Cash ISAs: The Best Currently Available List

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  • Cweb
    Cweb Posts: 20 Forumite
    First Anniversary Combo Breaker
    On the Barclays sign-up registration it says:

    (open account in 2007 year) and each subsequent year until futher notice.....

    So, I don't lose the allowance for the following year, do I need to tell them I intend on switching after the first year, or simply cease using them, and use another, but if they roll it into the following year, will I still be able to open an account with a different provider?
  • Kazza242
    Kazza242 Posts: 2,169 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Cweb wrote: »
    On the Barclays sign-up registration it says:

    (open account in 2007 year) and each subsequent year until futher notice.....

    So, I don't lose the allowance for the following year, do I need to tell them I intend on switching after the first year, or simply cease using them, and use another, but if they roll it into the following year, will I still be able to open an account with a different provider?

    No, you don't need to tell them anything. The registration statement you quoted, just means that they allow you to continue depositing money into the Barclays isa every tax year if you wish to. Once April 6th arrives, in any year, you can open and start contributing to an isa with another provider if you wish.
    Please call me 'Kazza'.
  • dreams_R_free
    dreams_R_free Posts: 536 Forumite
    I'm totally confused about the Barclays best-buy ISA that Martin recommends!! Any help gratefully accepted.

    My husband went into our local Barclays branch yesterday to open one. We've both had Halifax ISAs for several years (started when they were the best-buy!) but thought the Barclays one would be a good one to start now instead. Neither of us has used up our current year's allowance so we need to be quick.

    The staff member who interviewed him at Barclays said it reverts to 4.5% after the first year. He asked her to double-check as it seemed so improbable but she started tapping away on the computer and said yes, that was correct. Needless to say he didn't bother opening one there and went straight round to the Halifax and paid his £3000 into his existing account.
    Does anyone know about this please?

    2nd question (sorry this is such a long-winded post). If an ISA quotes a rate which includes a bonus, when does it revert to the lower rate? I know it says after the first year but suppose I deposit my £3000 allowance for this year before 5th April will the lower rate start from the beginning of the next financial year (i.e. 6th April) or a full year after I open an account? I realise this is about as clear as mud so please forgive my ramblings. But if I'm only going to get a fortnight at the higher rate it isn't worth the bother of switching from the Halifax to anywhere else.
  • Kazza242
    Kazza242 Posts: 2,169 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Impomdasp - The Barclays advisor is incorrect. The Tax Beater ISA pays 6.50% and this rate includes a 1% bonus for 12 months, payable from the date you open your account. If you opened your account on March 21st 2007 it would pay 6.50% until March 21st 2008 when the 1% bonus would expire.

    After the bonus has expired the rate falls to 5.50%, which is still a good rate. Certainly better than the Halifax ISA Saver Direct which only pays 5.30%.

    I think my answer above covers both of your questions.
    Kazza wrote:
    Barclays Tax Beater cash ISA - 6.50%
    Rate guarantee? No. Pays an annual 5.50% + a 1% bonus for 12 months.
    Please call me 'Kazza'.
  • jeninbrighton
    jeninbrighton Posts: 21 Forumite
    First Anniversary Combo Breaker
    Impomdasp - I had the same questions you did, so I just phoned my fiancé who is a branch manager at Barclays. (For the record, I never buy anything through him as Barclays is hardly ever the best-buy for anything!!)

    He just confirmed what Kazza said... it's 6.5%, which includes the bonus of 1%. So after 12 months, the rate reverts to 5.5%. At that time, you could just transfer it into whatever the best-buy of next year is (if it's a transferable isa obviously). I've spent my 3k for this year, but he said this deal will last beyond the April 5th cutoff, so I can invest next years allocation with this deal.

    Interestingly though, he said "they" are pretty sure another provider will come along and offer something even better than this rate before the April deadline..... rumours rumours...... :cool:
  • Careful_ly
    Careful_ly Posts: 622 Forumite
    First Post First Anniversary Combo Breaker
    Great thread Kazza

    Don't know if it worth adding a monthly saver ISAs to the thread for those people who dont have a lump sum to hand. Don't know how many are available but Scarborough looks to be good at 6.3%http://www.scarboroughbs.co.uk/savingsandinvestments/products/my_savings.html:beer:
  • Kazza242
    Kazza242 Posts: 2,169 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Careful_ly wrote: »
    Great thread Kazza

    Don't know if it worth adding a monthly saver ISAs to the thread for those people who dont have a lump sum to hand. Don't know how many are available but Scarborough looks to be good at 6.3%http://www.scarboroughbs.co.uk/savingsandinvestments/products/my_savings.html:beer:

    Thanks Careful_ly. I was also thinking of adding the monthly saver isas at some point, probably from next week. There are always a lot of regular savings ISA's that launch just before the start of the new tax year. I suppose in the hope that savers will open one for their 07/08 £3K allowance.
    Please call me 'Kazza'.
  • dreams_R_free
    dreams_R_free Posts: 536 Forumite
    Thanks very much Kazza and jeninbrighton.

    Exactly what I needed to know. Hubby will be livid as he's already paid his 2006/7 cheque into the Halifax yesterday but I haven't so I'll be off to Barclays tomorrow!
  • jinkssick
    jinkssick Posts: 1,323 Forumite
    First Anniversary First Post
    can anyone help me, Ive put 1k in a NS&I 5.8% for 06/07. this was since last weeks money tip, but now I want to put it in the Barclays 6.5%.

    NS&I said I can cancel, but then it shouldnt have anything to do with the 07/08 period and Barclays right???
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    call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
    Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
  • Kazza242
    Kazza242 Posts: 2,169 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    jinkssick wrote: »
    can anyone help me, Ive put 1k in a NS&I 5.8% for 06/07. this was since last weeks money tip, but now I want to put it in the Barclays 6.5%.

    NS&I said I can cancel, but then it shouldnt have anything to do with the 07/08 period and Barclays right???

    You can cancel it, but you wouldn't be allowed to deposit the funds from your NS&I isa into the Barclays ISA before April 6th 2007. There is of course nothing stopping you from placing it into a new ISA from 6th April '07.

    I don't think it's a good idea to cancel your existing isa, using the money from it to fund an isa for 07/08, as you would lose out on part of your 06/07 allowance. If you don't use it you lose it forever. I suppose it all depends on the amount of money you have available to deposit into an isa. If you think you'll have more money during 07/08 to deposit then it's probably better to stick with your existing NS&I isa. Then open the Barclays isa on or after Apr 6th where you can deposit up to £3,000 until Apr 5th 2008.
    Please call me 'Kazza'.
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