Best Cash ISA?

koolpc

koolpc

koolpc

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Under The Desk, Wales
Looking to open a cash ISA. One that is very safe, reliable and i can add in the allowed amount each year.

Any that you recommend?

The fixed term ones are only for 1,2,3,4 or 5...years....you cant add your yearly allowance. They only open for the set year and then you have to start again?

Anyway, which cash ISA account do you guys recommend? Trading212?

Thanks
 
The last we bought were Skipton BS at 4,25%. They have dropped a little to 3.85% I believe. We maxed out our Yorkshire BS at 80k each but we like high street building societies and passbook accounts.
 
tamzzy said:
www.moneysavingexpert.com

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.
www.moneysavingexpert.com www.moneysavingexpert.com
Click to expand...


This.
MSE update thier list of best cash ISAs on a regular basis so basically it's a case of reading up on the helpful information on the same page and picking whichever suites you best.

I say read up as you are talking about fixed ones etc.. They are no different to any other really but usually they'll pay a guaranteed % for 12 months or whatever the fixed term is and then drop down to a really low rate so you'll likely need to to port your ISA to a different provider after that time to get a more favourable rate.

Also look up the difference between flexible and non flexible ISAs... 9 times out of ten you'll want to choose a flexible ISA as they typically pay pretty much the same as non flexible ones, or only a tiny bit less.
 
None… regular savers give out better rates, mine dishing out 7% but it’s limited to the amount you can put in per month.. my personal savers is give out 3.75%, not the best but still higher than cash ISAs. If you’re hitting the personal savers interest tax allowance of £1000 for the year, your really need to question why you you think you need that much cash, and if your not better spending it while saving your salary into your pension.

Most stocks and shares ISAs are offering the 2% for cash that ISAs are offering.
 
"mine dishing out 7% but it’s limited to the amount you can put in per month"

Which might be great in you circumstances, but totally useless for for larger sums of money... They are restricted because the provider still needs to make a profit too, or they wouldn't offer the product.
 
koolpc said:
Anyone use Trading212
Click to expand...
Moved to them 1 week ago
Pays 4.53% daily
Only problem I had was they did not like my bank account as it was a joint account.
But they sent me email asking me to send a copy of bank statement from the joint account, that fixed the problem.
I believe it's a app only account.
 
garsands said:
Moved to them 1 week ago
Pays 4.53% daily
Only problem I had was they did not like my bank account as it was a joint account.
But they sent me email asking me to send a copy of bank statement from the joint account, that fixed the problem.
I believe it's a app only account.
Click to expand...


Joint accounts are always an issue with ISAs in this respect.. Because each person has a tax free 20k allowance.. So it presents a big complication to the ISA provider to try to figure out what percentage of cash comes out of which persons allowance.

The most simple thing to do, if you are a couple, is to have seperate isa accounts and you can both put 20k in per year each to your own accounts.

For a total of 40k tax free contributions per year as a couple.

The "I" in ISA stands for "individual".
 
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slinxy said:
None… regular savers give out better rates, mine dishing out 7% but it’s limited to the amount you can put in per month.. my personal savers is give out 3.75%, not the best but still higher than cash ISAs. If you’re hitting the personal savers interest tax allowance of £1000 for the year, your really need to question why you you think you need that much cash, and if your not better spending it while saving your salary into your pension.

Most stocks and shares ISAs are offering the 2% for cash that ISAs are offering.
Click to expand...
What? You can't get £20k into that regular saver in any sensible time frame, 3.75% is not higher than a cash ISA can give you.

A full £20k ISA at t212 rate will basically be hitting that £1k limit and is well over the £500 tax free limit higher rate payers get, and that's ignoring anyone who's got more than 20k in their ISA.
 
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That's the benefit of ISAs.. You can port old ISAs into new ISAs tax free e as long as it's ISA to ISA transfer.. You can't put more than 20k per year of 'new money' into them.

So if you are a married couple for example, it's easier for you to have one each and contribute equally to both.
 
bainbridge said:
Any cash ISA is a wealth destroyer because it does not outpace real inflation.
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That's kind of a side discussion.. Because cash ISAs generally offer better interest rates than regular savings accounts, or with better terms.

