ISA Switch to Paragon - worth it?

[Ubiquitous2024]

I am almost at point of completing an ISA switch from Marcus to Paragon. Have been with Marcus for a while and current rate is 4.3% but it keeps going down. I have considerable savings in an ISA and a savings account at the same rate, Paragon offers 0.5.% more each month and I am wondering whether it is really worth it as it too is variable and may just start to go down too.

Paragon seem ok to deal with so that is a result as I normally get a bit nervous moving large sums about and I have not ever switched an ISA before.

Any other advice or alternatives?

[deggles]

No experience of Paragon, but ISA transfers are probably one of the safest ways of moving your own money around. Both accounts have to be in your name and all details match for it to go ahead.

Trading212 Cash ISA is probably the best rate around at the moment (5.1%), I've just switched to them.

[Ubiquitous2024]

But there not an actual account are they - more of a trading thing that has FCS backing.

[river_rat]

Yes Trading 212 is an actual cash ISA account - I have one.

I also have a savings account with Paragon, which was easy to set up and deal with, so would say both options are fine.

[eyeslikealemur]

Ooooooh no wait but it's held in well dodgy MMF things that T212 cash ISA.

Except it isn't.

Cash in their S&S ISA is.

Cash in their cash ISA isn't.

[C69]

If you're concerned about rates going down, then a fixed-rate ISA could be the answer (provided you're not going to need access to the cash).

However, current rates don't look great. The best twelve-month offers at the moment seem to be Virgin's 4.61% (but you have to have a current account with them) and Punjab National Bank's 4.60% (but no online functionality). Alternatively, quite a few others are offering around 4.50%.