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Ruffler Bank increase Mini Cash ISA rate - 6.40%
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Do I read it correctly in that they want a minimum of 15k to be deposited with them?
It seems they want a multiple of current and previous ISA's.If you are at a poker game and you cannot figure out who is the patsy then guess what...you're the patsy - Warren Buffet0 -
Lazy_Runner wrote: »Do I read it correctly in that they want a minimum of 15k to be deposited with them?
It seems they want a multiple of current and previous ISA's.
Yes, that's correct. They upped their minimum balance from £3,000 to £15,000 from last November, because of the amount of money coming their way after their ISA was mentioned on MSE.Please call me 'Kazza'.0 -
Do you think they are flexible enough to accept the 15K as a joint amount between married couple, eg both have 9K or are they as inflexible as the big banks.0
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Do you think they are flexible enough to accept the 15K as a joint amount between married couple, eg both have 9K or are they as inflexible as the big banks.
No, they won't accept this and neither will any other bank or building society I'm afraid. This is because it would break Inland Revenue rules. ISAs are Individual Savings Accounts so they can never be held as a 'joint' account.
The Kent Reliance Direct ISA will pay 6.21% from August 1st. The minimum balance is £1.Please call me 'Kazza'.0 -
What I meant was, they have an individual rule of 15K, this was increased from 3K because they were obviously getting lots of 3K amounts and they want decent size deposits. Looking at some of their accounts a mimimum of 25K.
My question was could I open an ISA in my name transferring 9K into it and my wife opening an ISA in her name and transferring 9K into it, thus we are bringing >15K into the bank to invest.
Ordinary banks tend to have a rule like this that would be pretty unbendable, however I was wondering if Ruffler being a smaller, more personal institution would be flexible in this way.0 -
What I meant was, they have an individual rule of 15K, this was increased from 3K because they were obviously getting lots of 3K amounts and they want decent size deposits. Looking at some of their accounts a mimimum of 25K.
My question was could I open an ISA in my name transferring 9K into it and my wife opening an ISA in her name and transferring 9K into it, thus we are bringing >15K into the bank to invest.
Ordinary banks tend to have a rule like this that would be pretty unbendable, however I was wondering if Ruffler being a smaller, more personal institution would be flexible in this way.
I doubt they would allow you to open their ISA. Despite the (combined) sum of £18K coming into the Bank, they are pretty strict about the minimum mini cash ISA balance required to qualify for their ISA. Though, I would keep checking their website, as you never know, they could reduce their minimum opening balance requirements at some point. As you've said, they did begin with a minimum balance of £3K which was increased following an increase in demand for the ISA after it was mentioned on MSE.Please call me 'Kazza'.0 -
however I was wondering if Ruffler being a smaller, more personal institution would be flexible in this way.
I don't think anyone can answer this except Ruffler bank.
Why don't you give them a call?
Personally I don't think they will otherwise they will have loads of people doing this and they clearly have a business reason for setting this limit.0 -
Are ruffler easy enough to work with? Is the transfer process sufficiently fast and reliable?2 + 2 = 4
except for the general public when it can mean whatever they want it to.0 -
talksalot81 wrote: »Are ruffler easy enough to work with? Is the transfer process sufficiently fast and reliable?
Check out these threads for more information on Ruffler's level of service as well as how to transfer to them:
Transfer to Ruffler ISA: how does it work?
Ruffler ISA...Please call me 'Kazza'.0 -
Are ruffler easy enough to work with? Is the transfer process sufficiently fast and reliable?
I am a very happy customer.
My documents came back in less than 48 hours special delivery.
I had to phone my outgoing lender for transfer but that was smooth and quick. Ruffler credited it straight away.
They hold their bank account for payments with NatWest which happens to be the same as my current account so I can make instant payments to them (BACS is 3-4 days).
They have put up interest rates quickly.
No Indian call center.
I can't find anything to criticise.0
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