Cash ISA Reforms, Current Best Savings Accounts and Fixed Rate Deals
Personal_Finance / ISA's Jun 29, 2010 - 06:16 AM GMTBy: MoneyFacts
The Office OF Fair Trading has today announced changes to the cash ISA market, which it has said will improve fairness and transparency for customers.
Michelle Slade, spokesperson for Moneyfacts.co.uk, commented: “The reforms to the ISA market are a welcome boost for savers, many of whom lost vital interest through the delays in transferring ISA money between providers.
“One fifth of ISA accounts include a temporary bonus as part of the headline rate. In many instances the bonus makes up the significant part of the rate.
“Highlighting interest rates on statements and advising customers when bonuses end is a big step forward in improving the transparency to customers.
“Inertia amongst savers to act on poor interest rates is likely to remain, particularly as for many the only time they check the rate is when their annual statement arrives.
“Savers need to get into the habit of checking the rate payable regularly in order to ensure they are receiving a competitive rate of interest.
“Many of the factors highlighted by the super-complaint are prevalent in other aspects of the savings market. Hopefully providers will take it on themselves to apply these reforms across the board.”
Best Easy Access ISAs
Provider |
Account |
Rate |
Bonus |
Min Investment |
Transfers In |
| Nationwide BS | e-ISA | 2.75% | Rate includes a 1.00% bonus until 30.6.11 | £1 | Yes |
| Birmingham Midshires | ISA Extra | 2.70% | Rate includes a 1.00% bonus for 15 months | £500 | Yes |
| Cheltenham & Gloucester | C&G Cash ISA | 2.70% | Rate includes a 1.70% bonus for 12 months | £1 | Yes |
| Marks & Spencer Money | Flexi Cash ISA | 2.65% | Rate includes a 1.25% bonus for 18 month | £100 | Yes |
| first direct | Cash e-ISA | 2.62% | Rate includes a 2.42% bonus until 31.10.11 | £1 | Yes |
Source: Moneyfacts.co.uk 29.6.10 |
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Best Fixed ISAs
Provider |
Account |
Rate |
Min Investment |
Transfers In |
|
| 5 Years | Birmingham Midshires | 5 Year Fixed Rate ISA | 4.25% | £500 | Yes |
| 4 Years | Nationwide BS | 4 Year Fixed Rate ISA | 4.15% | £1 | Yes |
| 3 Years | Nationwide BS | 3 Year Fixed Rate ISA | 4.00% | £1 | Yes |
| 2 Years | Aldermore | 2 Year Fixed Rate ISA | 3.25% | £1,000 | Yes |
| 1 Year | Post Office | Fixed Rate Cash ISA Issue 2 | 3.00% | £500 | Yes |
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