Time limited fixed rate issues

john_s_2

Are all fixed rate ISAs time limited? I suspect the answer is yes.

I have about 8k to transfer to a cash ISA. I'm interested in a one-year fixed rate. I started applying for the Birmingham Midshires one but got cold feet when it said that if the issue had closed by the time they received my money (from my existing provider) they would return the money.

My existing provider is Nationwide. Nuff said? (I went through hell and high water with them opening the ISA - most of which is posted in archives on here!) I know they're supposed to transfer funds within 30 days but I wouldn't trust NW to tie my shoelaces. They're useless.

I don't want to complicate things by risking having the money returned to NW (where I suspect it would end up in a black hole). I confirmed this with BM just now. Spoke to a very helpful person so I think it's a shame I can't risk going to them.

If they're all time limited then I guess I'll need to transfer it to a variable provider. Any comments?

Baldur

Halifax guarantee their rate (3% guaranteed for 12 months from receipt of funds) for 60 days from application, which should give NW more than enough time to effect the transfer - http://www.halifax.co.uk/savings/isa-direct-reward.asp

john_s_2

Aha! Thanks for that. I've got an old websaver with them so should speed up any ID issues as well.

As for 60 days being enough for NW... Well, as you say, it should be!

BruceyBonus

The Halifax account also allows further deposits plus 4 withdrawals (so very flexible for a fixed rate account).

haribol_2

Hi

I have been with BM for a year and had nothing but headaches just to set up a simple Cash ISA. I didn't even want to transfer from other ISA managers.

They are hopeless, communications really poor and nothing is done on time.

Even when you send them emails asking specific questions, the returns point you to FAQ's that don't answer your question.

I'll take my business elsewhere. In my books, they are a bunch of muffins.

I feel better now!!

Haribol