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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.

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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

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."


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