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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Best Cash ISA Tax Free Savings Accounts - Updated July 2007

Personal_Finance / ISA's Jul 16, 2007 - 11:18 PM GMT

By: Shahla_Walayat

Personal_Finance UK Interest rates were recently increased to 5.75% and now cash ISA providers are starting to reflect the change by raising interest rates on the cash element of individual savings accounts. The following table represents a selection of the best Cash ISA rates currently available.


But first, a quick Summary of Cash ISA Rules

  • The CASH ISA accounts are TAX FREE, and do not have to be entered onto any tax returns.
  • The Allowance for 2007-08 is £3000, this is set to rise to £3,600 for 2008-09.
  • You can only open ONE New cash isa per tax year, and you can add new monies to One Cash Isa per tax year (see transfers).
  • You do not have to open a Cash ISA with your existing provider, i.e. you can open an account at different providers every year.
  • Most providers allow for transfers in. And ALL should allow you to transfer out.
  • Once you withdraw from a Cash ISA you cannot then then re-deposit into. The £3000 limit refers to total deposited, and not maximum account balance. So if you deposit £3000, and withdraw £1000, then you cannot re-deposit that £1000 in the same tax year as you have used up your £3000 deposit limit.
  • To maximize your tax free interest, it is best to open your account at the start of the tax year.

The following are a selection of the Current Best Cash ISA accounts (includes rate changes due within 2 weeks)

Financial Institution Interest Rate Fixed Period Minimum £ Comments
BMW 6.54% 1 Year £100 Yes this ISA is run by BMW the motor company
Ruffler Bank 6.40% Instant £15,000 Would need to transfer a cash Isa to meet opening requirements of £15k
Nat Savings 6.30% Instant £1,000 Tracks the base rate +0.55% until April 2008
Kent Reliance 6.21% Instant £1 Tracks the BOE base rate
Nationwide 6.15% 1 years £1 Longer fixes at same rate available
Halifax 6.10% 3 years £3,000
Scarborough 6.10% 30day £1,000
Northern Rock 6.01% 1 year £500
Abbey 6.00% Instant £1 6.25% above £9000
Northern Rock 6.01% 1 year £500
ING Direct 6.00% Instant £1 Includes 1.4% bonus, - rate shown is 12 month return
Derbyshire 6.00% 2 years £1,000 Have not announced a change in rates since May.

 

Out of the above accounts the two instant access trackers by Kent Reliance and National Savings stand out, especially as expectations are for further interest rate rises.

The BMW 1 year fix is also worth looking into as the highest payer.

By Shahla Walayat
http://www.moneyforums.co.uk

Copyright © http://www.moneyforums.co.uk 2007 - All Rights Reserved

Moneyforums is a FREE site which provides UK Money Saving Guides, Tools and Forums including - Credit Score Calculator and the Savings Calculator . Mortgage and Tax Calculators. Money Saving Guides such as Credit Card Stoozing , Savings Tree , Money Saving Guide. Personal Finance Discussion Forums open to ALL, supported by experienced moderators, to discuss any personal finance topics from The best Savings & Deposit Accounts , Regular Savers and Cash ISA's and more.

This article maybe reproduced if it is reprinted in its entirety with links to http://www.moneyforums.co.uk

Disclaimer - Moneyforums.co.uk does not guarantee the accuracy of the information provided, and does not accept any liability for its accuracy, which is for general information purposes only as a starting point for your own research.


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Comments

Ron
05 Sep 07, 06:21
Maxi ISA

While Nat Savings (NS&I) looks good they do not offer MAXI ISA so thir limit is the mini ISA maximum


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