Need to open a Cash Isa

Susan1942

I cashed in a bond that I had early in December for £41,000  It was doing badly.  My intention  was to put £20,000 in a Cash Isa but to date I have not done anything about it.  I had intended to open a Junior Isa for a 3 year old granddaughter however my son tells me that she will be well provided for my her other grandmother.  I was also going to give my grandson money towards a deposit for a house.  I offered him £10,000 but he tells me that is too much and not really necessary. I thought I should speak to him again and possibly offer less or ask him how much money would be useful for him.  They have got some savings and his girlfriend parents are going to give them some money towards the house. I was only able to speak to him very briefly as it was Christmas and very busy. 
Looking at interest rates on Cash Isa's I would want to open it with a bank or building society that is a familiar name and possibly also has a branch in Harrogate where I live. 
My current account is with Santander and I really have too much money in this account although I do get interest up to £25,000.
I am at a loss to put something in place but it is now late January and I really need to do something soon. 

lr1277

Are you willing to perform account opening and maintenance on the internet?

I would have suggested Yorkshire Building Society who have a branch in Harrogate. Unfortunately all their cash ISA's can only be opened and maintained online.

Edited to add; There is also Leeds Building Society who also have a branch in Harrogate. They have a number of ISA product some of which can be opened and managed in branch. However the cash ISA's which are online only pay a better rate of interest than the ones that can also be managed at a branch. 

2nd edit: There is also Skipton BS who have a branch in Harrogate. They too have a range of ISA's. You would need to decide what kind of access you wanted to the money (immediate, have to give notice or only access it at the end of a fixed term). Then for your preferred ISA type, check whether it is available in branch.

Susan1942

Thanks I will have a look at it.  I do my banking online with Santander but there is a branch in town although I never use it now.  The hours have decreased and I am only in town occasionally these days.  I will have a look at both.  I really need to made a decision.  

Susan1942

I don't need access to this money so wondering should I take a fixed rate for how long? 2 to 5 years?   I would also be able to make a deposit again in April for a further £20,000 

lr1277

If you are willing to open and maintain the account over the internet, a few more possibilities are now open to you.

Google:

Moneyfacts savings

This will show the best paying accounts by account type. I admit some of the newer institutions I have never heard of so would never choose them. But among the institutions listed, there will be names with which you are familiar and worth considering.

Edited to add: if there is an institution for which you would like more information, you could come back here and ask for opinions on said institution by starting a new thread. But some on this site are hardcore and will choose a less well known institution if it pays 0.1% more than a better known institution. I personally prefer a lower rate of interest if I can discuss any issues with the institution either in branch or over the phone. To me savings are no good if you cannot get to them when you need them especially if there are problems with the institution holding your money.

Newly_retired

A simple answer might be to open an online account with Cahoot. It is part of the Santander group, so if you use thier website the layout will be familiar. You can put as much as you like into their Simple Saver at 4.4% variable. It is not an ISA however so if you need an account which is tax free, you need an ISa. Skipton BS have decent rates, not the top but decent.
Cahoot  also have another account, a Sunny Saver, with a higher rate but a maximum of £3000.

Susan1942

Thanks for the information.  I will spend a bit of time over the next couple of days as I really need to get it sorted.  Thanks again 

eskbanker

Susan1942 said:

I am at a loss to put something in place but it is now late January and I really need to do something soon. 

Susan1942 said:

I really need to made a decision.  

Susan1942 said:

I will spend a bit of time over the next couple of days as I really need to get it sorted.

There does seem to be a sense of deja vu about this thread, given the number of previous ones in similar territory - what's actually holding you back from making a decision and seeing it through?

https://forums.moneysavingexpert.com/discussion/6640267/what-to-do
https://forums.moneysavingexpert.com/discussion/6638563/what-should-i-do-with-41-000
https://forums.moneysavingexpert.com/discussion/6637727/what-to-do-with-a-flexible-bond-with-phoenix-life
etc

Susan1942

I know I should have made a decision by now.  I have not been very well and at the start of each week I intend to sort things out.  I have only changed my current account once in my lifetime.  I am not good at making decisions about money tend to have it somewhere and I leave it where it is.   Things have changed a bit by my son telling me there is no need for me to do anything about my youngest granddaughter.  My grandson has told me that it is not necessary for me to give him money towards a deposit but reckon that he might be happy to have say £5000 rather than the £10,000 I offered him.