After trying many websites, that say they compare all financial institutions to get the best ISA interest rates possible, I have been let down on numerous occasions. This is due to the fact that comparison websites only list companies that pay them per click through or per new account. Often a comparison website may list a bank giving 3% as the best result, while other banks not paying commision to the comparison websites could be offering 3.5% or even 4%. The First Friday I will be listing the information about the best cash ISA interest rates, both fixed term and instant access, I can find at ISA Report, hopefully they will be the highest around, if not please feel free to add a comment below any of the posts. If you are planning to comment make sure you check ISA Report to be sure they're the most up to date interest rates.

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For more information about ISAs, "Individual Savings Accounts", check the HMV website here: HMV ISA information, a detailed history and current facts about ISAs can also be found on wikipedia: Wikipedia's ISA information.


The most important information about ISAs from the Wikipedia page are:

Investment Limits:
In the March 2007 Budget, the limits from the 2008/9 tax year were increased. The distinction between a mini and maxi ISA was also abolished resulting in the following simplified limit structure:

• A total subscription limit of £7,200 which may be invested:
  
  • Cash: up to £3,600
  • Stocks and shares: up to £7,200

The Chancellor of the Exchequer, Alistair Darling announced in the 2009 Budget that the subscription limits would be increased to £10,200, of which £5,100 can be saved in cash. These changes took effect from 6 October 2009 for those aged 49 years, 6 months and over (that is, for individuals whose date of birth was prior to 6th April 1960), and will be effective from 6 April 2010 for all others.

and:

Transfer Rules:
It is possible to transfer ISAs from one manager to another, however there are several points to be aware of.

• From 2008/2009, it is possible to transfer from a Cash ISA to a Stocks and Shares ISA, but not the other way round. Before 2008/2009, it was not possible to transfer between component types.
• Whether the original contributions were made to a Maxi or Mini has no effect on transfer.
• The transfer must be done between the managers. If a saver transfers the money manually, it will be treated as a withdrawal and they cannot invest this in an ISA if their subscription limit has already been reached.
• Transfer of an ISA from the current tax year must be total. Partial transfers are only allowed on ISAs from previous tax years.
• Cash within a TOISA is treated as a cash component, and can be transferred to a "normal" cash ISA.

Who am I?
Hi I'm Gavin Hamilton, I am not a financial genius, I am not rich, I earn money and I want to try and keep as much as I can and try hard to get the money I do earn to work as hard as possible. Although I'm not a financial genius I put in the time to research accounts to get the best returns. I do feel I would have done a lot better than these millionaire bankers at running the UK banks, however I feel a 5 year old that has just learnt to count to 100 would have done better!

If you do have any advice for me or others please feel free to comment below each post

For the latest best ISA interest rates check the front page of ISA Report.

Labels: Interest Rates, ISA