You can get normal savings accounts that are just as good, but they are liable to be taxed if you get too much interest.

So. It's a balancing act and where that balance lies is very much an individual question.
 
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Normally what you should do is keep your cash in a combination of savings accounts and cash ISAs, and have a stocks and shares ISA too.

I think a lot of people get confused about the 20k personal isa allowance.
 
bainbridge said:
Any cash ISA is a wealth destroyer because it does not outpace real inflation.
Click to expand...

When you get to your seventies it does not really matter. We have been porting regular savings except NS&I into cash ISA's for the last few years as it is a simple vehicle, low maintenance and tax efficient.

When everyone was rejoicing at 1% bank rate, not so much but, at about 4% it is not too far off even if its not into profit.
 
Hagar said:
When you get to your seventies it does not really matter. We have been porting regular savings except NS&I into cash ISA's for the last few years as it is a simple vehicle, low maintenance and tax efficient.

When everyone was rejoicing at 1% bank rate, not so much but, at about 4% it is not too far off even if its not into profit.
Click to expand...

My savings are eroded ny tax and inflation,.. I cant port them over into iSAs fast enough...
 
tom_e said:
What? You can't get £20k into that regular saver in any sensible time frame, 3.75% is not higher than a cash ISA can give you.

A full £20k ISA at t212 rate will basically be hitting that £1k limit and is well over the £500 tax free limit higher rate payers get, and that's ignoring anyone who's got more than 20k in their ISA.
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The current rate of t212 is 3.85 with 20k in there as he thinking of opening a new account that £770 for the year.

Also a lot of the higher percentage ISAs are offered by smaller financial institutions and the money are placed in money market funds which are not protected.

Again if anyone has more than the personal allowance for interest saved in cash, they really need to question why they need that amount. They could spend it and save their income into their pension where investments are tax free and the money funds return a better interest rate than the options for a cash ISA.

Unless someone is retired and using it as a Midterm bucket.
 
slinxy said:
The current rate of t212 is 3.85 with 20k in there as he thinking of opening a new account that £770 for the year.

Also a lot of the higher percentage ISAs are offered by smaller financial institutions and the money are placed in money market funds which are not protected.

Again if anyone has more than the personal allowance for interest saved in cash, they really need to question why they need that amount. They could spend it and save their income into their pension where investments are tax free and the money funds return a better interest rate than the options for a cash ISA.

Unless someone is retired and using it as a Midterm bucket.
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Not true, T212 are currently doing 4.56% on cash ISAs for new customers... that rate is variable with a bonus though, so if the BOE drops it's rate, your rate goes down, and the 0.7% newbie bonus will vanish after 12 months also...

www.moneysavingexpert.com

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.
www.moneysavingexpert.com www.moneysavingexpert.com

It's a great deal for someone starting out though..but like car insurance, you have to shop around and switch accounts at least every 12 months to make sure you can keep on top of the extra 0.x% here and there.

It's ********.. i bank with barclays and thier best accounts are more like 3% or less... youd have to be a nutter to keep savings with them!
 
mattyfez said:
Not true, T212 are currently doing 4.56% on cash ISAs for new customers... that rate is variable with a bonus though, so if the BOE drops it's rate, your rate goes down, and the 0.7% newbie bonus will vanish after 12 months also...

<snip>

It's a great deal for someone starting out though..but like car insurance, you have to shop around and switch accounts at least every 12 months to make sure you can keep on top of the extra 0.x% here and there.

It's ********.. i bank with barclays and thier best accounts are more like 3% or less... youd have to be a nutter to keep savings with them!
Click to expand...

Have you thought that by moving your cash from a savings account to an cash isa, you are just moving it from a bucket with a hole, as you said tax and inflation has eroded it.. to another bucket with a smaller hole?

Say if a person is on 50k salary a year and have 50k in savings that they “must” move into an ISA. The could just take 12k of salary, the tax free part. But the rest of it into their pension and spend the 38k of their savings which they would normally spend from the salary and save the 12k in a regular savings account.

Or just open up a SIPP and bang in the maximum allowance and get the tax refund back.

Having that much cash around is just bad financial planning causing people to have to “shop” around for the best deals and could trigger poor financial purchasing/investment decisions.
 
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