ISA when you transfer.

Albermarle

Suggest you read through the forum, as there are lots of threads about ISA transfers, who is offering good rates etc

Devonian_Rodders

winkowinko said:

The 1.1% that they are offering is if you do nothing with your money (which they are hoping you do)

Who is the ISA with, and have you actually looked at what options they are offer?

Barclays Bank.  When renewing last time (18 months) the rate was well above the new offer.

Devonian_Rodders

badmemory said:

Even the bank it is currently with will have much better offerings.  I only let mine go to that rate if I am expecting to spend it before the next term would end.  Be careful not to move it out of an ISA when you transfer.

Thank you.  I anticipate taking out the interest, but a renewal covering say 18months at the rate quoted is far too low in present climate.  The current year (25-26) has already been taken up.

eskbanker

Devonian_Rodders said:

My cash ISA is up for renewal after 18 months.  I am advised by the bank the ISA will be renewed at a rate of 1.1%  which I consider to be extremely low in the current financial climate.

Devonian_Rodders said:

winkowinko said:

The 1.1% that they are offering is if you do nothing with your money (which they are hoping you do)

Who is the ISA with, and have you actually looked at what options they are offer?

Barclays Bank.  When renewing last time (18 months) the rate was well above the new offer.

Just to be clear, are you saying that they're offering 1.1% on an easy access product or a new 18 month fixed rate commitment?

poseidon1

Devonian_Rodders said:

badmemory said:

Even the bank it is currently with will have much better offerings.  I only let mine go to that rate if I am expecting to spend it before the next term would end.  Be careful not to move it out of an ISA when you transfer.

Thank you.  I anticipate taking out the interest, but a renewal covering say 18months at the rate quoted is far too low in present climate.  The current year (25-26) has already been taken up.

Even Barclays will offer you better rate  alternatives  ( per link below ), all you need to do is initiate an internal transfer to one you prefer.

https://www.barclays.co.uk/savings/isas/

However, as mentioned by others  better rates available elsewhere  from many providers. Barclays does not deserve your loyalty.

Growingold

Devonian_Rodders said:

winkowinko said:

The 1.1% that they are offering is if you do nothing with your money (which they are hoping you do)

Who is the ISA with, and have you actually looked at what options they are offer?

Barclays Bank.  When renewing last time (18 months) the rate was well above the new offer.

That 1/1% is for their Instant Cash ISA.  Here are Barclays offerings.    

Compare our cash ISAs

Use your annual ISA allowance of up to £20,000 by 5 April to grow your savings in our cash ISAs. You won’t pay tax on any interest your ISA earns.

FOR EVERYONE

Unlimited withdrawals

Instant Cash ISA

AER/tax-free(1) p.a. (variable)

1.11% / 1.10%

on your whole balance

Explore account 

FOR EVERYONE

Unlimited withdrawals

Reward ISA

AER/tax-free p.a. (variable)

2.75% / 2.72%

in months with no withdrawals

0.85% / 0.85%

in months with withdrawals

Explore account 

FOR EVERYONE

Limited withdrawals

1-Year Flexible Cash ISA

AER/tax-free p.a. (fixed)

3.70% for one year

on your whole balance

Explore account 

FOR EVERYONE

Limited withdrawals

18-Month Flexible Cash ISA

AER/tax-free p.a. (fixed)

3.55% for 18 months

on your whole balance

Explore account 

PREMIER CUSTOMERS

Limited withdrawals

Premier 1-Year Flexible Cash ISA

AER/tax-free p.a. (fixed)

4.00% for one year

on your whole balance

Explore account 

PREMIER CUSTOMERS

Limited withdrawals

Premier 18-Month Flexible Cash ISA

AER/tax-free p.a. (fixed)

3.65% for 18 months

on your whole balance

Explore account 

PREMIER CUSTOMERS

Limited withdrawals

Premier 3-Year Flexible Cash ISA

AER/tax-free p.a. (fixed)

3.70% for 3 years 

on your whole balance

Explore account 

WEALTH MANAGEMENT CLIENTS

Limited withdrawals

Wealth 1-Year Flexible Cash ISA

AER/tax-free p.a. (fixed)

4.00% for one year

on your whole balance

Explore account 

WEALTH MANAGEMENT CLIENTS

Limited withdrawals

Wealth 18-Month Flexible Cash ISA

AER/tax-free p.a. (fixed)

3.65% for 18 months

on your whole balance

Devonian_Rodders

Thanks all, have since resolved taking 3.7% for 1 year.
When first notified of maturity of 18 month ISA, was advised "If you do not notify us before the actual date, we will xfer to 1.1% ISA.  However, despite having several reminders prior to the expiry ate, Barclays would not accept any instructions until AFTER the expiry of 18month term.