BM fixed rate ISA 4.2%

Pound

KingL wrote: »

As it's a fixed rate that you cant add further funds into

Can you provide a source for this information as I can't find anything on the terms and conditions about restrictions on deposits, bar the normal £3,600 limit. Fixed rate should only mean that the interest rate is fixed, ie. it won't change if BoE changes the bank rates. It shouldn't affect the rules on making deposits.

10_66

Pound wrote: »

Can you provide a source for this information as I can't find anything on the terms and conditions about restrictions on deposits, bar the normal £3,600 limit. Fixed rate should only mean that the interest rate is fixed, ie. it won't change if BoE changes the bank rates. It shouldn't affect the rules on making deposits.

See last sentance of NUMBER 4 of the terms and conditions.

bronzemonkey

10_66 wrote: »

See last sentance of NUMBER 4 of the terms and conditions.

You can't add further funds once the issue is closed. If it is still open come April 2009 then you would be able to add a further £3600.

10_66

bronzemonkey wrote: »

You can't add further funds once the issue is closed. If it is still open come April 2009 then you would be able to add a further £3600.

I believe the sentance I linked to said "when the issue has closed, you won’t be able to add to it in either this or future tax years".

KingL

bronzemonkey wrote: »

You can't add further funds once the issue is closed. If it is still open come April 2009 then you would be able to add a further £3600.

Technically, that's correct, yes. But don't count on being able to. IIRC, BM issues are usually open for about 6-8 weeks. The more popular they are, the sooner they fill up and are withdrawn from the market. After that: no new applications and no new funds.


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alex-andra

Whats the better option on BM Fixed rate ISA

• Fixed Rate 4.12% with monthly interest
• Fixed Rate 4.20% with annual interest

I want to transfer my Icesave ISA to this?

Thanks

Pound

Alex-andra wrote: »

Whats the better option on BM Fixed rate ISA

• Fixed Rate 4.12% with monthly interest
• Fixed Rate 4.20% with annual interest

The last one earns more interest.

KingL

If you keep the funds in for the full year, there's no difference in total interest payments between the monthly and annual interest options (the AER is 4.2% for the monthly option)

Lokolo

As above ^^ that is correct.

Also concerning the person with the Egg ISA, all interest earnt upto the date of transfer will be applied during transfer

r2mahara

Alex-andra wrote: »

Whats the better option on BM Fixed rate ISA

• Fixed Rate 4.12% with monthly interest
• Fixed Rate 4.20% with annual interest

I want to transfer my Icesave ISA to this?

Thanks

They both earn the same AER of 4.20%, so it doesn't matter which you choose.

With the monthly interest, you get interest on interest already accrued, hence 4.12% monthly is equivalent to 4.20% AER.