Cash ISA and the Bait Rates

1954: Bait – Hugo Haas

Here are some of the better rates of interest being offered by Banks and Building Societies in the UK. Please remember that you should check the detail – have a look at Moneyfacts. Beware of headline rates which are really little more than bait (or in current parlance “marketing”) for an investment product not really a deposit account (I still don’t understand why this has not been properly prevented by the regulator). It almost seems too obvious to say it, but we are in fairly precarious economic times, so I would urge you not to hold more than the FSCS protected amount of £85,000 with any single bank unless it is absolutely necessary. What we took forgranted as “safe” only a few years ago has been rightly questioned.

One Year Deposit

Online: Yorkshire Bank 3.60%

Bank: Santander 4.20%

Building Society: Barnsley 5.00%

Two Year Deposit

Online: Vanquis Bank 4.05%

Bank: Clydesdale 4.01%

Building Society: National Counties 3.76%

Instant Access

Online: Coventry 3.15%

Bank: Santander 2.50%

Building Society: Nottingham 3.25%

Cash ISA Fixed Rate

Online: Governor Money 4.50%

Bank: Halifax 4.40%

Building Society: Barnsley 5.00%

Cash ISA Variable Rate

Online: AA Savings: 3.05%

Bank: Santander 4.00%

Building Society: Newcastle 3.05%

DT

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

Cash ISA and the Bait RatesDominic2023-12-01T12:48:34+00:00

Best Cash ISA – The “Good” Bankers?

Banks have been hammered by the markets of late. You may have seen Ian Hislops programme on the BBC this week “When Bankers Were Good”. You can still see this on the BBC i-player. In the meantime, here are some of the best rates available.

One Year Deposit

Online: Yorkshire Bank 3.60%

1970: Scrooge – Ronald Neame

Bank: Santander 4.20%

Building Society: Barnsley 5.00%

Two Year Deposit

Online: Clydesdale 4.01%

Bank: Yorkshire Bank 4.01%

Building Society: National Counties 3.76%

Instant Access

Online: Coventry 3.15%

Bank: Santander 2.50%

Building Society: Nottingham 3.25%

Cash ISA – Fixed Rates

Online: Governor Money 4.05%

Bank: Halifax 4.40%

Building Society: Barnsley 5.00%

Cash ISA – Variable Rates

Online: AA Internet 3.05%

Bank: Santander 4.00%

Building Society: Newcastle 3.05%

Don’t forget that this is not advice, merely a current list of top rates. You need to check the details and I suggest looking at Moneyfacts. Also remember the limit on protection for financial deposits as outlined by the FSCS.

DT

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

Best Cash ISA – The “Good” Bankers?Dominic2023-12-01T12:48:36+00:00

Virgin Banks on Tyneside

2007: Virgin Territory – David Leland

Virgin Money have agreed a price for Northern Rock. I’m not sure if Mr Branson is having a slight joke as the jumbo sized £747million is the pricetag agreed with the Government, who are intent on selling the nationalised banks back to the private sector as quickly as possible. There will be other funds that will need to be paid, £330m of them in total if the deal works out for Virgin.

Virgin Money have made no secret of their desire and attempt to revolutionise the world of high street banking. In theory this builds nicely upon their existing financial services range, however it remains to be seen whether the typical Virgin customer has sufficient funds to make Banking profitable in these more challenging economic times.

Virgin are purchasing the “good bank” part of Northern Rock, as with most things that Virgin do, very little are actually “virgin” in the sense that a business is invariably bought and rebranded as Virgin. The toxic element of Northern Rock will be left with the British taxpayer (naturally!).

The first half results for Northern Rock reveal continued losses, Executive Chairman Ron Sandler “Northern Rock has made good progress in the first half of 2011. The company continued to be loss-making,

[£78.8m] as expected, but losses are significantly reduced [£140m in first half 2010] and we are generating momentum. The company expects to begin trading profitably during the second half of 2012″. If to be believed, Mr Branson won’t have to wait too long to begin to see a profit on his investment.

