Skipton Fixed rate loyalty cash isa

alfiesmum

Hello everyone,

I have a fixed rate isa with Skipton at 6.26%, due to mature on 5th April 2009. They have written to me and offered a loyalty fixed rate of either:
3.00% fixed until 31 May 2010 or
3.15% fixed until 30 Novemner 2010.

There is an opportunity to add to the balance the £3600 allowance for 09/10 as long as it's paid in between 6 April - 29 May 2009.

Has anybody else decided on this yet? Does it seem like a good deal do you think?

Thanks
alfiesmum
xx

Baldur

It's as good as most FRISA offerings currently available, with the added benefit of not having to transfer to obtain a decent rate - I certainly took up a similar offer for my maturing 6.5% FRISA with LTSB at an 'early bird' rate of 3.75% last month.

Funkyfreddy

alfiesmum wrote: »

I have a fixed rate isa with Skipton at 6.26%, due to mature on 5th April 2009. They have written to me and offered a loyalty fixed rate of either:

3.00% fixed until 31 May 2010 or
3.15% fixed until 30 Novemner 2010.

There is an opportunity to add to the balance the £3600 allowance for 09/10 as long as it's paid in between 6 April - 29 May 2009.

Has anybody else decided on this yet? Does it seem like a good deal do you think?

Me too - just one quick question that I seem to have a mental block over...

..would this "internal transfer" be considered as my Cash ISA Subscription for 2009/10 regardless of any deposists made ? - i.e. If I didn't add any of my 2009/10 allowance into it could I open another Cash ISA and add my £3600 to that one?

Many thanks.

FF

Baldur

Funkyfreddy wrote: »

Me too - just one quick question that I seem to have a mental block over...

..would this "internal transfer" be considered as my Cash ISA Subscription for 2009/10 regardless of any deposists made ? - i.e. If I didn't add any of my 2009/10 allowance into it could I open another Cash ISA and add my £3600 to that one?

You have to subscribe (pay new money) to 'open' a new ISA as far as HMRC are concerned so, no, it would just be a normal ISA transfer (albeit with the same provider) unless the Terms & Conditions require you to add your 2009/10 allowance.

kostigovs

I too have decided to go for the 3.15% 18 month fixed rate.
As for 2009-2010 I think I might wait a week or so in case a better offer comes along. At least we've got till then

Funkyfreddy

Baldur wrote: »

You have to subscribe (pay new money) to 'open' a new ISA as far as HMRC are concerned so, no, it would just be a normal ISA transfer (albeit with the same provider) unless the Terms & Conditions require you to add your 2009/10 allowance.

Thanks Baldur - got it (I think !).

The only condition with regard 2009/10 payments into the account is that they have to be between 6 April and 29 May 2009 as no payments allowed after that. No condition you have to make any 2009/10 payments into it.

So I could choose to transfer this to this 3% fixed to 31 May 2010, see what offers are around early part of April/May and make a decision before 29 May as to what to do with my 2009/10 allowance - add it to this or open a different one one ?

Thanks again.

Baldur

Funkyfreddy wrote: »

So I could choose to transfer this to this 3% fixed to 31 May 2010, see what offers are around early part of April/May and make a decision before 29 May as to what to do with my 2009/10 allowance - add it to this or open a different one one ?

Yes, that's as I read the HMRC Guidance Notes.

Funkyfreddy

Baldur wrote: »

Yes, that's as I read the HMRC Guidance Notes.

Cheers Baldur.

FF

libra10

My OH also received the same letter today and we will probably add next year's allowance to the account. If we decide to opt for the November 2010 length of term, will the 'new ISA money' also finish at the same time?

The government were talking of increasing the ISA allowance, has anyone heard anything yet?

Baldur

libra10 wrote: »

If we decide to opt for the November 2010 length of term, will the 'new ISA money' also finish at the same time?

If it's in the same account it certainly should mature at the same time - you may want to confirm that with Skipton..

The government were talking of increasing the ISA allowance, has anyone heard anything yet?

They're leaving it until the last minute if it was anything but talk.

Old_Slaphead

Baldur wrote: »

They're leaving it until the last minute if it was anything but talk.

Won't apply until 2009/10 tax year.

Most likely if anything's to be changed it will be announced in Budget towards end April