Best Cash ISAs for end of 2023/24: Get up to 5.25% tax-free interest on savings

so we are very very rapidly approaching the end of the 2023 24 Financial year on April the 5th that will be the last chance for you to use your ISO allowance for this particular year whether you need to or not I'll get to in a moment but I'll take you through couple of bits of import of information around the end of this financial year with Isis and then I'll take you through the top paying cash Isis uh that you can take advantage of in the next couple of weeks now if you're watching this from 8 ail the 6 2024 onwards in that Financial year and obviously some of those rates will have changed but don't worry I do plan to do an update of those best ISO accounts because some of them might have changed we might see some more competition in that new Financial year so make sure you uh keep your eyes out for that plus every single month over on the YouTube channel I'm doing an update on the best savings accounts every single day over at Be Clever withy your.com savings myself and the team are updating the top paying savings accounts to any other changes that happen in the future then you'll be able to find out all about those via those resources now let's start off talking about what is the why it's such a rush why you might see loads of Articles at the end of this year the next couple of weeks at least telling you make sure you take advantage of your Isa allowance what's this all about why does I say the financial year runs from April the 6th to April the 5th and every year you get an allowance for new money you can add to ISA accounts whether that's cash or stocks and shares or l or whatever it might be that starts again from April the SI doesn't matter about money you've already got in there from previous years and I've already covered ISO allowances elsewhere so you can check out that content if you want to find out more about that but specifically this is new money now £20,000 is a lot of money a lot of people aren't able to take advantage and use it all up but if you are able to do it and there are reasons potentially you why you might want to do that then uh if you don't do it all by the end of the financial year it doesn't carry over it just goes you lose it so let's say you put 15K into an Isa already in this Financial year you've got another five you want to add if you don't do it tough luck you're going to have to put it in next year and obviously that will be 5K out of your allowance for the following year which is remaining at 20,000 as well again there's not many people this is going to affect because most of us don't have 20K we continuously be putting into Isis every single Financial year but this is why there's such a kind of clamor around it particularly if your personal finance journalist like myself the amount of press releases we get about Isa season it's what sometimes is known the end of the year and the start of next year Isa season the amount of Articles you see about you must do this well let's quickly cover do you need to do this do you actually need to worry about putting your money into an Isa in the next couple of weeks for most people I'd say no remember the reason you have an Isa is because any interest you earn while money is in an Isa or any growth or dividends you receive while a stocks and shares uh investment is in an Isa is taxfree okay that's the big reason to do it because you don't want to be paying tax on those profits you make but this isn't the only way to to do that remember there's the personal savings allowance for Savers if you're a basic rate taxpayer that's £1,000 of interest you can earn every single year taxfree if you're a high rate taxpayer that go down to 500 a year taxfree interest now if you're an additional rate taxpayer sadly you don't get this at all but for the vast majority of people that is a lot of money you can have in savings accounts potentially at higher rates of Interest although I'll take you for the moment that might not always be a so clear difference um where you aren't paying any tax anyway you think about it if you have got a 5% paying account there are a few which are higher than this outside adviser but say let's say a 5% paying account what you need to have 202,000 saved as a basic rate taxpayer to go over your personal savings allowance okay so really this is about those of you who have got lots and lots of money in savings or particularly High earners uh yes those higher rates of interest do make it easier to go over those allowances um but that's kind of really not so much for everyone to worry about and then in terms of stocks and shares there are also the capital gains allowance and the dividend tax allowance I did talk about them very recently so do check that out if you're interested now they are at the moment for this financial year £6,000 for capital gains tax allowance uh 22,000 of a dividends tax allowance they are going to drop in half drop by 50% from April onwards so there's certainly an argument as I shared with you the other day an argument to potentially uh move some of your Investments if they're not already an Isa into a Isa uh just to kind of ensure that you're kind of that gain that