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18 Oct 2019

Go Direct Personal Finance News  2009

The great ISA split

There was a time when you didn’t have to struggle with the concept of cash ISAs. They are tax-free and all you need to look for is the best rate. However, new parameters are being quietly set which mean that in future we will all need to delve deeper than just rate alone.  

Sylvia Waycot, spokesperson for Moneyfacts.co.uk, said:

“This ISA season Moneyfacts has seen a growing trend of ISAs launched which refuse to accept transfers in.

“Many people have ISAs going back several years and they will naturally want to ensure that the whole of their ISA pot gets the best return. 

“That will not be as easy under this new trend as many of the ISAs refusing transfers in are best buys. Taking one of these accounts means splitting your ISA pot into at least two accounts, potentially with two providers paying two different rates.       

“Providers say they can only offer headline rates if they set a limit on how much money they can accept and that limit will be reached too quickly and by too few people if they open the doors to transfers in.      

“Top five tips for getting the best from ISAs are:

  • Research the best rate and check that you are happy with how the account operates.
  • Record all details of bonuses and ‘go to’ rates; this is especially important if you have to manage new and existing ISA accounts.
  • Before transferring ISAs check there are no penalty notice periods that need to be avoided.
  • Remember that ISA providers should transfer your account within 15 days of application.
  •  ISAs for the forthcoming tax year start to be launched in February each year, so set a diary note to start your hunt at the same time.”

 

Top ISAs

 

 

 

 

 

 

Company

Account

Notice

Gross £5.64K

Introductory Bonus

Transfers In

Transfers Out
Penalty

Cheshire BS

Direct Cash ISA (Issue 2)

None

3.50%

Rate includes 2.50% bonus until 31.10.2013

No

N/A

Santander

Direct ISA Issue 9

Instant

3.30%

Rate includes 2.80% bonus for 12 months

Yes

N/A

Coventry BS

60 Day Notice ISA

60 Day

3.25%

Rate includes 0.50% bonus for 12 months

No

60 day notice or loss.

 Source: Moneyfacts 1 May 2012

 

 

 

 

 

 

 

 

 

 

 

Top ISAs that won't allow transfers in

 

 

 

Company

Account

Notice

Gross £5.64K

Introductory Bonus

Transfers In

Transfers Out
Penalty

Cheshire BS

Direct Cash ISA (Issue 2)

None

3.50%

Rate includes 2.50% bonus until 31.10.2013

No

N/A

Coventry BS

60 Day Notice ISA

60 Day

3.25%

Rate includes 0.50% bonus for 12 months

No

60 day notice or loss.

Skipton BS

Bonus Cash ISA

Instant

3.10%

Rate includes 1.10% bonus for 12 months

No

N/A

 Source: Moneyfacts 1 May 2012

 

 

 

 

 

 

 

 

 

 

 

Top ISAs that allow transfers in

 

 

 

 

Company

Account

Notice

Gross £5.64K

Introductory Bonus

Transfers In

Transfers Out
Penalty

Santander

Direct ISA Issue 9

Instant

3.30%

Rate includes 2.80% bonus for 12 months

Yes

N/A

Aldermore

60 Day Notice Cash ISA

60 Day

3.15%

-

Yes

60 day notice or loss.

Principality BS

e-ISA Issue 3

None

3.10%

Rate includes 1.30% bonus for 12 months

Yes

N/A

 Source: Moneyfacts 1 May 2012

 

 

 

 

 

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

 

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