.60% AER ISA rate - confused

VNX

I have a Bradford and Bingley eISA I opened at the back end of 2006 and have called (twice) to ask what exact rate I am getting and both time I've been told "point six percent AER"

0.6% AER? How on earth can that be correct? Are they getting confused by the monthly equiv as I get monthly interest?

I was trying to find out in order for me to compare with other ISA's.

Also wondering if I move my ISA is it a lot of hassle? I have heard it can take a month to move? Thus I would miss out on a months interest?

P.S If it helps last month I recieved £9.20 interest and I have £10,400 in the account.

Thanks for all your help

VNX

apt

You will lose a few days interest by transferring, but that's peanuts when you can get five times your current interest rate elsewhere.

adambro

You can find a list of B&Bs rates at http://www.bradford-bingley.co.uk/savings/previous-savings-rates.asp.

If you've got less than 10k in the eISA then you'll get 0.6% AER. Since you've got more than 10k you'll actually be getting 0.95% AER.

It would certainly seem that transferring to an ISA paying a better rate would be a good idea.