I opened a cash ISA just over a year ago and the interest paid for the year was very good, but i was not told and i also did not read the small print, that after the first year the interest paid crashed to 0.05%.
So i would advise any one with a cash ISA, to cash it in and open up a new ISA right away even with another bank, this is what i will be doing when June come’s round.
Santander have the highest with their Santander Flexible account at 3.30%.
The bank’s have started a charitable saving’s account with the interest rate of 2.80% so i opened an account with my bank, but as with the ISA your money is tied in for the year and it will crash down to 0.05%. So cash it and open a new one again.
An update:- I checked with the bank to-day, they said i can cash in my ISA but i will not be allowed to have another one as they are controlled by the Government, or i can let it stay until the rate of interest increase’s. But with the charitable saving’s account, you can cash it and start another one as they are controlled by the bank.