05/06 tax year - cash ISA - 5.50%+

meeee_3 · 5 April 2005 at 8:31PM

Speculator wrote:

From moneyextra.....

B&B hits the ISA trail again

Bradford & Bingley is hitting the ISA trail again with the launch of two new plans. First up is the ISA Regular Saver offering 6% gross (6.05% AER) for the first year for customers making monthly contributions; then repo rate +0.50% for the second year. The latter works out to 5.25% at current rates.

Minimum regular monthly contribution is £10, maximum £250. Deposits can be made by standing order or 'over the counter' payments in any Bradford & Bingley branch. Interest is paid annually on the anniversary of the plan.

/snip

just looked for information for this on the b+b site, but cant see it?

Speculator · 5 April 2005 at 9:05PM

try again tomorrow.

ED · 6 April 2005 at 10:27AM

Lambeth Bdg Society have today added to their website Postal ISA (mini cash, Fourth Issue) @ 5.65% including bonus for 1st 6 months :

http://www.lambeth.co.uk/savings_postal4.lasso?ID=51

edit : 1 hour later when I looked at Lambeth's site, they had changed the rate from 5.65% to 5.15%. Basically they must have reactivated an account offering a much better rate in the old Tax Year. (I feel like MSE regular 'grumbler'!)

ED · 6 April 2005 at 11:41AM

Pick of the Popular Mini Cash ISAs - an evolving chart collectively compiled by MoneySavingExperts. (For advice, seek professional help.)

The new Tax Year having just started, has anyone here visited any building society or bank website and discovered an enticing new Mini Cash ISA offering more than 5.25% gross interest, not yet mentioned in this thread?

So far meeting the criteria :

7.50% - Portman Bdg Soc - Regular Saver ISA
6.08%* - First Direct - Mini Cash e-ISA [1.81% bonus till 6 Oct '05)
6.00% - Bradford + Bingley - ISA Regular Saver
6.00%F - Bristol & West - Regular Saver Fixed Rate ISA
5.70%F - Halifax - Fixed Rate Halifax ISA Saver [fixed for 4 years]
5.50% - National Counties Bdg Soc - Guaranteed Mini Cash ISA
5.50%* - Tipton & Coseley Bdg Soc - Premier ISA [0.35% 6m bonus]
5.50%* - Portman Bdg Soc - 25 Day Notice ISA [0.75% 6m bonus]
5.40% - Alliance + Leicester - Direct ISA
5.40%F - Derbyshire Bdg Soc - '2 Year' Fixed Rate Cash ISA
5.35% - Abbey - Postal ISA
5.35%F - Kent Reliance BS - Fixed Rate Mini Cash ISA to 31.12.06
5.30%F - Kent Reliance BS - Fixed Rate Mini Cash ISA to 31.5.06

* = includes bonus
F = fixed rate

updated as at latest 'edit' date - Post #15 lists key features of most of these ISAs, and see posts (above + below) from various helpful MSE contributors.

Perhaps this thread could be useful for Martin Lewis to link from this week's e-bulletin?

Speculator · 6 April 2005 at 2:22PM

Further details on the B&B Regular ISA can be found here....

http://branch.bbg.co.uk/retailpages/pages/savings_limited_issues.asp

ED · 6 April 2005 at 6:23PM

3 more Mini Cash ISAs launched for this new Tax Year :

5.40%F - Derbyshire Bdg Soc - '2 Year' Fixed Rate Cash ISA - key features :
- rate fixed until 30 April 2007
- minimum investment/balance £1,000
- withdrawal/transfer prior to maturity (30.04.2007) results in lower interest
- further investments may be permitted (up to £3,000 max)

link : http://www.thederbyshire.co.uk/savi/taxeff/taxeff_keyfeat_fr_cashisa_2yr.html

5.35%F - Kent Reliance Bdg Soc - Fixed Rate Mini Cash ISA to 31.12.06 - key features :
- rate fixed until 31 December 2006
- minimum investment £100
- withdrawals incur charge equal to 100 days' loss of interest on amount w/d
- minimum age 16 years

link : http://www.krbs.co.uk/savingsinvest/taxfree/frisa311206.htm

5.30%F - Kent Reliance Bdg Soc - Fixed Rate Mini Cash ISA to 31.5.06 - key features :
- rate fixed until 31 May 2006
- minimum investment £100
- withdrawals incur charge equal to 100 days' loss of interest on amount w/d
- minimum age 16 years

link : http://www.krbs.co.uk/savingsinvest/taxfree/frisa310506.htm

meeee_3 · 6 April 2005 at 8:48PM

Speculator wrote:

Further details on the B&B Regular ISA can be found here....

http://branch.bbg.co.uk/retailpages/pages/savings_limited_issues.asp

thanks for that - i wasnt even looking in the right area on their site ;

a question regarding this, say if i was to take it out and next year something better came along, am i able to transfer with the *only* charge being the 90 interest?

Speculator · 7 April 2005 at 1:02AM

As I understand it, if you want to transfer to another ISA during the two year term, you will incur a 90day interest penalty.

The main disadvantage with the B&B Reg ISA is that you have to make 24 monthly payments which means you can't open an ISA with another provider next tax year. You will have to stick with the B&B ISA for the full two year term unless you are willing to lose 90days interest.

grumbler · 8 April 2005 at 11:34AM

In case of transfer after 12 months £30 penalty makes effective rate just about 5.6% (for full £3000 allowance)

'Once interest is paid on anniversary, your Regular Saver ISA will mature into the Easy Access ISA' (4.75% now)

£30 transfer penalty applies to both Regular Saver and Easy Access ISAs.

EDIT 1: Sorry, I missed the similar Milarky’s post #22 here. However, my estimation of effective interest rate is more correct.

EDIT 2: If you have £3000 lump sum to invest and use 5.35% saving account to drip-feed Portman Regular Saver ISA the effective AER (after 20% tax) of this combination is 5.67% (for instant transfers and after £30 penalty deduction)

05/06 tax year - cash ISA - 5.50%+

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