Best ISA accounts?

[Deleted User] · 15/07/14 - 11:25

Got some money to lock away for a couple of years, I've seen Barclays fixed rate of 2.02%.

Any other good ones?
Thanks!

stvn758 · 15/07/14 - 11:29

I just opened a Nationwide Regular Saver ISA (2.59% tax-free variable), better rate than my Mum's two year fixed rate.

[Deleted User] · 15/07/14 - 11:37

stvn758 wrote: »

I just opened a Nationwide Regular Saver ISA (2.59% tax-free variable), better rate than my Mum's two year fixed rate.

Awesome! By variable, how often will the 2.59% go up or down?

stvn758 · 15/07/14 - 11:49

This Honest wrote: »

Awesome! By variable, how often will the 2.59% go up or down?

Just opened it so I'm not sure, Interest rates aren't changing so I'm hoping it stays the same. Your money isn't locked in and there are no penalties for withdrawals so if the rate goes down you can switch to another better one and be no worse off. You can pay in £1250 a month but even if you had a lump sum it could all be in there in a few months and you get the better rate.

[Deleted User] · 15/07/14 - 11:57

stvn758 wrote: »

Just opened it so I'm not sure, Interest rates aren't changing so I'm hoping it stays the same. Your money isn't locked in and there are no penalties for withdrawals so if the rate goes down you can switch to another better one and be no worse off. You can pay in £1250 a month but even if you had a lump sum it could all be in there in a few months and you get the better rate.

Alright thanks!

I've had a look at the fixed rate interest rates. If I put in a lump sum of money in the variable account then remove it to put it in a nationwide fixed ISA, that will be ok?

jmclaugh · 15/07/14 - 12:00

There aren't many paying a rate that is much above inflation and those are mostly all fixed terms, you may be better looking at share ISAs now the rules have changed.

stvn758 · 15/07/14 - 12:39

This Honest wrote: »

Alright thanks!

I've had a look at the fixed rate interest rates. If I put in a lump sum of money in the variable account then remove it to put it in a nationwide fixed ISA, that will be ok?

http://www.nationwide.co.uk/products/savings/regular-saver-isa/features-and-benefits

Here's all the details.

Not sure how well stocks and share ISA's do, think they charge a fee as well. Probably why the Government upped the value to £15,000. Most people probably don't want to risk their money.

walterwhite · 15/07/14 - 13:05

jmclaugh wrote: »

There aren't many paying a rate that is much above inflation and those are mostly all fixed terms, you may be better looking at share ISAs now the rules have changed.

Depends what your attitude to risk is. Personally I just want to earn a bit of interest and not risk the capital.

jmclaugh · 15/07/14 - 13:13

walterwhite wrote: »

Depends what your attitude to risk is. Personally I just want to earn a bit of interest and not risk the capital.

Yes shares are more of a risk. A bit of interest is all you'll get with cash ISAs until interest rates go up.

walterwhite · 15/07/14 - 13:18

jmclaugh wrote: »

Yes shares are more of a risk. A bit of interest is all you'll get with cash ISAs until interest rates go up.

I should get about £300 interest this year on mine which isn't bad. Considering my pension has hardly increased this year that's not bad going.

evil c · 15/07/14 - 13:38

Be aware with a 12 month term regular saver account that you'll only earn the full rate on the 1st month's savings. Every month after that the rate will effectively decrease so the last month you put in will only earn one twelfth of the annual rate.

The best variable rate for instant access Cash ISA is today only 1.55%, and for no access 1 year fixed rate 1.71%. Also note some rates are bonus based, so after the end of the bonus term the rate will drop dramatically. Make sure you read the Terms and Conditions thoroughly.

Instant access variable rate: http://www.which.co.uk/money/savings-and-investments/reviews-ns/best-rate-cash-isas/instant-access-cash-isas/

No access 1 year fixed rate: http://www.which.co.uk/money/savings-and-investments/reviews-ns/best-rate-cash-isas/1-year-fixed-rate-cash-isas/

Comprehensive list of Cash ISAs including longer term: http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Mentorist · 15/07/14 - 16:21

Depending on how much money you have, consider current accounts instead for example I have a coupleof TSB accounts that pay 5% up to £2000. You need to pay in £500 a month but if you open two you can simply set up DD's to switch £500 backwards and forewards between the two. There are other accounts that pay 3 or 4%, have a look on the money saving expert website for the latest info.

Boselecta · 15/07/14 - 17:17

evil c wrote: »

Be aware with a 12 month term regular saver account that you'll only earn the full rate on the 1st month's savings. Every month after that the rate will effectively decrease so the last month you put in will only earn one twelfth of the annual rate.

The best variable rate for instant access Cash ISA is today only 1.55%, and for no access 1 year fixed rate 1.71%. Also note some rates are bonus based, so after the end of the bonus term the rate will drop dramatically. Make sure you read the Terms and Conditions thoroughly.

Instant access variable rate: http://www.which.co.uk/money/savings-and-investments/reviews-ns/best-rate-cash-isas/instant-access-cash-isas/

No access 1 year fixed rate: http://www.which.co.uk/money/savings-and-investments/reviews-ns/best-rate-cash-isas/1-year-fixed-rate-cash-isas/

Comprehensive list of Cash ISAs including longer term: http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Spot on. I think those regular saver deals are misleading. Anyone with a lump sum would accrue more money by benefitting from full 12 months in an ISA that has a "lower" interest rate than the headline grabbing rate of the regular saver deal.

sparry · 15/07/14 - 17:45

stvn758 wrote: »

Not sure how well stocks and share ISA's do, think they charge a fee as well. Probably why the Government upped the value to £15,000. Most people probably don't want to risk their money.

I've got one of those which my Grandad had put money into and he left it to me when he passed away. Brings in a nice little bit of interest every 3 months, the amount varies but more recent has been around £90

[Deleted User] · 15/07/14 - 18:14

Thank you all for your help!

walterwhite · 16/07/14 - 09:00

I get 2.5% on my Coventry B.S. ISA but you have to be an existing member I think to get it.

bri160356 · 16/07/14 - 14:01

walterwhite wrote: »

I get 2.5% on my Coventry B.S. ISA but you have to be an existing member I think to get it.

I guess you are talking about the Coventry B.Soc ‘ ISA Reward’ account.

As cash ISA’s go, given the T’s&C’s, it is pretty much unbeatable at the moment I think.

It’s a 2.5% variable N-ISA, no notice/penalty for withdrawals, and allows ‘transfers in’ from other ‘providers’; however the Coventry ISA Reward is only available to existing Coventry customers who held a cash ISA with Coventry B.S. at the end of 4 February 2013.

My wife has just moved her entire ISA savings pot from Virgin Money into this Coventry ISA account.

How can Coventry B.S. pay 2.5% and yet Mr Branson at Virgin Money only pays 1.5% ?........how many Islands does he need?

Hey there!

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