Advised to put savings in an isa

Mayaboo

My IFA has advised me to put some current savings that are in a bank account into an instant access isa. 

I tried my starling account but they are only just rolling theirs out and I’m not eligible yet . Trying to keep things simple. What should do now to
find a suitable one. Tia

ColdIron

You could start here, sort by rate

https://moneyfactscompare.co.uk/isa/

eskbanker

https://www.moneysavingexpert.com/savings/best-cash-isa/ would be a reasonable place to start, but if you have any questions and are paying to engage an IFA then they should be responsive to your queries - even though cash ISA product selection won't be their core expertise (or remit), they should be able to give you some guidance.

Mayaboo

eskbanker said:

https://www.moneysavingexpert.com/savings/best-cash-isa/ would be a reasonable place to start, but if you have any questions and are paying to engage an IFA then they should be responsive to your queries - even though cash ISA product selection won't be their core expertise (or remit), they should be able to give you some guidance.

Thank you. They did advise me to get the starling one but as I said I’ve found I’m not eligible 

Mayaboo

So is it only a cash isa that is instant access? 

QrizB

Mayaboo said:

So is it only a cash isa that is instant access? 

Did your IFA recommend a cash ISA? I suspect that's what they were meaning, but you could check?

SSISAs are more complicated and less of a replacement for a bank savings account.

surreysaver

If you want to dip in and out, I would suggest a flexible ISA, as you can replace money you withdraw without it affecting your annual allowance.

Personally I would recommend Ford Money

https://www.fordmoney.co.uk/all-products/flexible-cash-isa

as they pay a reasonable rate and don't tend to muck around with the interest rate as often as other providers.

Barkin

Mayaboo said:

eskbanker said:

https://www.moneysavingexpert.com/savings/best-cash-isa/ would be a reasonable place to start, but if you have any questions and are paying to engage an IFA then they should be responsive to your queries - even though cash ISA product selection won't be their core expertise (or remit), they should be able to give you some guidance.

Thank you. They did advise me to get the starling one but as I said I’ve found I’m not eligible 

You're not missing out on much. Tha Starling cash ISA, even if it were available to you, isn't currently paying a good interest rate.

Mayaboo

Barkin said:

Mayaboo said:

eskbanker said:

https://www.moneysavingexpert.com/savings/best-cash-isa/ would be a reasonable place to start, but if you have any questions and are paying to engage an IFA then they should be responsive to your queries - even though cash ISA product selection won't be their core expertise (or remit), they should be able to give you some guidance.

Thank you. They did advise me to get the starling one but as I said I’ve found I’m not eligible 

You're not missing out on much. Tha Starling cash ISA, even if it were available to you, isn't currently paying a good interest rate.

QrizB said:

Mayaboo said:

So is it only a cash isa that is instant access? 

Did your IFA recommend a cash ISA? I suspect that's what they were meaning, but you could check?

SSISAs are more complicated and less of a replacement for a bank savings account.

Can’t remember but said instant access isa 

eskbanker

Mayaboo said:

So is it only a cash isa that is instant access? 

Technically no - money can be withdrawn without notice from most ISAs.  However, if your IFA was suggesting use of an instant access ISA instead of keeping savings in a bank account then it's highly likely that they were referring to a cash ISA.

The fundamental point remains - if you feel the need to ask online strangers for clarification of what you're being told by your IFA, then the two of you aren't working together properly!

friolento

I agree you should go back to your IFA and ask what alternative ISA they would recommend. I would also review whether this IFA is giving me the best advice, as the Starling ISA is not widely offered, even to very longstanding Starling customers, plus it has a comparatively terrible interest rate at 2.5% AER (var). If the IFA's excuse for suggesting this mediocre ISA is that they are not specialising in cash ISAs, they shouldn't make clearly uninformed recommendations. I hope they are giving you more professional advice on your investments (assuming you do have investments managed by them).

You can see all the current interest rates for generally available ISAs on https://moneyfactscompare.co.uk/isa/