The Top Easy Access Savings Discussion Area

alanji wrote: »

That is certainly my reading but I would be glad to hear what response you get as I am in the same position as you.

Hi,
Am I correct in thinking this is the internet saver on their website? Am I also correct in thinking the other saving accounts offered ie [instant saver/direct saver/premium saver] offer same rate/t&C differencing being number of method to acess funds eg atm/ online etc etc.
I have a small amount of £ which I have in the post office instant saver which is ok/poor rate atm and am looking into other option with max benefits to me at this time... TIA

alanji wrote: »

That is certainly my reading but I would be glad to hear what response you get as I am in the same position as you.

Thanks. I was probably being a bit over-cautious in not just assuming it was right

Anyway they have confirmed that future deposits after 7 April get the special rate of at least base rate + 2% provided the initail deposit of at least 5K is made before 7 April. Here is my question and their answer

Question
Please can you confirm that the special rate of at least base rate + 2% applies to deposits after 7 April also, provided the account is opened and the initial payment of 5K is made by 7 April.

e.g. I open the account on 1 April and immediately fund with 5K on the same day. I then pay in 10K on 1 May say. I make no withdrawals. Will I get the special rate also on the 10K (from 1 May to 1 April next year).

The terms and conditions seem to say that I do but I just wanted to check.

Thank you.

Answer
In response to your query, I can confirm that you are correct. If you open an account before 7th April and it is funded with between £5000 and £100000 then the account will attract 3% (or at least 2% above base rate, if this changes). There is no limit to the number of deposits and so any funds in the account will earn the higher rate, so long as the balance stays between £5000 and £100000.

Summer01 wrote: »

I have all my money in a Nationwide Cash ISA but I'm not sure whether it's worth the time and effort to move it to another bank, I've never done this before - is it quite time consuming and is there alot of difference in the rates between Nationwide and other banks/building society's currently??

It's as time-consuming as choosing a new provider and completing their transfer form - they have to arrange the transfer, not you.

Nationwide's ISA rates are pretty dire - see this post for 'best buy' Cash ISAs which accept transfers.

Also anything that's in a Cash ISA - is this also included in the £50k protected under each bank/building society?

Yes, that's correct..

Summer01 wrote: »

Thank you for the advice,
appreciated..
Is the Nationwide Cash ISA rate really less than 1%? I had no idea it was so low now..
http://www.nationwide.co.uk/savings/cash_isa/cash-isa.htm

It depends which of Nationwide's ISA accounts you have - they are all pretty poor, from memory.

I looked at the other link thank you for this. Is any one of those ISA's more popular than the others or is it as simple as just going for Natwest or RBOS as they are the highest paying? I don't have a saving account with either, but can this be sorted as part of the form I fill in?

Transfer forms generally include setting up the new ISA account - N.B. the Natwest and RBOS ISAs don't accept transfers, they are under the heading "Mini cash isa's for 'new money' only (i.e. they don't accept transfers in):" - they also require you to open other financial products.

You need to scroll down the post to look for the variable & fixed-rate Cash ISAs which accept transfers.

Summer01 wrote: »

Currently I have a members ISA bond at .95% gross and an Instant access ISA account which doesn't state the rate when I log into it...

Thanks and have had a look down the page - this one looks better than the one I have...

Halifax ISA Direct Reward - 3.00% :starmod:NEW :starmod:
Rate guarantee? Yes. Rate effective from: 24/02/2009.
Minimum deposit: £1,000. Operated via: Branch, Internet or Post.
Important: Up to 4 withdrawals permitted within the first 12 months.

The Halifax one appears to be one of the most popular with posters who are transferring previous years' Cash ISAs, the 12 month rate fix is a potential advantage.

The sooner that you complete a transfer form the better, as the account could be withdrawn at any time.