What are the best cash ISAs (Individual Savings Accounts)?

Sorry there is no such thing as the best cash ISA for everyone. It depends on:

• how long you intend to hold the money
• if you need withdrawals or not
• are you investing a lump sum or regular savings
• are there penalties on withdrawals within  a certain timescale
• do you want a high street provider or does an internet only ISA suit you

Should I try to find the best cash ISA or use a stocks and shares ISA?

Once again there is no right answer for everyone. This should form part of the financial advice you obtain from an independent financial adviser or financial planner.

However that being said, cash ISAs should certainly be considered to hold both medium and long term cash unless you already have a good emergency fund and prefer to invest your entire ISA allowance in a stocks and shares ISA.

Generally speaking if you are not using your full ISA allowance on a stocks and shares ISA, you should certainly look into placing existing cash holdings into a Cash ISA. If you are unsure and are in the millionaire asset group please call us to get financial advice.

Can I transfer my cash ISA to another cash ISA provider?

You can do this whenever you want. You can transfer your current year ISA subscription and any related income or all or part of any previous year’s subscription or income.

Take care

Remember the £85,000 in one banking group rule. See the best savings accounts page.

Can I transfer my cash ISA to a stocks and shares ISA?

Yes, the rules changed recently to allow this. Both current year and previous year’s investments can be transferred as long as you make sure you stay within the overall subscription limit.

Any questions on the best cash ISAs?

Please call us on 01582 839280 or Email us.