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  • FIRST POST
    • chooka
    • By chooka 19th Mar 17, 4:46 PM
    • 21Posts
    • 2Thanks
    chooka
    ISA issue
    • #1
    • 19th Mar 17, 4:46 PM
    ISA issue 19th Mar 17 at 4:46 PM
    Hi All

    I have two isas with one bank that i havent looked at in too long.
    Just noticed that the interest rate on them is 0.05%

    I knew it was a variable rate ISA, but i am shocked to see it so low, and just assumed, probably naively that i would just track the ISA rate that is advertised on new ISAs. which is .65%.

    Still low, but much higher than what i have.

    Do i have any grounds here to raise this with the bank?
Page 1
    • le loup
    • By le loup 19th Mar 17, 5:17 PM
    • 3,573 Posts
    • 3,404 Thanks
    le loup
    • #2
    • 19th Mar 17, 5:17 PM
    • #2
    • 19th Mar 17, 5:17 PM
    No, but you have grounds to move it to somewhere paying a higher rate.
    .................... and use the lesson to keep an eye on what you are doing.
    • masonic
    • By masonic 19th Mar 17, 5:24 PM
    • 9,126 Posts
    • 6,273 Thanks
    masonic
    • #3
    • 19th Mar 17, 5:24 PM
    • #3
    • 19th Mar 17, 5:24 PM
    They would have notified you if they made a single reduction of more than 0.25% or reduced it by more than 0.5% over 12 months. Beyond that, it's your personal responsibility to check that the accounts you hold are still meeting your needs.
    • jimjames
    • By jimjames 19th Mar 17, 9:59 PM
    • 12,016 Posts
    • 10,455 Thanks
    jimjames
    • #4
    • 19th Mar 17, 9:59 PM
    • #4
    • 19th Mar 17, 9:59 PM
    Hi All

    I have two isas with one bank that i havent looked at in too long.
    Just noticed that the interest rate on them is 0.05%
    Originally posted by chooka
    If you haven't looked at it for so long does it need to be in a cash ISA? You might find a S&S ISA would be better especially if you don't need to look at it frequently.
    Remember the saying: if it looks too good to be true it almost certainly is.
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