Isa News Transfer ISAs To Higher Earning Accounts Moneyfactscouk Urges 18470501
Transfer ISAs to higher earning accounts, Moneyfacts.co.uk urges
26 February 2010 / by Andy Davies
Savers are being encouraged not to “languish on a low ISA rate” and transfer to a higher earning account as the ISA season gathers pace.
According to Moneyfacts.co.uk, there is growing competition amongst ISA providers to attract new savers, as the number of cash ISA deals accepting transfers has grown in the past year by almost 50 per cent from 183 to 272.
Meanwhile, despite of the Bank of England maintaining the base rate at 0.50 per cent, it has found that the average fixed rate ISA is now paying 3.24 per cent compared to 2.81 per cent in the same period last year.
As the cash ISA limit is set to increase for all savers from £3,600 to £5,100 on 6 April, Darren Cook, spokesperson at Moneyfacts.co.uk said: “With almost 92 per cent of all cash ISAs currently on the market accepting transfers in, there is no excuse for customers to languish on a low paying rate.”
Mr Cook suggests that providers are prepared pay a premium to savers who are willing to make a long-term commitment with their money, although he warns savers should be aware that “rates may look a little different in two or three years’ time”.
“A fixed rate ISA has become the providers’ preferred growth area, with the number of available fixed rate ISA deals doubling from 41 a year ago to 84 today. Variable rate deals have only risen from 146 to 155 over the same period,” he said, before adding:
“It is important to check with your existing provider to make sure that there are no interest penalties to be paid before you transfer your cash ISA, as this could wipe out any potential gains.”
© Fair Investment Company Ltd
| Product Name | ISA Option | Income Yield | More Info | |
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Investec FTSE 100 Income Deposit Plan | |
3.50% per annum |
More Info > |
| 6 year capital protected deposit plan paying a potential income of 3.50% annually or 0.28% monthly. Also available for Cash ISA and Cash ISA transfer. | ||||
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Invesco Perpetual Monthly Income Plus Fund ISA | |
More Info > | |
| Popular monthly income fund that aims to achieve a high level of income whilst seeking to maximise total return through investing in high yielding corporate and Government bonds, together with UK equities. 100% discount on initial charges. | ||||
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Schroders Income Maximiser | |
More Info > | |
| The Schroder Income Maximiser Fund ISA aims to deliver a target income yield of 7% pa, also providing potential capital growth. Income is paid quarterly. Available for ISA Transfers. | ||||
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Invesco Perpetual Corporate Bond ISA | |
More Info > | |
| Available for ISA transfers this highly popular fund aims to achieve a high level of overall return with relative security to capital. Income Paid to you twice yearly. Up to a 100% Discount off the Standard Initial Fund Charge when you transfer into this fund. | ||||
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Artemis Income ISA | |
More Info > | |
| One of the leading UK Equity Income Funds. The Fund managers hunt out companies with strong free cash flow and solid balance sheets. Income is paid to you twice yearly. 100% Discount off Standard Initial Fund Charge when you transfer into this fund. | ||||
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Invesco Perpetual High Income Fund ISA | |
More Info > | |
| One of the UK’s most popular income fund ISAs the Invesco Perpetual High Income has delivered consistently good long term returns through a variety of market conditions. Income is paid to you twice yearly. Up to a 100% Discount off the Standard Initial Charge when you transfer into this fund. | ||||
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M&G; Corporate Bond ISA | |
More Info > | |
| The M&G; Corporate Bond Fund is a conservative ‘blue chip’ sterling fund that aims to produce a higher return than UK government bonds. Income is Paid to you Quarterly. 100% Discount off the Standard Initial Fund Charge when you transfer into this fund. | ||||
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Jupiter Merlin Income Portfolio | |
More Info > | |
| The Jupiter Merlin Income Portfolio fund aims to achieve a high and rising income with some potential for capital growth. Income Distributions are made to you quarterly. 95% Discount off the Standard Initial Fund Charge. | ||||
†† Income payments are dependent upon the FTSE 100 Index.
The value of investments and any return from them can fall as well as rise and you may not get back the full amount invested. Please ensure that you read the Important Risk Information below.
