Slightly improved Cash ISA rates beginning to appear
*Please note the information in this article may be out of date
The close of the tax year is just around the corner. Tax free ISA rates are creeping up slightly to tempt those who have not yet used up their allowance.
Fri, 08 Mar 2013Update on best cash Isa rates accepting existing Isa transfers, 13th March 2013.
The close of the tax year is just around the corner. Tax free ISA rates are creeping up slightly to tempt those who have not yet used up their allowance.
Some of the big players have begun announcing slightly better rates for their new ISA products. Earlier this week Barclays and HSBC launched Isas paying up to 2.3% and 2.75% respectively. Santander are due to announce their new rates any day now, with investors hopes high that they can beat the rate of 2.8% presently being offered by Coventry Building Society (open to new money only).
The common problem with ISA offerings this year is that few of the more competitive products will accept transfers of existing cash ISA's. Barclay's new Isa offers are open to both new and transferred existing ISA money. Cheshire Building Society’s no-notice Isa at 2.50% also accepts transfers in from an existing ISA. Long-term ISA's are more likely to accept transfers from existing ISA's, such as Halifax's five-year Isa at 2.70%.
Holding out another few days to see what the best deal is may be worth while. The cash ISA personal allowance to be used by April 5th is £5,640. Hopefully Santander's new ISA offerings will accept transfers from existing cash ISA's. While offering interest rates to beat it's competitors. Savers could do with the boost!