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Easy method for achieving high ISA interest rates: sidestep complications and documentation - SYLVIA MORRIS

Navigating the best savings rates can be a complex endeavor, given the overflow of choices. At present, the variety on offer has reached an all-time high of 2,289 deals.

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Secure method to acquire high-interest Isa rates effortlessly, bypassing bureaucracy and...
Secure method to acquire high-interest Isa rates effortlessly, bypassing bureaucracy and documentation: SYLVIA MORRIS

Easy method for achieving high ISA interest rates: sidestep complications and documentation - SYLVIA MORRIS

In a significant development for savers, savings platforms like Hargreaves Lansdown, Flagstone, and Raisin have expanded their offerings to include tax-free cash ISAs. This move comes in addition to their existing range of fixed-rate bonds and easy-access accounts.

For those seeking slightly higher rates, a dedicated search might yield better results, albeit with more effort. The number of savings deals has reached a record 2,289, according to Moneyfacts, providing a wealth of options for savers.

These platforms serve as a marketplace for savings accounts, allowing users to open multiple accounts with ease. Users only need to provide their personal and financial details once to access a variety of savings accounts through a single platform.

Flagstone, for instance, boasts 68 different banks and building societies on its platform, while HL has more than 20. Raisin also hosts around 40 such institutions.

Transferring existing cash ISAs into these platforms' cash ISAs may require moving them through a stocks and shares Isa first. This is the case with HL, where transferring existing cash Isas into the HL cash Isa is not possible; it must be transferred into the stocks and shares Isa (held in cash) and moved into the cash Isa.

However, the competitive landscape of savings deals is not without its challenges. Only around a quarter of these savings deals beat the Bank of England base rate of 4%. Nevertheless, platforms like HL, Flagstone, and Raisin can provide good savings rates without requiring extensive paperwork.

Some of the most competitive rates can be found on the Hargreaves Lansdown platform, with Chetwood Bank offering a one-year fixed-rate account with a rate of 4.32%. Paragon also offers an easy-access Isa with a rate of 4.3%.

Looking ahead, Flagstone is adding ISAs from ten providers, which will be available before the end of the tax year in April. As for the specific providers on Raisin and Flagstone platforms after April 2025, no names were found in the provided results.

In conclusion, the expansion of savings platforms to include tax-free cash ISAs offers savers a wider range of options, with competitive rates and the convenience of managing multiple accounts through a single platform. While the market is competitive, platforms like Hargreaves Lansdown, Flagstone, and Raisin provide a valuable resource for those seeking to maximise their savings.

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