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.

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.

SAVVY TIP: You can read about flexible cash ISAs in my article.

The best cash ISAs that allow transfers in

Kingdom Bank  You might not have heard of Kingdom Bank, but it’s a Christian bank that was first established in the 1950s. Its One Year Base Rate plus cash ISA is a one-year account that tracks the Bank of England base rate. It pays 0.75% above the base rate, giving an interest rate of 1.5% on balances of £2,000 or more. You don’t have to be Christian to open an account.

What to watch for: You can only take your money out at the end of the one-year term. The interest rate isn’t fixed on this cash ISA, but the term – of 12 months – is.

How to operate the account: At the moment you can only open and operate the account by post. Kingdom Bank says it plans to offer online banking in the future.

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

As I write this, the Kingdom Bank ISA pays more than other variable rate cash ISAs. There are several others that pay between 1.43% and 1.45%. These are:

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.

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.

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

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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