Most people only want basic. Secure savings in sn easy format.
Best Cash ISA?
- Thread starter koolpc
- Start date
Most people only want basic. Secure savings in sn easy format.
This thread is talking about Cash ISAs, nothing to do with SS ISAs. Pension investing beats SS ISA investing hands down as you have an additional 20%+ to start investing with in the first place.
How is sticking in a cash ISA better than sticking it in a regular savers account? when the interest is much higher in a regular savers? even better slap the holiday on a credit card, get the cash back and pay it off during the interest free period while still saving and getting interest on the amount saved. The bank paid for my two holidays last year.
The best way I can sum up Martin Lewis is... in the land of the blind, the one-eyed man is king.. There are much better public speakers when it comes to finance.
Cash ISAs are only really useful for pensioners.. but if you can keep the money in your pension in a money market fund, the same ones that some bank use to offer the higer rates of return.
People should expect basic returns then.
Personally I don't think it's worth all the effort in shopping about for that additional small gains in percentages. Most banks have their tierd accounts offering tierd rates of return, and they all very samey-samey when it comes to rates.
Soldato
- Joined
- 21 Sep 2020
- Posts
- 5,815
This thread is talking about Cash ISAs, nothing to do with SS ISAs. Pension investing beats SS ISA investing hands down as you have an additional 20%+ to start investing with in the first place.
How is sticking in a cash ISA better than sticking it in a regular savers account? when the interest is much higher in a regular savers? even better slap the holiday on a credit card, get the cash back and pay it off during the interest free period while still saving and getting interest on the amount saved. The bank paid for my two holidays last year.
The best way I can sum up Martin Lewis is... in the land of the blind, the one-eyed man is king.. There are much better public speakers when it comes to finance.
Cash ISAs are only really useful for pensioners.. but if you can keep the money in your pension in a money market fund, the same ones that some bank use to offer the higer rates of return.
People should expect basic returns then.
I mean, he's asked for the best cash ISA.
He's got a pile of cash sitting there, so that rules out the usual £300 limit on RS. Sure he could open up 30 bank accounts and get the corresponding RS and do it that way but that's just a hassle and likely would break the limit of £1000 tax free (500 if higher tax band) - 5% of 20,000 (if he can front load it) is £1,000.
Correct me if I'm wrong here but you'd have to salary sacrifice to get the pension investing benefit so doesn't help him with a pile of cash either. There's also talk of them cutting the tax free lump sum limit too.
I do however completely agree with you, spend on CC get CB if possible and 0%.
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You could add another 20k in the next financial year, but that assumes the interest they're offering is competitive.
IIRC when I looked at their current offering, the rate was only for new customers with no transfers in - great if you're starting from a £0 balance. But isn't too competitive if you already have an ISA.
I dont have an ISA...
They might appear to be a better rate, but due to starting off with a zero balance and the limited monthly deposits they're not always great. That 7% regular saver is equivalent to a normal savings account paying 3.75% if you put in the full balance from day 1. I can find plenty of cash ISAs paying more than 3.75%.
Then you'll have access to the bonus rate.
Yea...just deciding if i should go with the Trading 212 one or Nationwide 1 year Triple Access one........
I would like to put £20k in to start and then another £20k in April next year, the start of that financial year...
Go with whichever holds the best rate. Just be mindful that come April that trading 212 might not have the better rate for next year's ISA, so you'd end up with separate accounts.
Or port one across.
Just need to bare in mind with porting many of them block reopening once you port out.
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He wouldn't be able to port until this time next year due to the fixed rate period. So April to November would end up with two accounts, unless you just accept whatever rate t212 offers.
Yes i use trading 212 for my cash ISA, currently with £63k in ,
Cant say if its the best rate as iv not done a search for a while, i opened it when the rate was about 5.25% and then the bonus rate ended after 3 months,
Its currently at rate 3.85%
At this rate its currently pulling in about £210 per month of interest and i dont withdraw from this account, i leave it compounding interest as i have a seperate savings account that i sometimes dip in to for the odd £200-300
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And what's your shoe size? #flex
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Cool. That's equally as important to the quoted posters question as the amount of money you've got in there
maybe say if the app is any good, what interest rate you've got, if it was locked in or a variable rate / welcome bonus etc. This isn't the sugar daddy thread where how much you've got is what people really want to know.Cool. That's equally as important to the quoted posters question as the amount of money you've got in there
I covered most of these.
The app is excellent, looks very professional, graphs are good showing your progress, it updates the interest earned daily (unlike chase where you have to wait until the end of the month to see interest earned) .
Its variable rate, and the bonus well, when i joined it was a 3 month bonus rate, no idea what is is now, as banks and providers seem to change the rules. Sometimes they only 3 months bonus rate, back in the day it was more like 12 months bonus rate. The variable rate is obviously tracked to the BoE base rate.
i suggest for the best rates and best bonus periods, check the money saving expert site who will have the latest and best info
Top cash ISAs 2025/26
Get tax-free interest on savings of up to £20,000. Martin Lewis compares the top paying cash ISAs to help you get the most from your savings.
Looking at the trading 212, they have done a U turn on the 3 month which it was when i joined and is now a 0.71 % - 12 month bonus.
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I use T212 but I've basically ported all my old cash ISAs in into stocks and shares ISA, global ETF.. I'm currently running at about an 8% return on about £70k..over 7 months... Kicks the crap out of any cash isa or savings account... I was up over 10% a week ago, but that's market fluctuations for you.