Scarborough BS ISA 6.3%

alastair_h · 7 February 2008 at 10:35AM

Is anyone using Scarborough BS's 6.3% Notice ISA. I see it doesn't seem to be attracting much attention, is this due to the 30 day notice period?

Does anyone have experience transferring in to above?

caliston · 7 February 2008 at 2:07PM

There's one big catch. If you transfer out before the end of the two years, you have to pay 30 days interest, even if you give notice.

By my calculations over a year that means a 0.5% rate reduction. To avoid paying the fee you're locked in for over two years, the second year of which is currently at 5.5% (which hasn't been adjusted to account for today's BoE rate fall). There's a rate guarantee but only as far as tracking Bank of England base rates. Both variable rates so don't expect to keep any advantage as bank rates fall.

So it might be OK if you were only planning to keep money in for a short time and withdraw it, but if you're going to want to transfer out then I'd steer clear.

bristolleedsfan · 7 February 2008 at 6:44PM

alastair_h wrote: »

Is anyone using Scarborough BS's 6.3% Notice ISA. I see it doesn't seem to be attracting much attention, is this due to the 30 day notice period?

Does anyone have experience transferring in to above?

Scarborough BS are famous for launching best buy accounts, they are not famous for keeping accounts as best buy accounts.

BLUE_2 · 7 February 2008 at 7:57PM

i have £7000 to invest in this tax year looking long term whats the best deal

Scarborough BS ISA 6.3%

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