I fear though that despite the regulators efforts to ensure that financial products are properly marketed and sold from 2012 that this may simply be another Bank that struggles to know what free really means. Currently employers can set up staff pensions “for free” using Virgin, which is of course a nonsense that they acknowledge that they will charge the employees via their pension. Admittedly the financial services industry needs knocking into shape, but many of the issues are rather more complex than simply a new coat of paint. Whatever your view about Virgin, it is undoubtedly a successful sales outlet, not simply selling products and services, but invariably the businesses themselves. The only reason not to sell is when the profits show little sign of diminishing, which then perhaps tells us rather more about what is really being offered. As the regulator seems in the mood for fines, I do hope that Mr Branson got his caveat emptor.

DT

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

Virgin Banks on TynesideDominic2023-12-01T12:48:42+00:00

Best Cash ISA Rates – 15 November 2011

Solomons-financial-advisor-wimbledon-blogger

Cash Rates

As ever, this is not a list for advice, but a list to give guidance about some of the best or top paying rates currently available. You should always check the details of any deposit account in the terms and conditions. Also be aware of protection in the event of the Bank or Building Society going bust – this informaiton can generally be found at the FSCS wesbite. If you would like to do your own search on deposit account rates, then have a look at Moneyfacts. As inflation is currently 5.00% the vast majority of deposit accounts in all forms pay below this level, therefore the purchasing power of your savings is reducing. Locking in to a rate that is below inflation for a long period is generally not a wise idea.

One Year Deposit
Online: Yorkshire Bank 3.60%
Bank: Santander 4.20%
Building Society: Barnsley 5.00%

Two Year Deposit
Online: Yorkshire Bank 4.01%
Bank: Clydesdale 4.01%
Building Society: National Counties 3.76%

Instant Access
Online: Nationwide 3.12%
Bank: Santander: 2.50%
Building Society: Nottingham 3.25%

Cash ISA Fixed Rate
Online: Skipton 4.00%
Bank: Halifax 4.40%
Building Society: Barnsley 5.00%

Cash ISA Variable Rate
Online: AA Savings 3.05%
Bank: Santander 4.00%
Building Society: Newcastle 3.05%

Don’t forget that the FSCS limits apply per Banking Institution, not per Bank. If you find yourself looking at the Yorkshire Bank and Clydesdale Bank wesbites and find yourself thinking that they look very similar, that is because they are (a certified copy) – and both owned by National Australia Bank.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Best Cash ISA Rates – 15 November 2011Dominic2023-12-01T12:48:43+00:00

Best Cash ISA rates

As ever, this is not advice – you should always check the detail of any account that you consider using. Personally if you have not heard of the bank, I suggest you do not use it, if you are still tempted by the rate make sure you do some proper research… don’t forget the lessons from the recent past…Iceland.. not the frozen food retailer.

One Year Deposit Account

Online: Derbyshire 3.55%

Bank: Santander 4.20%

Building Society: Barnsley 5.00%

Two Year Deposit

Online: The Post Office 3.96% (yes Postman Pat finally delivers!)

Bank: Yorkshire 3.82%

Building Society: National Counties 3.76%

Instant Access Account

Online: Nationwide 3.12%

Bank: Santander 2.50%

Building Society: Nottingham 3.25%

Cash ISA – Fixed Rate

Online: Governor Money Progessive 4.50%

Bank: Halifax 4.40%

Building Society: Barnsley 5.00%

Cash ISA – Variable Rate

Online: AA Internet 3.05%

Bank: Santander 4.00%

Building Society: Newcastle 3.05%

Remember, look below the surface of the account, some Banks are marketing accounts as deposit accounts, when they are not really deposit accounts at all but investment linked products. Remember that deposits up to £85,000 are covered by the FSCS. So there’s some protection if a Bank fails. None of the rates are terribly attractive, and these days I do have sympathy with those that suggest the Banks have turned the tables and are now the robbers. Somewhat harsh, but the sentiment is fairly widespread, hence the picture of “Public Enemies” a Johnny Depp film about American gangster/bank robber John Dillinger from the 1930s.

DT

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

Best Cash ISA ratesDominic2023-12-01T12:48:57+00:00