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MSE News: Got a Santander Direct ISA Saver? Check your rate
Former_MSE_Helen
Posts: 2,382 Forumite
"If you opened a Santander Direct ISA Saver last year, check your rate now, as it could have dropped to 0.5%..."
Read the full story:
Got a Santander Direct ISA Saver? Check your rate – it could be time to switch
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Got a Santander Direct ISA Saver? Check your rate – it could be time to switch
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Rather than us checking our rates, could you check your journalism? (said with tongue in cheek, but still...)
The rate you quote for the Cheshire is misleading and account holders should not switch - yet. As your table points out, the interest is effectively fixed at 2.3% until the end of October. The lower 1.5% is a misleading use of AER - leave your money in there for a year from now and that's what it will earn because the rate drops half way through the year. I must admit it took me a while to work that out, having checked my Cheshire rate as a result of this story and tried to work out what their highly-confusing document actually meant.
I know Martin is fond of AER as an easy means of comparing rates but in this case it's totally inappropriate.0 -
Having already opened a Nationwide account this year
Cash in an ISA stays tax-free. Interest on other accounts will be taxed at your usual tax rate – 20% basic rate, 40% higher rate or 45% for top payers (those earning over £150,000).
So if an ISA provider drops the rate, you have the right to transfer it to a different ISA account and keep the tax-free benefits.
Having already opened a Nationwide account this year ,Is it possibble to open ,another & transfer in last years & get ,say 1.75% from Tesco ?0 -
Yes of course money in an ISA stays tax free, that is the whole point of ISAs. However, there is zero guarantee that an ISA pays your more interest than many other accounts, after tax. Given that the vast majority of people don't have anything like £15K in Cash ISAs, there is a good likelihood that they are losing significant amounts of money because they are blindly following the ISA mantra.Having already opened a Nationwide account this year
Cash in an ISA stays tax-free. Interest on other accounts will be taxed at your usual tax rate – 20% basic rate, 40% higher rate or 45% for top payers (those earning over £150,000).
So if an ISA provider drops the rate, you have the right to transfer it to a different ISA account and keep the tax-free benefits.
Having already opened a Nationwide account this year ,Is it possibble to open ,another & transfer in last years & get ,say 1.75% from Tesco ?
And yes, you can transfer, using the formal ISA transfer process, previous years' ISAs whenever it suits you. It doesn't matter whether you have made any deposits into a current year's ISA or not. If you were not to use the formal ISA transfer process! it would be an entirely different matter.0
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