Latest Cash ISA Rates

There continues to be the expected speculation about inflation and interest rates – how on earth would the media use their time if they didn’t spend so much of it guessing the future?  As we know, official inflation rates are falling, yet you and I probably pay more for the things we actually consume, strange but true. Anyway, here are some of the top rates currently available. Please note that this is simply a list, it is not advice. It is important to ensure that your funds are ideally within FSCS compensation limits and not restricted due to shared banking licenses.

Instant Access Accounts

• On-line: Melton Mowbray 2.50%
• Bank: Virgin Money 2.20%
• Building Society: 2.35%

Cash ISA – Variable Rates

• On-line: Sainsbury’s Bank 2.80%
• Bank: Virgin Money 2.40%
• Building Society: Earl Shilton 2.70% (90 day notice)

Cash ISA – Fixed Rates

• On-line: Bank of Cyprus UK 3.20% (3 years)
• Bank: Halifax 3.60% (5 years)
• Building Society: Yorkshire 3.20% (fixed until 31 May 2014)

I have to admit that I’m not overly comfortable with a society that has supermarkets offering banking services, which probably says more about Banks than it does about supermarkets. However many people visit their supermarket more than they visit their bank. I have to admit that I prefer to visit neither and am rather an advocate of on-line service.

New ISA Allowance for 2013/14

You may wish to know that the ISA allowance is now linked to inflation and the September figure for inflation (2.20%) is used for the following tax year. So the 2013/14 ISA allowance will be £240 more. As a result the full 2013/14 allowance will be £11,520 with up to half this into a Cash ISA (£5,760).