natwest isa 7.32%

sly_dog_jonah

I've got a Newcastle BS Fixed rate ISA maturing 20th October 2008, with >£27k so would get the top rate. This ISA looks almost too good to be true, but with a transfer out from Newcastle BS necessary [otherwise it matures into another fixed term product after 28days] this looks like a no-brainer. It's around 1% better than any fixed-rate deals available currently and allows withdrawals without penalty. Looks like I should be able to specify a transfer out date on the Natwest forms, for the day after or day of maturity. Its a shame I won't be able to add this year's subscription too (which is with ICESave), because that would take me over the £35k compensation limit once interest is added in a year's time. It's time to get down to a Natwest branch I think as I'm a non-customer, and prefer to do ID checks in branch to reduce delays and loss of paperwork.

COCO

Don't forget you will need to open an account with them, basically it's just a formality incase you were to over pay into that isa.

maa299

I don't really see the attraction of this for most people with smaller savings, beyond headline grabbing.

I have about 7k from previous years earning 6% AER - I would gain about £8 if the transfer takes a month or £35 if the transfer takes a week.

Although I'm a NatWest customer, I really don't see that the hassle is worthwhile - their e-Savings £50 offer seemed easier for example.

Paul_Herring

basically it's just a formality incase you were to over pay into that isa.

I wouldn't have this would have been the reason, because overpayments are usually bounced back into the source account instead of being processed.

Muhren

I am thinking of transferring my money from my current isa into this natwest isa.

The question I have is that I have used up £700 of my isa allocation for this year. Seeing as this offer is not open to new money can I open another isa with a different provider in the same tax year?

Baldur

Muhren wrote: »

I am thinking of transferring my money from my current isa into this natwest isa.

The question I have is that I have used up £700 of my isa allocation for this year. Seeing as this offer is not open to new money can I open another isa with a different provider in the same tax year?

No - but you could pay the remaining £2900 of your allowance into your current ISA before the transfer.

Muhren

Cheers for informing me of the bad news!

The thing is that I wanted to make monthly payments into another isa provider such as Barclays as they are one of top rate payers.

If I do transfer from A&L to natwest does that mean that A&L will close my isa so that I can't keep making payments into that isa?

[Deleted User]

Just spent 35 minutes in Nat West with my wife completing forms to transfer our Bradford and Bingley ISAs to Nat West only to find out that the interest has to be paid into a Nat West account - either current or savings.

Not a Nat West customer - very happy with cahoot so walked out.

Why doesn't it say this on their website?

Very frustrating.

Gazza_UK_3

Why does interest have to be paid into a current/savings account? I thought that all went into the ISA and remained tax free?

I tell ya, can see me just leaving my money where it is for all the hassle it seems shifting it.

[Deleted User]

Being pensioners, we use the montly interest as income 'cos that nice mr Brown has left us somewhat neglected !