Newcastle Building Society 6.00% AER!

natman

Hi,

I opened a Newcastle build society ISA around 5 months ago. I have been really happy with NBS. Only minor issue is they like things verified with signatures and send out paperwork.......But seem to keep on top of things.

My ISA is 6%.I hope it does not fall until at least the maturity date as indicated above, but It probably will....................

All in all a decent product

Baldur

garreh wrote: »

Yeah thats very true. So if I did invest in this fixed rate ISA, would it mean I have a fixed rate of 6.5% from the time of opening OR is it up until the end of the tax year / Apr 09? Either way, I guess this one of the top rates so worthwhile opening?

The worst mistake you can make at the moment, as you have found with your previous prospective choice of ISA (if you want to grab a good rate), is contemplating your navel and posting on the forum, rather than applying ASAP.

The details on the website tell you all that you need to know - http://www.bradford-bingley.co.uk/savings/product/one-year-fixed-rate-eISA-issue4.asp:

Easy access from maturity date - The anniversary of opening.

garreh

Baldur wrote: »

The worst mistake you can make at the moment, as you have found with your previous prospective choice of ISA (if you want to grab a good rate), is contemplating your navel and posting on the forum, rather than applying ASAP.

The details on the website tell you all that you need to know - http://www.bradford-bingley.co.uk/savings/product/one-year-fixed-rate-eISA-issue4.asp:

Yeah I agree. Which is why I'm asking experts here before I dive into something I don't really want to be in!!

Would you suggest I go with this ISA account? I won't need access to the money, so not being able to take it out until maturity isn't important.

Also, I'm thinking about opening an Alliance & Leicester eSaver (issue 2) -- Again, I won't need access to the money. It seems like a very competitive rate, but I've read on these forums that rate is expected to plummet by the end of the month?

Baldur

garreh wrote: »

Would you suggest I go with this ISA account? I won't need access to the money, so not being able to take it out until maturity isn't important.

Your choice - if you are sure that you don't need access, it's probably the best rate available at present, look what's happened to other rates generally.

Also, I'm thinking about opening an Alliance & Leicester eSaver (issue 2) -- Again, I won't need access to the money. It seems like a very competitive rate, but I've read on these forums that rate is expected to plummet by the end of the month?

The headline rate is good but the 'rate guarantee' is limited:

The AER is guaranteed to be at least 0.50% above the Bank of England Base Rate, until 28 February 2010

If, again, you don't need access and have the minimum deposit of £5,000, this Bank of Scotland account would probably give better long-term (i.e. over the next year) interest rate security and allows up to 4 withdrawals in the 1 year term.

garreh

Today I received a welcome pack from Newcastle Building Society and have successfully logged onto my ISA+ account online.

However, I'm a little concerned about what rate it is now. As pointed out by a Milarky, this account was withdrawn only a few days ago, so there is no page for it on their website to see the rate, its also not shown when you manage your money through their website.

Are banks supose to always show the rate somewhere? I would like to think so.

I'm worried I'm like someone from the Nationwide advert -- Grabbed in by a hook teased by a juicy rate.

Baldur

You could always ask them - http://www.newcastle.co.uk/contact

Dustykitten

Am I right in thinking the B&B does not accept transfers? I looked at their site but it says £3600 2008/2009

Baldur

Dustykitten wrote: »

Am I right in thinking the B&B does not accept transfers? I looked at their site but it says £3600 2008/2009

From memory (as the Ts & Cs for the FRISA appear to have been removed from the site) the FRISA (Issue 4) didn't permit transfers until after the expiry of the fixed rate term.

Dustykitten

Thanks for that. Just been looking at:

Provider:M&S MONEY
Name of Account:1 Year Fixed Rate Savings ISA 5%
Notice Period:Instant - penalty
Stakeholder Standard:No

Baldur

I was just about to point out the penalty, when I noticed your edit.
http://www6.marksandspencer.com/pages/default.asp?PageId=FRS&Product=IS