Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
S&P Stock Market Trend Forecast to Dec 2024 - 16th Apr 24
No Deposit Bonuses: Boost Your Finances - 16th Apr 24
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Moneyfacts.co.uk mini cash ISA survey 2007 shows you need to act quickly to get your hands on the best ISA deals

Personal_Finance / Savings Accounts Apr 02, 2007 - 08:08 PM GMT

By: MoneyFacts

Personal_Finance

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments on this year’s finding: “This year’s moneyfacts.co.uk mini cash ISA survey shows the projected value of £3,000 over the tax year 2006 to 2007. Assuming that the full investment of £3,000 was made on 6 April 2006, that no withdrawals were made and all interest was compounded during the tax year, the survey has wielded some very interesting results.

“Alliance & Leicester, this year’s clear winner claims the top spot in the survey with its Direct ISA, returning £3,163.46. A no notice account, the product was launched on 9 January last year with a rate of 5.20%, but this included an introductory offer of a 0.70% bonus, which was swiftly withdrawn on 12 April. Transfers in were accepted, but it clearly demonstrates that investors had to be quick off the mark after the new tax year began if they wanted to take advantage of the product.


“National Counties BS and National Savings & Investments’ ISAs, in second and third place respectively, are both no notice accounts that provide an attractive return. Although both do not allow transfers in, the fact that the top three ISAs are no notice accounts should weaken the long-held belief that on average notice accounts traditionally yield higher returns

“In 2006, nine out of the top 10 performing ISAs were fixed bonds ranging from one to five years. This year the trend has completely reversed, as in 17th position Bradford and Bingley’s one year ISA is the highest bond ISA.

“However, Alliance & Leicester’s victory is tarnished by the fact it also props up the table with its instant access ISA, returning a meagre £3,109.51. This will without doubt come as good news to Northern Rock, which has held the wooden spoon for the last three years.

“The difference in the top and bottom paying ISA, in this case Alliance & Leicester’s products, was £53.95. Although lower than last year’s difference of £62.10, the difference virtually echoes 2005’s finding of £53.41.

“Whilst £50 or £60 may not sound like a great deal of money, remember this is calculated on a balance of £3,000, whereas many people will have accumulated tax free cash balances of almost ten times this amount. It is important to get a good deal, so check out the latest ISA deals regularly over the next couple of weeks on Moneyfacts.co.uk, the money search engine, to make sure you don’t miss out.

“Mutuals again dominated the top 20 slots this year, taking 16 positions, with Alliance & Leicester, National Savings and Investments and Bradford & Bingley taking the remaining top slots. With the first appearance of any of the ‘Big 4’ from NatWest in a lowly 73rd place.

“Whilst many consumers make full use of their annual tax-free savings limit, this latest moneyfacts.co.uk survey shows that, by shopping around, they can make their return even more worthwhile. Again if this tax year is anything to go by, savers need to act quickly to take advantage of some of the new deals that will come onto the market in the next few weeks, as they may not be around for long!”

Please click link to see the full survey: http://www.moneyfacts.co.uk/surveys/mini-cash-isa-survey.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

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