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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Thu Aug 09, 2007 2:04 am Post subject: The Best Mini Cash ISA Tax Free Savings Account - August 200 |
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UK Interest rates were raised to 5.75% in July and over the last 6 weeks many cash ISA providers have reflected the change by raising interest rates on the cash element of 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
Best of the above:
Instant Access
The two instant access trackers by Kent Reliance and National Savings stand out, especially as expectations are for further interest rate rises later this year.
Fixed Rates
The BMW 1 year fix is paying an extraordinarily high 6.67% rate. The Halifax 2 year fix also looks good at 6.25% with the added bonus of allowing transfers in
By Shahla Walayat
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