Top Cash ISAs

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  • RedRuby_2
    RedRuby_2 Posts: 122 Forumite
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    Alexland wrote: »
    Some of us have a particular problem as earning interest outside of an ISA wrapper contributes to our net adjusted income which risks child benefit clawback.

    As both higher rate income tax and child benefit are set at the same £50k next tax year it looks like we will need to contribute some basic rate income into pensions to leave room for non-ISA interest. Never had to do that before as there was always a gap above higher rate tax and below child benefit clawback. Cash ISAs are starting to look a bit more attractive.

    Alex

    I agree with the last sentence in bold as someone who has just had their tax code changed because of interest earned outside an ISA. This is the first time its happened to me and its no fun at all. I'm having to reassess my savings and I'm looking to try to put much more in ISAs now.
  • eskbanker
    eskbanker Posts: 30,920 Forumite
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    RedRuby wrote: »
    I agree with the last sentence in bold as someone who has just had their tax code changed because of interest earned outside an ISA. This is the first time its happened to me and its no fun at all. I'm having to reassess my savings and I'm looking to try to put much more in ISAs now.
    For your savings interest income to exceed your personal savings allowance, chances are you'll either have circa £50K+ of savings or be earning enough to be a higher-rate taxpayer - that sort of 'no fun' would be hugely appealing to vast swathes of the population....

    #firstworldproblems
  • thefunkygibbon
    thefunkygibbon Posts: 37 Forumite
    https://www.raisin.co.uk/term-deposit/ghb001-1-year-fixed-term-deposit/

    seems a decent deal. any thoughts? FSCS protected etc. any reason not to?


    edit: ignore me, its a savings not an ISA :( sorry
    No Links in Signatures by site rules - MSE Forum Team 2
  • karl10247
    karl10247 Posts: 23 Forumite
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    edited 18 September 2019 at 9:48AM
    Hello all,

    I had two quick questions if you dont mind:

    1) On your MSE live TV program last night (17/09) Martin mentioned that in the current Brexit climate that he would not commit to a fixed rate savings account greater than 2 years in length. What are peoples throughts on this? Im just about to open a cash ISA, ideally fixed for max %

    2) Do all ISA's allow you to transfer OUT? I cant see any information on which ones allow this so i assume all have to by law

    Thank you
  • eskbanker
    eskbanker Posts: 30,920 Forumite
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    karl10247 wrote: »
    1) On your MSE live TV program last night (17/09) Martin mentioned that in the current Brexit climate that he would not commit to a fixed rate savings account greater than 2 years in length. What are peoples throughts on this? Im just about to open a cash ISA, ideally fixed for max %
    Fixed-rate accounts are always a gamble in terms of how they'll perform relative to subsequent rate changes and everyone will have opinions about how far they're prepared to fix for. Despite the persona he likes to cultivate, Martin Lewis won't have any particularly accurate insight into the future so there's no specific reason that I'm aware of that would warrant a view that two years is a significant cutoff point. However, as below, with ISAs, it's always possible to transfer out (typically with a penalty) if the rate becomes badly uncompetitive.
    karl10247 wrote: »
    2) Do all ISA's allow you to transfer OUT? I cant see any information on which ones allow this so i assume all have to by law
    Yes, as per https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager:
    Investors have the right to transfer their ISAs whenever they want and this right must be included in the manager’s ISA terms and conditions.
  • Mutton_Geoff
    Mutton_Geoff Posts: 3,817 Forumite
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    edited 4 October 2019 at 9:58AM
    Based on Martin's recommendation, trying to open a Ford ISA. They have to be the most cumbersome people to deal with, they rejected uploaded copies of identity documents several times, then they said they also needed a copy of the cover page of my passport (despite the fact it could have been anybody's as it doesn't have anything personal stamped on it).


    Then they asked for documents to be posted. Then a week later wrote to say they hadn't received them. Then wrote the next day to say the account would be open soon.


    They are a real pain and as no money has been sent, tempted to go with the Coventry which is now offering a better rate.


    Avoid Ford, it seems they aren't used to this.


    Edited to add that they called back and said the numbers on the passport weren't easily visible. This is despite emailing a hi res photo and a printed copy to them. Very clear on my computer. Told them to cancel the application and went with Coventry. All up and running in 15 mins with none of the Ford hassle.
    Signature on holiday for two weeks
  • bryn23
    bryn23 Posts: 2 Newbie
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    Anyone know of a 1year fixed ISA that you can open ON-LINE without having to send in certified copies of ID docs?  I have tried the Post Office, Kent Reliance and Aldermore, all allow you to apply on-line but then you must send in certified copies of ID... not very on-line and impossible to do at the moment. Cheers Bryn






  • Tharweb
    Tharweb Posts: 1,193 Forumite
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    edited 13 April 2020 at 5:00PM
    bryn23 said:

    Anyone know of a 1year fixed ISA that you can open ON-LINE without having to send in certified copies of ID docs?  I have tried the Post Office, Kent Reliance and Aldermore, all allow you to apply on-line but then you must send in certified copies of ID... not very on-line and impossible to do at the moment. Cheers Bryn

    I've just opened an account with Kent Reliance and my other half the same, neither of us were asked to provide ID docs?
    This site has saved me a fortune :money: ...it's also cost me a fortune! :doh:
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  • eskbanker
    eskbanker Posts: 30,920 Forumite
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    bryn23 said:

    Anyone know of a 1year fixed ISA that you can open ON-LINE without having to send in certified copies of ID docs?  I have tried the Post Office, Kent Reliance and Aldermore, all allow you to apply on-line but then you must send in certified copies of ID... not very on-line and impossible to do at the moment. Cheers Bryn

    Without studying the small print for these, I suspect that they'll each verify ID electronically wherever possible, as doing so via posting pieces of paper around is laborious, time-consuming and expensive, not just for the customer but the institution too.  The need to fall back to manual verification would typically be associated with the individual rather than the institution, i.e. it may not help you if other posters report success with alternative providers - have you checked the state of your credit files to validate that everything is accurate and up to date?  Are you on the electoral roll, etc?
  • Ljc80_2
    Ljc80_2 Posts: 102 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Tharweb said:
    bryn23 said:

    Anyone know of a 1year fixed ISA that you can open ON-LINE without having to send in certified copies of ID docs?  I have tried the Post Office, Kent Reliance and Aldermore, all allow you to apply on-line but then you must send in certified copies of ID... not very on-line and impossible to do at the moment. Cheers Bryn

    I've just opened an account with Kent Reliance and my other half the same, neither of us were asked to provide ID docs?
    Likewise, took minutes
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