By Stephen Jones
The ISA deadline is almost upon us, which means you may well be looking for the best paying ISAs over the next tax year. To help you towards becoming a savings guru, we’ve put together a guide to the top Cash ISAs currently allowing transfers. So, if your money is languishing in a poorly performing ISA, you may well want to consider switching your money to one of these beauties...
Top 5 Cash ISAs for Transfers
| Name |
AER |
Term/Notice |
Minimum investment |
Interest Paid |
Additional Info |
Clydesdale Bank
|
5.00% Fixed |
31 March 2015 |
£2,000 |
On Maturity |
Transfer out penalty 180 day loss (min. £30) |
Yorkshire Bank
|
5.00% Fixed |
31 March 2015 |
£2,000 |
On Maturity |
Transfer out penalty 180 day loss (min. £30) |
Leeds Building Society |
4.60% Fixed |
31 May 2015 |
£1 |
Yearly |
Transfer out penalty 180 day loss |
Nationwide Building Society (online only) |
2.75% Variable |
No Notice |
£1 |
Yearly |
Includes 1.00% bonus until 30 June 2011; Card Account Holders Only |
Newcastle Building Society |
3.00% Variable |
120 Day Notice |
£500 |
Yearly |
Includes 1.00% for first 12 months |
Decisions, Decisions
As you can see, there’s a little bit of everything here, so there’s bound to be something to suit you, however much you’re prepared to put away.
For pure returns, it’s hard to look beyond Clydsedale and Yorkshire Banks’ offering - a fixed-rate bond at 5%. But with a five year lock-in period and a minimum investment of £2,000, this is best designed for those who are confident that they won’t need to touch their money for some while. Close behind is Leeds Building Society’s fixed rate ISA – which offers only a slightly lower return of 4.60% over the same term, but needs a deposit of just £1 to open.
Beyond that, the best ISA around no-notice period is the Nationwide e-ISA. Paying a variable rate of 2.75% yearly on anything above £1, and with the opportunity for instant withdrawals for no penalty, it’s a great option for the more casual saver – but be warned, you’ll have to have a Nationwide card account already to get one.
If there’s a chance you might need to access your money before your term period is up (and remember, your ISA is really the very last place you should withdraw from!), the best all-round Cash ISA for you is most likely the Reward Saver ISA from Newcastle Building Society. It offers 3.00% in the first year and needs a not-unreasonable £500 to open; plus you can withdraw money at no penalty with 120 days notice.
So there are our top picks, well worth a consideration if you want to make your money work for you. But remember; if you don’t know already, make sure you check with your current ISA provider if there are any charges attached to switching.
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