1960: Circle of Deception – Jack Lee
Here is an up to date list of some of the current “best buys” for Cash ISAs and deposit accounts. Note that Virgin Money appear for the first time in the list as a High Street Bank having taken over Northern Rock. One note on this takeover is that anyone that had money with both institutions prior to the agreed takeover is unusually covered by the FSCS for both institutions, normally a merger would mean the you are only covered for the new institution. It is worth having a look at the FSCS website about what protection is provided on your cash savings and always worth diversifying your cash deposits for large sums.
One Year Deposit
Building Society: Barnsley 5.00%
Two Year Deposit
Building Society: National Counties 3.76%
Instant Access
Building Society: Nottingham 3.25%
Cash ISA Fixed Rate
Bank: Halifax 4.40% (5 years!)
Building Society: Barnsley 5.00%
Cash ISA Variable Rate 
Building Society: Newcastle 3.05%
As ever, this is a guide, have a look at Moneyfacts for more details and always check with the financial institution that the deposit account suits your requirements for flexibility. Be careful about locking too much cash away with interest rates at an all time low. If you would like advice about the right mix of cash for you do get in touch, this should form a key part of your financial planning.
Please note that good rate of 5.00% offered by Barnsley Building society is in my opinion misleading. This is not really a deposit account. Many Banks and Building Societies are playing this game. In essence it is a combination of a fixed rate deposit account and an investment. Frankly this makes my blood boil as whilst it becomes clear what the product is, most people will see the headline rate and a considerable number of people that are short of time or perhaps financial vocabulary or financial understanding can quickly become confused by what this sort of product really is. Invariably this can create problems for ISA allowances and above all else access to the money. Nearly all of the Banks and Building Societies play this sort of marketing game, so I’m not going to vent too much about Barnsley, although this is no longer really a small Building Society trying to compete as they merged with Yorkshire Building Society in 2008. Together they have over £33bn in assets and I do not understand why the Barnsley Brand name is still retained and marketed as though in competition with Yorkshire (and everyone else).
We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting