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New A&L Isa rate - 5.2% variable

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  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Deemy wrote:
    ...1. They charge £25 for the transfer out (or used to?)...
    Yes, they used to. However, I recall they dropped this charge and I connot find anything about the transfer fee with regard to the new ISA.
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    Two quick points:

    An ISA provider may charge a fee at any time provided it is not a 'stakeholder' (formerly 'CAT') marked product. I don't think the A&L became a stakeholder ISA when they dropped the previous fee (could be wrong)

    Any fee is likely (but not certain) to be a fixed one - there is no justification for variable fees for transfers as the work involved is identical. The more one has to transfer in the less the effect of any fixed fee later imposed on transferring out for a better rate (It mostly hurts the 'new nomey'!)
    .....under construction.... COVID is a [discontinued] scam
  • melancholly
    melancholly Posts: 7,457 Forumite
    1,000 Posts Combo Breaker
    I have an issue 1 A&L ISA and I know in my T&C it says if I transfer anywhere it will cost me £25..... maybe it doesn't apply to issue 2 ISAs because if they've dropped the charge for me, they certainly haven't sent me any new info!!
    :happyhear
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Raul_Garcia wrote:
    Wouldn't Angelica then have the opportunity of open another one in April'06? Or do you have to top one up with the £3000 before proceeding to the next one?
    You can open 1 Cash ISA per tax year and can invest up to £3,000. Once the tax year ends... that's it for that year. Note that the £3k is the maximum you can put in - if you invest your £3k then withdraw it (or any part of it) you can't put anymore in during that tax year, so not a good place for 'emergency cash'.
  • dealseeker
    dealseeker Posts: 228 Forumite
    As I already have an ISA with A&L that has been fully subscribed this year is it possible to transfer that ISA to this better deal with A&L or do I have to wait until 6 April to open a new account and then transfer the ISA?
    Since light travels faster than sound, some people appear bright until you hear them speak. :p
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dealseeker wrote:
    As I already have an ISA with A&L that has been fully subscribed this year is it possible to transfer that ISA to this better deal with A&L or do I have to wait until 6 April to open a new account and then transfer the ISA?
    http://www.alliance-leicester.co.uk/directisauserguide/index.asp?page=page5 :
    If your existing ISA funds are with Alliance & Leicester

    To transfer your existing Alliance & Leicester ISA funds to your Direct ISA, please follow these steps:

    Please ensure that you have opened your Direct ISA and have the Account details to hand.

    Step 1: Call 08703 333 444 (calls are charged at the national rate)
    Step 2: Press 2 for Savings
    Step 3: Select Direct ISA
    Step 4: Enter your 12 digit Customer ID and 5 digit Customer PIN
    Step 5: Press 9 to speak to an advisor (advisors are available between 9am and 8pm Monday to Friday and between 9am and 1pm on Saturday)

    The advisor will then take the details of the existing Alliance & Leicester ISA and arrange to transfer your subscriptions to your Direct ISA.
  • dealseeker
    dealseeker Posts: 228 Forumite
    Thanks Grumbler. But this refers to previous years subscriptions.

    If I have fully subscribed this year then how can I open a direct account first. Do you not need to open the account with £1 first? That would take me over the £3000 per year limit.
    Since light travels faster than sound, some people appear bright until you hear them speak. :p
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dealseeker wrote:
    But this refers to previous years subscriptions.
    I am not sure, but I don's see word 'previous' in the quotation ...
    If I have fully subscribed this year then how can I open a direct account first.
    You can. This is usual procedure for any ISA transfer.
    Do you not need to open the account with £1 first?
    No

    P.S. See Sticky: ISA FAQ => Can I transfer my ISA to a better provider?
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Remember that this ISA includes a bonus of 0.7% for one year. After then it is not such a good account - and to switch out of the account costs £25!

    So, if you switch out of the account after one year, your return on the account is reduced to the equivalent of approximately 4.4%.

    Why not just get a Halifax ISA at 5% - with no strings attached?
  • jimclark1967
    jimclark1967 Posts: 499 Forumite
    Paul_Varjak wrote:
    Remember that this ISA includes a bonus of 0.7% for one year. After then it is not such a good account - and to switch out of the account costs £25!
    Where is this £25 charge stated? I thought it was dropped on the same day the A&L Direct ISA Issue 1 was closed to new customers?

    JC
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