The best cash ISAs that allow transfers in

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If you have money in old cash ISAs, you can transfer them into a cash ISA that pays a better rate of interest. But not all ISAs will accept money from existing ISAs. Find out about the best cash ISAs that allow transfers in.

Variable rate cash ISAs that allow transfers in

I’m focusing on easy variable rate ISAs – which are cash ISAs where the interest rate can go down or up. In some cases, you can get at your money relatively easily. In others, it may be locked in for a while or you may only be able to take money out of your ISA once or twice a year.

SAVVY TIP:  Be aware that unless these cash ISAs are also flexible, once you’ve taken money out of your ISA, anything you pay into it will count towards your ISA allowance. You can read about flexible cash ISAs in my article.

The best easy access cash ISAs that allow transfers in

Santander e-ISA issue 5 pays 1.5% interest. This is only a best buy if you have a Santander 123 World account (or you open one) or you’re a Santander Select customer. If you don’t have one of these accounts, you only get 1.10%. You have to save a minimum of £500.

What to watch for: You have to sign up for online or mobile banking in order to qualify for the ISA.

How to operate the account: You can open the account online or via your mobile or by visiting a Santander branch.

SAVVY TIP: From my unscientific observation, Santander hasn’t been in the cash ISA top table for a while. It’s one of those providers that has a tendency to produce a cash ISA that tops the tables at the end of the tax year, but isn’t necessarily consistent the rest of the time.

FSCS protected: Yes, Santander Bank is covered by the savings compensation scheme. Your savings are protected up to a limit of £85,000 per person.

Yorkshire Building Society Single Access Saver ISA issue 5 pays 1.46% interest.

What to watch for: You can only take money out of this account once, and the date is based on when you open the account. Also, the account converts into a Triple Access Saver ISA after 12 months. As I write this, the Triple Access Saver is paying 0.9% interest.

How to operate the account: Apply for the account in a branch or by post, and you can register to operate it online.

FSCS protected: Yes, Yorkshire Building Society is covered by the savings compensation scheme. Your savings are protected up to a limit of £85,000 per person.

Paragon Bank Limited Edition Easy Access Cash ISA issue 5 pays 1.44% interest. You can save between £1 and £100,000 (subject to annual ISA limits).

What to watch for: You can only open this account if you’re aged 18 or over. ISA rules say you have to be at least 16 in order to open one, but with this account, the age limit is 18.

How to operate the account: You have to open and operate this account online.

FSCS protected: Yes, Paragon Bank is covered by the savings compensation scheme. Your savings are protected up to a limit of £85,000 per person.

Virgin Money’s Double Take E-ISA Issue 5 pays 1.45% on balances of £1 or more. Interest is paid on March 11th each year, or monthly.

What to watch for: You can only take money out of this ISA twice in a calendar year.

How to operate the account: You can open and manage this account online.

FSCS protected: Yes, Virgin Money is covered by the savings compensation scheme. Your savings are protected up to a limit of £85,000 per person.

Oaknorth Bank pays 1.44% on balances of £1,000 or more with its easy access cash ISA. It’s one of the more straightforward accounts, in that you don’t have to give notice to take money out and you can take cash out whenever you want to. Oaknorth Bank was set up by two entrepreneurs in 2015, after they became frustrated that they couldn’t borrow the money they needed for their businesses.

How to operate the account: You can open and manage this account online or by phone.

FSCS protected: Yes, Oaknorth Savings Bank is covered by the savings compensation scheme. Your savings are protected up to a limit of £85,000 per person.

Shawbrook Bank easy access cash ISA pays 1.43% on balances of £1,000 or more. Like the Oaknorth Bank cash ISA, you can take money out without having to give notice.

How to operate the account: You can open and manage this account online or by phone.

FSCS protected: Yes, Shawbrook Bank is covered by the savings compensation scheme. Your savings are protected up to a limit of £85,000 per person.

Thanks to Savings Champion for the information about best buys

Photo by John-Mark Smith from Pexels

Notice accounts

Notice accounts are accounts where you have to tell the bank or building society in advance that you want to take money out (called ‘giving notice’). If you don’t do this, you’ll lose some interest.

Charter Savings Bank’s 95-day notice cash ISA pays 1.45% interest on balances of £1,000 or more. If you haven’t heard of Charter Savings Bank, it is part of Charter Court Financial Services, which was established in 2008 and specialised in mortgages. Charter Savings Bank was launched in 2015.

What to watch out for: If you take money out, you lose 95 days’ interest unless you give 95 days’ notice.

How to operate the account: You can open and manage this account online.

FSCS protected: Yes, Charter Savings Bank is covered by the savings compensation scheme. Your savings are protected up to a limit of £85,000 per person.

Related articles: 

Savings accounts explained – how variable, fixed rate and notice accounts work

How to transfer a cash ISA

The best three and five year fixed rate cash ISAs

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