you make you can up to six grand this year but three grand from next year in gains or maybe it's better selling some off now and moving them into an Isa but that's if you need to do it at all at all in the next few weeks now before we get into the best ones I do quickly want to touch on one little thing here again this is around a rural change that's happening from April to 6th from the new Financial year you will have to be 18 years of old to open up a cash Isa and most of the other Isa that's already the case but there are a handful of providers mainly building societies which will let 16 year olds and 17 year olds right now open up a normal uh cash Isa and sometimes those rates are better than you get in the junior Isa which is the one for anyone aged 17 and below so there's a little bit of that ground where you can choose between the two well from the new Financial year you must be 18 for a cash iser as well so it may be if you are 16 or 17 or if you are a parent or a relative or what it might be uh you might think you're right this is a good opportunity to to get one of those other isers of bit more interest potentially if you open up those accounts right now okay let's start then looking at the highest paying cash Isis for the end of the financial year 2023 2024 and I'm going to start off talking about limited and cash uh easy access cash ises now there is a brand new top-of-the table account that has launched today I wouldn't be surprised if the other accounts I tell you about in a minute might respond to this and maybe in a few more days early next week we might see a bit of other ones trying to compete with this but this is from Plum the savings app Plum they have launched a limited access cash Isa paying 5.15% for the first year after one year the rate drops uh it's very Bor anyway could drop at any time but you'll certainly see a 0.86 percentage Point drop after one year but even so that is top of the table and that is actually better than you're going to see in even non-iso accounts right now where the top one without any kind of restrictions is about 5.1% so good place to put your money right yes however a couple of caveats to share with you quickly minimum deposit of 100 you put a pound in but if you don't put 100 quid in you won't get this rate so make sure there's always 100 in this account Plus the maximum number of withdrawals without a penalty is number is three if you take four withdrawals then your rate drops down even further and this one does allow transfers in uh but it is not a flexible account next best one is from Moneybox Works in very very similar way 5.1 one% variable includes a bonus for the first year so after 12 months it will drop down at all that one requires 500 in the account to get this rate and also has a maximum of three withdrawals now if you don't like the idea of a limited cash IC you want to be fully easy access then these are your other options and there's a number which are uh just just below that one the top one there is Chip 5.1% this one does not allow transfers in unfortunately although that is something they are hoping to change it is flexible uh I wouldn't be surprised if they're one of the ones that maybe responds to Plum we'll wait and see obviously I'll update you be clash.com savings if they do then we got Zopa below that 5.08% again these are all the ones to tell you about so far are app only ones which might be a bit frustrating for you if you don't want to do your banking via an app this this one has a 0.5% bonus for a year which will as long as you do this financial year now I wouldn't be surprised if there's another bonus the new Financial year but they're pretty much saying that the rate is 5.03 plus that little bonus uh on top and then we go into a few other uh banks that are doing sort of above 5% and a fully easy access so there's Charter Savings Bank Kent Reliance Synergy family Beyond Society uh and principality Building Society now many of these are online only ones um but at least you don't have to have app for that now if you can lock your money away then a fix is a really good shout for you because potentially you can get even higher or very close to those easy access rates but you're guaranteed to get it for the entire next year now the top one here is from Virgin money this does require you to have a current account with them uh if you apply for that current account from Virgin money you will be hard credit search if that's something that's important to you or you're concerned about obviously with most savings accounts that isn't an issue because you need a current account first to get it that is 5.25% fixed for a year now with this one if you haven't already paid money into this financial year as well uh then obviously you can open it up but you've got I think it's 30 days to fund it which means you could put money in this financial year and then also add more money in in the next financial year to get that locked in rate as well so that's certainly something to consider there uh after that we've got Oak nor 5.07% chem Reliance with the same rate 5.07% and then 5.05% from paragan almore Castle Trust Bank Charter Savings Bank and close Brothers all of them allow transfers in if you