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New First Direct e-isa
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isasmurf
Posts: 1,998 Forumite
First Direct have replaced their e-isa with a new e-isa.
This one pays 5.37% (5.50%AER) Fixed until 15 February 2006, then drops to its very poor standard ISA rate of 3.93% (4.00%AER). As has become the norm with First Direct savings accounts, there are strange restrictions on the account. The old eISA has a condition that you can only transfer in current year ISA subscriptions, that has gone with this version. However they have placed a maximum limit on the balance in the account of £10,000. First time I've seen a maximum limit.
http://www.firstdirect.com/saveinvest/cash_isa.shtml
This one pays 5.37% (5.50%AER) Fixed until 15 February 2006, then drops to its very poor standard ISA rate of 3.93% (4.00%AER). As has become the norm with First Direct savings accounts, there are strange restrictions on the account. The old eISA has a condition that you can only transfer in current year ISA subscriptions, that has gone with this version. However they have placed a maximum limit on the balance in the account of £10,000. First time I've seen a maximum limit.
http://www.firstdirect.com/saveinvest/cash_isa.shtml
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Comments
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It's 5.50% for 6 months [compares with 6.25% on previous offering] on balances upto £10,000 and then 4% [variable] as you say.
The limit is higher than than before, so you can earn more interest over the promotion and - because its 'CAT' standard there are no transfer fees if you want to move it somewhere else in February.
For anyone who did not apply for the previous fixed rate [which I assume is no longer available] it might be worth doing this. Say you're getting about 5.1% somewhere else now, and the transfer takes a week [in and out]and you transfer 10K. That's about 24/26ths of £40 [about £37] more minus 1/26th of £510 [about £20] .....about £17 net [hmm!, maybe not?].....under construction.... COVID is a [discontinued] scam0 -
CAT standards do not apply to accounts opened after 5th April 2005. It is not a Stakeholder standard ISA, due to it's interest rate guarantee being too low. But the point you are making on transfer fees is correct (at the moment!)Milarky wrote:The limit is higher than than before, so you can earn more interest over the promotion and - because its 'CAT' standard there are no transfer fees if you want to move it somewhere else in February.
It looks like it is not (not that there would really be much point in opening the previous issue). The Interest Rates page says for ISAs opened online from 15th August 5.5% (AER), opened online between 21 Feb 05 and 14 Aug 05 6.25% (AER)For anyone who did not apply for the previous fixed rate [which I assume is no longer available]0
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