ISA v Savings

EthicsGradient

https://forums.moneysavingexpert.com/discussion/comment/82053319#Comment_82053319

Oh, I see - they accept transfers, but the better rate is only for transfers of this-year subscriptions.

The Bank of Ireland Online ISA at 4.21% does seem to accept transfers - I can't see a "this-year subscription" there.

https://www.bankofirelanduk.com/savings/isa/

Bigwheels1111

I just set up a transfer of my maturing ISA today.

Virgin money 5.55% 3 year deal maturity to a Coventry Building society 1 year @ 4.6% fixed until 30/09/2027.

Only took 5 minutes to complete.

Today the best rate, select Term at the top, then rate order.

Now product specifications, left corner of deal.

Scroll down look for

Transfers In - Cash ISAs, you will see a tick or an X.

https://moneyfactscompare.co.uk/isa/fixed-rate-isas/?id=null&business-type=16&activity-type=null&investment-amount=20000&investment-type=1&account-types=4&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&flexible-isa-only=2&sort-filter=standard-order

1y 4.70% AlRayan via Meteor

2y 4.65% AlRayan via Meteor

3y 4.66% Aldermore

4y 4.00% United trust bank

5y 4.65% Leek building society

5y+ 4.14% Shawbrook 7 year deal.

All the above allow transfers in.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82053339#Comment_82053339

It is true that a couple of ISA providers sneakingly pay lower interest for transfers in, so the T&Cs need to be doubly checked for pitfalls. Mind you, much the same is true for non-ISA accounts - there are a few nasties who don't pay any interest in a month you made a withdrawal. You always need to thoroughly check T&Cs, for any financial product you take out.

If you want "good" ISAs, they are easy to find with little effort on https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?sort-filter=standard-order

DT2001

Have you looked at HL. Whilst not the best rates they do make transfers between the various options quite easy and you have the option of splitting between easy access and fixed. So you can do better than 3.6%. HL do advise any time rates are due to change.

Barkin

friolento wrote:

---X---

If you never intend to add to your ISA savings, there is little point in having one.

---x-—

Care to explain the thinking behind that statement?

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/82054694#Comment_82054694

I thought he did in the rest of the post - if you aren't earning enough interest to pay tax on it then sheltering it in an ISA brings no advantage.

EthicsGradient

https://forums.moneysavingexpert.com/discussion/comment/82055002#Comment_82055002

But there's a difference between "not earning enough interest to pay tax" (on what you still have outside an ISA) and "will never add to it" (and I can't actually see that the OP said "I'll never add new money to an ISA" - they thought that the interest rates for transfer of ISAs were no better than basic rate-taxed interest outside an ISA - which people don't think is correct).

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/82055124#Comment_82055124

Agreed. Hence I would guess why if was used as it's conditional - IF you'll never add to it AND it doesn't earn enough interest to pay tax THEN there's no inherent advantage of being in a tax wrapper.

If we knew whether the OP was going to add new money or not then there wouldn't be the need for the 'if' in the first place ;) I don't seek to comment on that, was just trying to help with the query around the if statement :)

Barkin

https://forums.moneysavingexpert.com/discussion/comment/82055002#Comment_82055002

The OP said that they would be paying tax on the interest...

Newbie_John

If you want to lock for long time - there are gilts returning over 5%. You'd need to transfer your money to S&S ISA (Barclays for no yearly fees for example).