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Newcastle Building Society - 5%, 5 year ISA (NOW CLOSED)
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Steve_xx
Posts: 6,979 Forumite
Details of this are scant at the minute:
FIVE YEAR ISA (Issue 1) will be launched with effect from 24th June: a fixed term internet operated cash ISA maturing 31.7.14 with a minimum investment of £1 paying 5.00% yearly. Earlier access and transfers out permitted on 90 day notice. Additions permitted whilst issue remains open. Transfers in accepted.
Comment:
This new five year internet ISA jumps to the top of the ISA rankings with its market leading rate of 5.00%. The ability to make withdrawals provided 90 days' notice is given is a definite plus in the current financial climate. Additions and transfers in are also permitted whilst the product remains a current issue, but with such a competitive rate it is unlikely to stay around too long so investors need to act fast.This new five year internet ISA jumps to the top of the ISA rankings with its market leading rate of 5.00%. The ability to make withdrawals provided 90 days' notice is given is a definite plus in the current financial climate. Additions and transfers in are also permitted whilst the product remains a current issue, but with such a competitive rate it is unlikely to stay around too long so investors need to act fast.
FIVE YEAR ISA (Issue 1) will be launched with effect from 24th June: a fixed term internet operated cash ISA maturing 31.7.14 with a minimum investment of £1 paying 5.00% yearly. Earlier access and transfers out permitted on 90 day notice. Additions permitted whilst issue remains open. Transfers in accepted.
Comment:
This new five year internet ISA jumps to the top of the ISA rankings with its market leading rate of 5.00%. The ability to make withdrawals provided 90 days' notice is given is a definite plus in the current financial climate. Additions and transfers in are also permitted whilst the product remains a current issue, but with such a competitive rate it is unlikely to stay around too long so investors need to act fast.This new five year internet ISA jumps to the top of the ISA rankings with its market leading rate of 5.00%. The ability to make withdrawals provided 90 days' notice is given is a definite plus in the current financial climate. Additions and transfers in are also permitted whilst the product remains a current issue, but with such a competitive rate it is unlikely to stay around too long so investors need to act fast.
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Comments
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I saw this just in time. Thank you0
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Any ideas what the link is or is it not live yet? I take it if I transfer to external ISA its 90 days interest. 5 year lock in seems excessive.In the words of Jerry Maguire "SHOW ME THE MONEY"0
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It's not 'live' yet and as I said earlier, the details are at present scant. So scant that I'm unsure of whether the 90 days notice would mean loss of 90 days interest. You're not exactly locked-in of there's a get out after 90 days notice.donerkebab wrote: »Any ideas what the link is or is it not live yet? I take it if I transfer to external ISA its 90 days interest. 5 year lock in seems excessive.0 -
Sounds like a great offer, maybe too good!
Even if there is a penalty of 3 months' interest for transferring out it still sounds good - if your ISA is currently getting 3% (as mine is) you'd only have to leave the money there for 7 months at 5% to earn enough extra interest to cover such a penalty. If you could leave it there longer than that the extra interest would more than cover the penalty.
I'm not going to dive straight into another ISA transfer having only just finished the last one but hopefully this will encourage some higher rates all round.0 -
Sounds like a great offer, maybe too good!
Even if there is a penalty of 3 months' interest for transferring out it still sounds good - if your ISA is currently getting 3% (as mine is) you'd only have to leave the money there for 7 months at 5% to earn enough extra interest to cover such a penalty. If you could leave it there longer than that the extra interest would more than cover the penalty.
I would hope that this triggers a "war" between ISA providers, such that the rates offered increase. This could be the first shot in this "war" in an effort to get the extra ISA money from the over 50's in October.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
I considered saving with Newcastle BS a few months ago. Most organisations attempt to check identity using credit references, electoral roll etc. and only require paper evidence as a last resort. The Newcastle wanted paper evidence to start with which, as I don't live near to a branch, would have meant getting certified copies of documents and I couldn't be bothered. Anyone without passport, driving licence, identity card or pension book might have difficulties.0
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The account is now available at http://www.newcastle.co.uk/savings/5yearfixedrateisa0
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Very tempted to move my existing ISA from Lloyds (fixed @ 3%) to this then my FD Regular Saver ISA when it matures next year but 5 years is a long time...0
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Very tempted to move my existing ISA from Lloyds (fixed @ 3%) to this then my FD Regular Saver ISA when it matures next year but 5 years is a long time...
I also thought about transferring my Lloyds FRISA to this while the account is a current issue but I don't think you are allowed to make further deposits after the account has been withdrawn.After placing your initial investment in the account you may make further deposits while the account is a current issue, subject to the Special Conditions of the account. We may limit or withdraw any account at any time. Additional deposits are not permitted after the account has been withdrawn.Never let the perfume of the premium overpower the odour of the risk0 -
Just a note of caution: The website says "Withdrawals are permitted". It doesn't say anything about transfers.
Obviously, you could withdraw your funds to benefit from a higher interest rate elsewhere, but then you'd lose the tax-free status on the money."The trouble with quotations on the Internet is that you never know whether they are genuine" - Charles Dickens0
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