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Abbey or A&L Cash ISA for 08/09?
insywinsyspider
Posts: 12 Forumite
Hi,
Just been looking into cash ISAs for 08/09 & I think Abbey or Alliance & Leicester will probably be best for me.
Both offer a decent rate of 6.25% & allow transfers in & seem to have no penalties for withdrawals.
However, I don't know how to choose between these as haven't banked with either before.
Any advice, or anyone aware of any particular pros or cons with either?
Many thanks
Just been looking into cash ISAs for 08/09 & I think Abbey or Alliance & Leicester will probably be best for me.
Both offer a decent rate of 6.25% & allow transfers in & seem to have no penalties for withdrawals.
However, I don't know how to choose between these as haven't banked with either before.
Any advice, or anyone aware of any particular pros or cons with either?
Many thanks
0
Comments
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Both will probably be as good as each other. Have you also looked at the Barclays 6.5% ISA as well?0
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or u could look at lloyds 6.5% if you have a total of 9k or more0
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insywinsyspider wrote: »Hi,
Just been looking into cash ISAs for 08/09 & I think Abbey or Alliance & Leicester will probably be best for me.
Both offer a decent rate of 6.25% & allow transfers in Any advice, or anyone aware of any particular pros or cons with either?
Many thanks
Abbey backdate interest on transfers in so no interest is lost while transfer cheque is in the post and being banked.
0 -
bristolleedsfan wrote: »Abbey backdate interest on transfers in so no interest is lost while transfer cheque is in the post and being banked.
Hi BLF
How do we know this please?
I ask because hubby and I both had our Direct ISA (issue 1) statements today. We transferred our previous ISAs into it on 5th June 07. The statement quotes
"15th June - ISA Transfer in, previous tax year - £XXXX"
When hubby phoned them and told them we opened them on 5th June, chappy says interest would have been paid from then even though statement says 15th June (actually, mine says 15th, hubby's says 18th although both opened same day).
Yet we don't know where to find confirmation of this and have learned not to always believe what is said in branch/over phone!
We applied online today for the Direct ISA Issue 2 to transfer the Issue 1 into as the rate is 6.25% and the Issue 1 now only 5.75%.
Thanks, TM0 -
or u could look at lloyds 6.5% if you have a total of 9k or more
Thanks for the replies.
I thought about Barclays & Lloyds TSB, but Barclays don't allow transfers in from previous years & Lloyds appear to have some 'penalties' if you withdraw any money during the year.
So this put me off these two & made me consider Abbey & A&L, although I'm not sure how long their 6.25% rate will last - any ideas?
Thanks!0 -
Hi There
This is quote from Alliance & Leicester:-
Direct ISA Issue 4
- Earn 6.25% gross p.a./AER (variable) without paying tax on
your savings - Includes a 1.00% bonus payable to 31 May 2009
- 24/7 access to your Direct ISA via Telephone and Internet Banking
Hope it helps
Keith0 - Earn 6.25% gross p.a./AER (variable) without paying tax on
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Hi BLF
How do we know this please?
Thanks, TM
See STEP 2.
http://www.abbey.com/csgs/Satellite?c=GSInformacion&cid=1157694140393&pagename=Abbey%2FGSInformacion%2FGS_ResumenHipotecas
Transferring in existing cash mini ISAs held with other providers
Transferring in existing cash mini ISAs held elsewhere is simple. Whether you have an existing cash mini ISA through Abbey, or are just thinking about opening one, the transfer service is FREE and guarantees no loss of interest. The process is complete within 30 days as follows:
Step 1:
Provide details of your current ISA provider by filling out the ISA Transfer Form
Step 2:
Your existing ISA provider will be contacted on your behalf and the money requested from your account. The interest will be backdated to the day the money leaves your existing provider to ensure no loss of interest.
Step 3:
The money will then be paid into your ISA opened through Abbey. You'll receive written confirmation when the transfer is complete.
Next Steps:
If you currently have an ISA opened through Abbey and want to take advantage of this great service, download a transfer form and return it.
If you don’t have an ISA opened through Abbey, why not take a look at the range of cash mini ISAs where you can also download an application form.
http://www.abbey-products.com/product/direct-isa-squirrel/0 -
When hubby phoned them and told them we opened them on 5th June, chappy says interest would have been paid from then even though statement says 15th June (actually, mine says 15th, hubby's says 18th although both opened same day).
You could always check. A handy way to do this is with Microsoft Excel, using the XIRR function.0 -
moneyandmountains wrote: »You could always check. A handy way to do this is with Microsoft Excel, using the XIRR function.
Thanks but not my strong point. Hubby does all that. We have Excel but don't use it, have always used Lotus 123. Anyway, I'll get hubby to have a look at Excel and he can try and work it out.0 -
bristolleedsfan wrote: »See STEP 2.
http://www.abbey.com/csgs/Satellite?c=GSInformacion&cid=1157694140393&pagename=Abbey%2FGSInformacion%2FGS_ResumenHipotecas
Transferring in existing cash mini ISAs held with other providers
Thanks for that BLF, very helpful. He wants to check and make sure the dates tally up A+L/Abbey.0
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