nigel woollsey

Nigel Woollsey

Online Writer
Published: 04/09/2019

The Building Societies Association (BSA) has recently published the results of its cash ISA transfer performance review for the first half of 2019. This shows that currently, the industry is exceeding the set target for having cash ISA transfers between providers completed within seven working days.

Cash ISA transfers on target

Together, the BSA, the Tax Incentivised Savings Association (TISA) and UK Finance have committed to a target of a minimum of 85% of cash ISA transfers completed within seven working days in 2019.

In order to track the industry’s performance, the BSA, TISA and UKF also made a commitment toward monitoring performance in this area and to report quarterly on the progress made towards meeting the annual target.

The good news for cash ISA customers is that for the year to date (1 January 2019 to 30 June 2019), 91% of cash ISA transfers were completed within the industry time limit.

In today’s modern banking world, with so many transactions now being accomplished almost instantly, consumers can be surprised at how long it takes to transfer a cash ISA. However, it’s worth noting that ISAs require a good deal more additional administration than an ordinary bank transfer, which explains the lengthier transfer period.

Six of the best cash ISAs to transfer into today

With the above news that the industry is well on course to exceed its stated 2019 transfer target, we’ve taken a look at some of the best cash ISAs currently available, covering easy access ISAs, notice ISAs and fixed rate ISAs.

If you’re confused or unsure about the how and why of transferring your cash ISA, then take a look at our handy How to transfer a cash ISA guide.

Cash ISA

Provider

Account*

Term

Minimum investment

Rate (AER)

Instant

Charter Savings Bank

Easy Access Cash ISA – Issue 12

None

£5,000

1.44%

Instant

Shawbrook Bank

Easy Access Cash ISA – Issue 5

None

£1,000

1.43%

Notice

Buckinghamshire Building Society

180 Day Cash ISA

180 day

£100

1.51%

 

Notice

Aldermore

30 Day Notice Cash ISA Issue 7

30 day

£1,000

1.30%

Fixed rate

United Trust Bank

ISA 7 Year Bond

Seven years

£15,000

2.25%

Fixed rate

Charter Savings Bank

5 Year Fixed Rate Cash ISA

Five years

£5,000

2.00%

* Accounts chosen to include a minimum opening option by post, by phone or online.

In the instant access cash ISA category, Charter Savings Bank leads with an offering of a rate of 1.44% on a minimum investment of £5,000. However, Shawbrook Bank follows closely behind, offering only a shade less at 1.43% but with a much lower minimum investment of £1,000.

Buckinghamshire Building Society is offering a rate of 1.51% on its 180-day notice cash ISA requiring a minimum deposit of just £100. Aldermore has a 30-day notice cash ISA paying 1.30% interest, but with a larger required minimum investment of £1,000.

The best fixed rate cash ISA allowing transfers in is United Trust Bank’s seven year bond, paying 2.25% on the anniversary of opening. However, this requires a considerable minimum investment of £15,000. Those looking for something that has a lower minimum investment threshold might prefer Charter Savings Bank’s five year cash ISA paying 2.00% on a deposit of £5,000.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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