BM fixed rate ISA 4.2%

Musicman

Just to warn you, I just asked for application forms for my wife & I, and was informed that the account will no longer be available after today.

Lokolo

That was quick! Less than a week!

ozzage

Tempting but I'm hoping for more ISA offers as we get closer to April.

mbull_2

Grrrr, na chance of gettin this up and running then in time... Ah well.
Question.
If for eg i wanted to put my £3,600 into this or any other ISA this week or next week by the time it all goes thru. Would the Interest be added for months Feb and March and then come April 09, i have a further allowance of £3,600 to put into a new ISA for the YR 2009/2010
if that makes sense to you?
Or if i put in, is it in there until 12 months time and i can not open a further one till then?

alastair_h

Pound wrote: »

The last one earns more interest.

No, they work out the same if they run full term 4.12% being the monthly equivalent of 4.2% AER.


Also please see below for T&C's regarding 90 day loss of interest should you need to take money out before ISA term completes. And according to the T&C's you can add extra funds up to £3,600 as long as the issue has not closed, I have a 6m fixed term bond with BM which was very popular. From when it was opened the issue closed within 5 days, so you'll need to be quick to take advantage.

http://www.askbm.co.uk/savings/p/isa/product.asp?id=235&p=terms

KingL

mbull wrote: »

Question.
If for eg i wanted to put my £3,600 into this or any other ISA this week or next week by the time it all goes thru. Would the Interest be added for months Feb and March and then come April 09, i have a further allowance of £3,600 to put into a new ISA for the YR 2009/2010
if that makes sense to you?
Or if i put in, is it in there until 12 months time and i can not open a further one till then?

You will be able to open a new one in April 09 with a further allowance of £3,600.

If you are quick enough to open this one in Jan 2009 it will accumulate interest during the one year term. When Jan 2010 arrives you will be able to transfer it out somewhere else (including to the one you open(ed) in Apr 2009, provided the T&Cs of the April 2009 one allow it).

Lokolo

alastair_h wrote: »

No, they work out the same if they run full term 4.12% being the monthly equivalent of 4.2% AER.


Also please see below for T&C's regarding 90 day loss of interest should you need to take money out before ISA term completes. And according to the T&C's you can add extra funds up to £3,600 as long as the issue has not closed, I have a 6m fixed term bond with BM which was very popular. From when it was opened the issue closed within 5 days, so you'll need to be quick to take advantage.

http://www.askbm.co.uk/savings/p/isa/product.asp?id=235&p=terms

They said they are closing it tomorrow lol

alastair_h

Lokolo wrote: »

They said they are closing it tomorrow lol

In that case they'll have to use a tardis then!

Just noted the rate has dropped from 4.2 to 3.5%AER and 4.12 to 3.45% monthly on website.

http://www.askbm.co.uk/savings/p/isa/product.asp?id=235

1 Year Fixed Rate ISA (Monthly Interest) Request an application £500 +Withdrawals are only allowed by post subject to a loss of interest of 90 daysMonthly
interest rate

• Tax Free: 3.45%
• AER: 3.50%

Dopple

I got the application form today.
I phone BM up and they said that the 4.2% rate that is printed on my application applies to any ISA I transfer over to them until a cut-off date of Feb 23rd.

The problem for me is that my Fixed Rate Lloyds TSB ISA doesn't mature until Feb 22nd, so I can't see Lloyds getting the transfer to them for the cut-off date.

10_66

Dopple wrote: »

...The problem for me is that my Fixed Rate Lloyds TSB ISA doesn't mature until Feb 22nd, so I can't see Lloyds getting the transfer to them for the cut-off date.

I sent my application form back on Saturday and checked today to ask about the fact that I was transferring in. Bearing in mind it seems to take a couple of months for some organisations to transfer funds, I think the cut off date they give (22 Feb) is mean. They print on their portability form a request to the current ISA provider that they complete the transfer within 30 days. There's not much point in them stating that on the form, when their cut off date is before that.