Intelligent Finance isaver 6.4 %

Ashlion
Ashlion Posts: 22 Forumite
in Savings & investments
Does Intelligent Finance isaver 6.4 % pay interest monthly / annually? It doesn't seem to tell you at their site, or not obviously.
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  • jem16
    jem16 Posts: 19,397 Forumite
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    This seems to suggest you can choose either but it's not clear.
    http://www.if.com/rates/currentsavings.aspx
  • prixon
    prixon Posts: 54 Forumite
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    You can choose either and switch between them as required

    I have got an Isaver account ("jar") in my plan and there is an "interest" option you can click on to switch between Monthly or Annual payment. You can also change whether interest is held in the iSaver account, moved to a different jar in the plan, or moved to an external account.
  • Ashlion
    Ashlion Posts: 22 Forumite
    Monthly is quoted as 6.22% gross. The annual percent is quoted as 6.4% AER/gross. Does that mean you would take a slight dip in interest rate if you opted for monthly interest rather than annual? (If you can choose) Or are they both the same, just the figure for monthly doesn't show the compounded rate?
  • jem16
    jem16 Posts: 19,397 Forumite
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    Ashlion wrote: »
    Or are they both the same, just the figure for monthly doesn't show the compounded rate?

    I would say they are both the same (provided you leave the interest in the account) and the monthly option doesn't show the compounded rate.
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    jem16 wrote: »
    I would say they are both the same (provided you leave the interest in the account) and the monthly option doesn't show the compounded rate.
    (1+0.0622/12)^12=1.064

    Annual AER (a) to monthly gross pa. would be: 1200*(( 1 +a/100)^(1/12)-1)
  • Ashlion
    Ashlion Posts: 22 Forumite
    Thanks for the calculation. That's useful to know. :-)

    Some other questions about the account:

    To open an isaver do you need to be an Intelligent Finance customer already?
    How long do withdrawals take?
    It says there are no withdrawal 'restrictions', but are there penalties?
  • derrick
    derrick Posts: 7,424 Forumite
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    Ashlion wrote: »
    Thanks for the calculation. That's useful to know. :-)

    Some other questions about the account:

    To open an isaver do you need to be an Intelligent Finance customer already?
    How long do withdrawals take?
    It says there are no withdrawal 'restrictions', but are there penalties?

    1) No, but you will need to open with a personal cheque from your personal current acc.and you can only operate it online, hence the higher interest rate

    2) Normal withdrawal times re BACS,CHAPS and cheques, although if you do already have a current acc with them,(or open one), this can be transferred between acc's instantaneously

    3) No

    A bit more info here, if you haven't already seen this page.
    Don`t steal - the Government doesn`t like the competition


  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    How does the "Mobile phone required to set up a payment instruction using online banking" thing work?

    Is it just a one-off thing when setting up a new payee, or is it necessary to make a (possibly 0845) call each and every time you want to make a withdrawal?
  • derrick
    derrick Posts: 7,424 Forumite
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    YorkshireBoy wrote: »
    How does the "Mobile phone required to set up a payment instruction using online banking" thing work?

    Is it just a one-off thing when setting up a new payee, or is it necessary to make a (possibly 0845) call each and every time you want to make a withdrawal?

    You set the acc up as normal with a cheque from your personal current acc, the mobile number,(not required to open acc), is for if you want to transfer out to another acc, they use it as extra security and, if I remember correctly will ask for the last 3 numbers.

    You can call them on 0800 5875758 to make enquiries about these issues.
    Don`t steal - the Government doesn`t like the competition


  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    derrick wrote: »
    You set the acc up as normal with a cheque from your personal current acc, the mobile number,(not required to open acc), is for if you want to transfer out to another acc, they use it as extra security and, if I remember correctly will ask for the last 3 numbers.

    You can call them on 0800 5875758 to make enquiries about these issues.
    Thanks derrick. So you don't have to make a call with the mobile then? You just have to register a mobile phone number with them? Seems a strange way of operating!


    EDIT: Whoops...just noticed your freephone number. Thanks for that. :)
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