Best of the Week
Most Popular
1. Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - P_Radomski_CFA
2.Fed Balance Sheet QE4EVER - Stock Market Trend Forecast Analysis - Nadeem_Walayat
3.UK House Prices, Immigration, and Population Growth Mega Trend Forecast - Part1 - Nadeem_Walayat
4.Gold and Silver Precious Metals Pot Pourri - Rambus_Chartology
5.The Exponential Stocks Bull Market - Nadeem_Walayat
6.Yield Curve Inversion and the Stock Market 2019 - Nadeem_Walayat
7.America's 30 Blocks of Holes - James_Quinn
8.US Presidential Cycle and Stock Market Trend 2019 - Nadeem_Walayat
9.Dear Stocks Bull Market: Happy 10 Year Anniversary! - Troy_Bombardia
10.Britain's Demographic Time Bomb Has Gone Off! - Nadeem_Walayat
Last 7 days
The Global Economy Looks Disturbingly Like Japan Before Its “Lost Decade” - 19th April 19
Growing Bird of Paradise Strelitzia Plants, Pruning and Flower Guide Over 4 Years - 19th April 19
S&P 500’s Downward Reversal or Just Profit-Taking Action? - 18th April 19
US Stock Markets Setting Up For Increased Volatility - 18th April 19
Intel Corporation (INTC) Bullish Structure Favors More Upside - 18th April 19
Low New Zealand Inflation Rate Increases Chance of a Rate Cut - 18th April 19
Online Grocery Shopping Will Go Mainstream as Soon as This Year - 17th April 19
America Dancing On The Crumbling Precipice - 17th April 19
Watch The Financial Sector For The Next Stock Market Topping Pattern - 17th April 19
How Central Bank Gold Buying is Undermining the US Dollar - 17th April 19
Income-Generating Business - 17th April 19
INSOMNIA 64 Birmingham NEC Car Parking Info - 17th April 19
Trump May Regret His Fed Takeover Attempt - 16th April 19
Downside Risk in Gold & Gold Stocks - 16th April 19
Stock Market Melt-Up or Roll Over?…A Look At Two Scenarios - 16th April 19
Is the Stock Market Making a Head and Shoulders Topping Pattern? - 16th April 19
Will Powell’s Dovish Turn Support Gold? - 15th April 19
If History Is Any Indication, Stocks Should Rally Until the Fall of 2020 - 15th April 19
Stocks Get Closer to Last Year’s Record High - 15th April 19
Oil Price May Be Setup For A Move Back to $50 - 15th April 19
Stock Market Ready For A Pause! - 15th April 19
Shopping for Bargain Souvenirs in Fethiye Tuesday Market - Turkey Holidays 2019 - 15th April 19
From US-Sino Talks to New Trade Wars, Weakening Global Economic Prospects - 14th April 19
Stock Market Indexes Race For The New All-Time High - 14th April 19
Why Gold Price Will “Just Explode… in the Blink of an Eye” - 14th April 19

Market Oracle FREE Newsletter

Top 10 AI Stocks Investing to Profit from the Machine Intelligence Mega-trend

Best Mini Cash ISA Tax Free Savings Accounts - September 2007

Personal_Finance / ISA's Sep 22, 2007 - 11:59 PM GMT

By: Shahla_Walayat

Personal_Finance The credit crunch has resulted higher money market interest rates, which have to some extent been passed onto savers in the form of higher variable rate and fixed rates for mini cash ISA individual savings accounts. The following table represents a selection of the best Cash ISA accounts 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

Financial Institution Interest Rate Fixed Period Minimum £ Comments
BMW 6.70% 1 Year £100 Yes this ISA is run by BMW the motor company (no transfers in) (managed by Newcastle BS).
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 (No transfer ins)
Kent Reliance 6.21% Instant £1 Tracks the BOE base rate
Nationwide 6.15% 1 years £1 Longer fixes at same rate available
Halifax 6.25% 2 years £3,000 1 year fix 6.20%, 3 year 6.15% - Good for transfers into.
Norwich & Peterborough 6.50% 1 year £3,000 2 year pays 6%
Northern Rock 6.20% 1 year £500 The Government has provided a guarantee to savers
Abbey 6.00% Instant £1 6.25% paid on balances above £9000
Derbyshire 6.30% 2 years £1,000 Are usually slow in improving on rates in response to market changes.

 

Best of the above:

Instant Access

The two instant access trackers by Kent Reliance and National Savings stand out.

Fixed Rates

The BMW 1 year fix is paying an extraordinarily high 6.70% rate. The 1 year 6.5% fix by Norwich & Peterborough is also good. For longer term, the Halifax 2 year fix at 6.25% and the Derbyshire 2 year fix at 6.30% look good, with the added bonus of allowing transfers in.

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.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Alan
28 Oct 07, 16:45
Cash ISAs

It's a bit sad that Cash ISAs are the most under-utilised part of ISAs. Many people have never ever invested in ISAs that could benefit hugely from switching their cash savings into tax-free ISAs.

Financial advisors also tend to not recommend them because they don't pay any commission. This is described spot on in the new book "Successful Tax-Free ISA Investing."


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules