ISA help

[Gray67]

I have about 30k in savings sat in savings bank account. For a long time I was reading there was no longer value in ISAs when interest rate was high, but advice on that seems to have changed?

Can anyone help me on good cash ISAs? I think I have until the end of the month to set one up and transfer in my allowance for this year. Anyone know a good one that is trustworthy?

I would quite like access to the funds. At least once a year in case I need.

If you want a cash ISA. Just pick one with the best interest rate. Money Saving expert have a list of the top cash ISAs

You could also put some in S&S isa where you will get better return for your investment than leaving it as cash. You do need to commit to leaving it in fpr the long term, minimum 5 to 10 years for S&S to ride out any ups and downs.

It depends what you mean by good but there's loads of comparison sites, pick the one that best suits your criteria

I dont know where you would have read there is no value in ISAs if the interest rate is high? The opposite would likely be the truth.

ISAs are there to protect your savings interest from tax. You get a tax free allowance for savings interest which is either £1000 a year if you are a basic rate tax payer or £500 if you are a higher rate payer.

If you want to maximise the your return find the highest interest rate that meets your needs. With £30 at 3% a year you will get £900 interest, so if you don't have any other savings then I would just find the best paying account you can. The only other option to consider is whether to put £20k into a cash ISA now even if the rate is lower than the non isa. The government will be changing the amount you can pay into any ISA in April 2027, so it might be worthwhile sheltering £20k now.

Thanks all. Has anyone used Atom?

Where are you getting Atom from OP?
It doesn’t appear in MSE’s best cash ISAs lists

https://www.moneysavingexpert.com/savings/best-cash-isa/

It's the 4th one down on the link you put up.

Atom are fine. I've had a couple of ISAs withbthem. No issues. They are paying a decent rate just now.

Trading T212, fidelity, chase, atom, Cahoot.
look for a rate above 4.3%. It’s tax free interest, and you should move £20k before 5th April to make sure you use this years allowance.

Make sure you get an access ISA so you can make withdrawals if you think you might need to. The value in an ISA is that interest is not taxable. You could open 2, 10k or whatever split, and get a higher rate for a fixed term if that could work for you,

You could be earning £800 a year on a 20k ISA paying 4 percent and 300 a year if you transferred 10k to a cash savings account paying 3 percent. That's £1100 a year that you are potentially missing out on.

Nope. Never heard of them. I'd recommend Trading 212. You don't need to invest, just use the cash option. If you decide you do want to invest you can easily move your money. I have had a great experience with them - much better than some others. MSE also picks them.

Apologies OP ( and @rainbowunicorn ) , I did read the list on the webpage, just not well enough.