Been losing money with Natwest for years.

Slater

Hello,

I have a Natwest isa which has built up to £13881 over the last few years. I haven't really taken much notice of it until I started seeing Martin Lewis on the TV. I have now noticed that my Gross rate is only 4.70%. This in even lower than a Bradford and Bingley esavings account which has a Monthly Net rate of 5.06%

I've been trying to find the best isa which allows transfers in and out and have come to the conclusion that a Bradford and Bingley eisa seems to be the most suitable with a rate of 5.65%
If there's a better account please let me know.

(also have £19800 in a Natwest esaver which was earning was earning a net rate of 3.38% - this is currently being transferred to my new Birmingham Midshires account with a rate of 5.06%)

isofa

The best interest rate on a Cash ISA currently accepting transfers in, is the excellent one from Ruffler Bank at 6.25%.

There are many others offering 6% that also accept transfers in.

All the top rated Cash ISAs accepting transfers in are listed here at Moneyfacts.

As for the 20K in Natwest, I'd move that to a Kaupthing Edge instant access account at 6.55%.

Slater

Thanks for the advice.
I've had a look at all the options.

The Ruffler bank seem good but I don't like the fact that you can't log onto the site and see your money. Icesave seems to be very good but isn't covered by the Financial Services Compensation Scheme so I wouldn't risk it. There are a few other good ones but they only pay interest annually which I don't like. I need to see my money growing every month.
I think the Bradford & Bingley one seems to suit me best.

RayWolfe

Slater wrote: »

Icesave seems to be very good but isn't covered by the Financial Services Compensation Scheme so I wouldn't risk it.

I don't think you're right there. Take another look.

Slater

RayWolfe wrote: »

I don't think you're right there. Take another look.

Do you mean it isn't very good or it is covered by the FSCS?

It say on Martin's advice page http://www.moneysavingexpert.com/savings/best-cash-isa
IMPORTANT. Icesave, unlike some foreign banks, hasn’t chosen to be completely protected under the UK's Financial Services Compensation Scheme, and thus if, in the unlikely event that it were to go bust, getting the money back could be more difficult.

Slater

Just read this http://blog.moneysavingexpert.com/2008/04/01/icesave-how-safe-are-your-savings-facts-and-myths/
Martin says here that they are part of the sceme.

Can anyone confirm that they are defiantly covered

Lokolo

They are definately covered. Not upto the £35k I don't think. I think its like £10k.

But you are covered by Icelands for upto £10k as well (I think).

opinions4u

They cannot take deposits in the UK unless licenced to do so.

To get the licence they need to be covered by the FSCS.

The complexity comes with a claim. The first claim has to be made via Icelandic regulators. If this doesn't give you £35k a top up claim would need to be made via the UK FSCS.

dunstonh

Been losing money with Natwest for years.

How have you lost money on a savings account?

Slater

dunstonh wrote: »

How have you lost money on a savings account?

Are you seriously telling me you don't know what I mean?

By having my money in Natwest instead of someone whith a higher rate, I've lost a few thousand pounds over the years. So I've therefore been losing money by staying with Natwest.

johnllew

Slater wrote: »

I've been trying to find the best isa which allows transfers in and out and have come to the conclusion that a Bradford and Bingley eisa seems to be the most suitable with a rate of 5.65%
If there's a better account please let me know.

Nationwide: 3 Year Fixed Rate ISA Bond @ 6.15% accepts transfers in.