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Cash ISA Reforms, Current Best Savings Accounts and Fixed Rate Deals

Personal_Finance / ISA's Jun 29, 2010 - 06:16 AM GMT

By: MoneyFacts

Personal_Finance

Best Financial Markets Analysis ArticleThe Office OF Fair Trading has today announced changes to the cash ISA market, which it has said will improve fairness and transparency for customers.

Michelle Slade, spokesperson for Moneyfacts.co.uk, commented: “The reforms to the ISA market are a welcome boost for savers, many of whom lost vital interest through the delays in transferring ISA money between providers.


“One fifth of ISA accounts include a temporary bonus as part of the headline rate. In many instances the bonus makes up the significant part of the rate.

“Highlighting interest rates on statements and advising customers when bonuses end is a big step forward in improving the transparency to customers.

“Inertia amongst savers to act on poor interest rates is likely to remain, particularly as for many the only time they check the rate is when their annual statement arrives.

“Savers need to get into the habit of checking the rate payable regularly in order to ensure they are receiving a competitive rate of interest.

“Many of the factors highlighted by the super-complaint are prevalent in other aspects of the savings market. Hopefully providers will take it on themselves to apply these reforms across the board.”

Best Easy Access ISAs

Provider

Account

Rate

Bonus

Min Investment

Transfers In

Nationwide BS e-ISA 2.75% Rate includes a 1.00% bonus until 30.6.11 £1 Yes
Birmingham Midshires ISA Extra 2.70% Rate includes a 1.00% bonus for 15 months £500 Yes
Cheltenham & Gloucester C&G Cash ISA 2.70% Rate includes a 1.70% bonus for 12 months £1 Yes
Marks & Spencer Money Flexi Cash ISA 2.65% Rate includes a 1.25% bonus for 18 month £100 Yes
first direct Cash e-ISA 2.62% Rate includes a 2.42% bonus until 31.10.11 £1 Yes

Source: Moneyfacts.co.uk 29.6.10

Best Fixed ISAs

Term

Provider

Account

Rate

Min Investment

Transfers In

5 Years Birmingham Midshires 5 Year Fixed Rate ISA 4.25% £500 Yes
4 Years Nationwide BS 4 Year Fixed Rate ISA 4.15% £1 Yes
3 Years Nationwide BS 3 Year Fixed Rate ISA 4.00% £1 Yes
2 Years Aldermore 2 Year Fixed Rate ISA 3.25% £1,000 Yes
1 Year Post Office Fixed Rate Cash ISA Issue 2 3.00% £500 Yes

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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