are moving money across to get a better rate now the longer you fixed then the moment the rates are getting lower as well so for a 2-year fix you're looking at 4.7% from Oak North ubl or close Brothers uh while Zopa is at 4.67% almore 4.65% for threeyear fixes it goes 4.5% for almore uh 4.4 for close Brothers uh 4.39 for you 4.38 for shawbrook and 4.36 for Hodge while a fouryear fix lower down even still UB 4.05% zero sorry Zopa 4.01% United Trust Bank 4% anything below that would be below 4% and then we look at fiveyear fixes a bit of a boost here uh ubl again at the top there 4.16% close brothers 4.15% and then 4.05% from secure Trust Bank and United Trust Bank if you want to build Society build socities be quite good if you're more concerned about ethical uh use of your money then principality Building Society is a 5year fix 4.02% now I know I've just listed loads of different accounts there remember Be Clever withy cash.com savings is where you'll find the best of all the different savings accounts they're all our Best Buy tables so you can get a recap of all those and any changes that might happen since I've recorded this over there now there are a couple more types of Isa I do want to talk about very quickly the first one is the lifetime Isa a lifetime Isa is obviously a great great option for you if you are planning to uh save um for your retirement or for your first home because you get that 25% uh bonus now I wouldn't be using a cash lifetime Isa for retirement because we're talking about so much time away that you really want to be investing that there obviously this video is focusing on cash Isis but if you're saving for your first home then a cash lifetime ice actually is the one you should be going for here because you don't want to risk potentially losing some of your deposit if the Investments uh don't sort of grow if they do go down which always is a risk obviously with investment You could argue if you're looking at not buying a home for 10 15 years there may be investment for now and then move it into Cash uh five years before you plan to buy as an option but broadly speaking cash life to is is really there for buying your first home the top one here is from Money Box them again they offer 4.4% but it does drop to 3.5% after a year okay so it's worth knowing that it might be the best one right now but it will drop substantially after that so probably the better one to go for is tempo this used to be called nude uh got taken over by called Tempo they've got rid of the fee and they offer 4.3% now this is a variable rate so obviously it can drop as well but the likelihood is it will stay a bit better a bit higher than money box if you're getting it new as a new customer then there's quite a drop down there Paragon 3.51% beehive money which is part of Building Society 3 and a half% and skipped and build Society 3.25% so really if you're starting off a lifetime Isa for buying your first time are you're looking at Tempo or money box and the last one I want to talk about here is children's Junior Isis okay now these ones as I say at the top they're open for any child 17 and Below but the money is locked away until the child is 18 so just bear that in mind if you're not sure you want to have this cash at 18 then maybe a different uh form of saving is the way to go for um but the top ones here are only available to open in Branch or via the post okay so the post thing is fine you can fill in a form and send it off but you might not like the idea I take for those top ones then I'll share a couple of online ones you might want to consider so cry B will pay 4.95% that is the top one right now lra be Society 4.8 leak Bond Society 4.75% Skipton Stafford they're also 4.75% and then Newby build Society 4.65% you'll notice build societies are the main theme there and obviously they're kind of guess the best providers there for those Junior ises so you might be if you don't want to go into a branch rather than do on post maybe see what your local ones are offering there might be some not too far off that if you do want to do it on online you are dropping down to 4% as your top rate and the ones there are nsni so National savings and Investments or Tesco Bank in fact Tesco Bank can also be opened on the phone if that is something that interests you so there you go they are the top paying cash ises for the end of the financial year 2023 2024 I'll update you in the new Financial year on your options for your new cash as well then my name is Andy Webb thank you so much for watching check out these videos for more on Isis

Channel: Be Clever With Your Cash

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Keywords: Best savings accounts uk, best savings accounts uk 2023, uk savings accounts, best savings account, best savings account uk, savings accounts, top savings account, top savings accounts 2022, Best savings 2023, Best savings account 2023, best savings account uk 2023, high interest savings account 2023, Cash ISA, Fixed savings, Easy access Cash ISA, Barclays ISA, Best lifetime ISA, Moneybox ISA, Virgin Money ISA, high interest ISA, tax-free savings, Best cash isa 2023

Id: t_lolyolyhw

Length: 13min 29sec (809 seconds)

Published: Wed Mar 20 2024