The Best Mini Cash ISA Article Discussion Area

mjoddson

Thanks first to money saving expert for spurring me on to take out a ISA.

It seams when choosing an ICA it's like many financial situations a distinction between long term or short term. If this has already been stressed in the article then sorry.

I have opened an ns&i miniCash ISA as MSE had promoted. I deposited £1000 at 5.8% variable rate. Shortly after the Barclays offer of 6.31% comes in. So I think to myself I’ll move my money there for a year! ... But aggghhh! ns&i won't have my savings back at a later date likewise many others wont either. Which brings me back to my original point.

I have took out my ISA for a medium to long term so am happy to stick with ns&i as I hope they are a reputable organisation that have not just hooked me in with a promotional rate. If you are just sticking up to £3000 away for a year then chase the best rate.

I don't know whether MSE has produced a table yet outlining the most consistently high rate ISA financial institutions for long term investment, but it would certainly help!

Many Thanks
Mark

grenny

Barclays?
Noooooooooooooooooooooooooooooo!
I just had real hassle trying to open the TaxBeater ISA with Barclays.
Did EXACTLY what they wanted - had to wait ages in the branch to show my passport etc.
THEN they ring up say before they will open my account,they need to do a Personal Profile on me!!
Last three addresses job, colour of eyes etc.

This WAS NOT mentioned ANYWHERE on the webshite when i applied.

Sod Barclays - if they want all my personal details (for thier marketing reasons it sounds like..) just to open a savings account, they can stick it. I've never had any of this inconvenience and hassle opening ANY other savings account.
My advice is "screw Barclays" and go with a better provider which doesnt mess customers about and want marketing details form individuals.

ecuyetx

Has anyone looked into the new Abbey deal. The Super ISA is paying 8.1% on the mini Cash ISA bit, but you have to take out a Growth Bond for the same amount which ties you in for 3 years. The minimum return on this 9% over 3 years or 50% of the growth in the FTSE. 9.00% over 3 years is less than 3% and 50% of the FTSE growth is not that generous, but the maths is getting complicated. Is it a good deal or not?

eddyshoestring

Like many others on this thread, I have a clutch of Best Buys ISA's from previous years all now paying somewhat below best 2007 rates However those very nice people at Bradford & Bingley informed me that a) I can transfer the lot to an account paying 5.70% guaranteed but locked into for 3 years (I have the leaflet in hand!)..........not suitable for everybody of course ...3 years is a fair time, and incidentally their Fixed Rate ISA Issue 8 guaranteed for one year only is paying a hefty 6.15%-must invest the whole 3 grand at start( NO TRANSFERS ALLOWED! ....hope this enlightens!

Miss_Informed_2

Happy Easter everyone!

Just a note re. the ING Direct ISA which features in Martin's article - just started an on-line application to open one for this tax year but noticed in the T&Cs they don't accept transfers in (plus some wording about 'unless they made a particular exception' or something like that). Since I want to transfer to the new ING ISA money from last year that's currently in a lower-paying ISA this wasn't good news, so I phoned (yes, folks, they're there working on Easter Day - hope they're getting triple time and Easter eggs, eh?...) and got it confirmed that at the moment they DON'T accept transfers in but they've been 'looking at it over the last few weeks' (seeing what kind of money the ISA rate is attracting?) and will email anyone interested when they've decided whether to accept transfers in!!

This is useless for this household because the six months of the high interest offer is ticking away and I wanted to set the transfer off asap from the old building society. I'll have to look for another ISA account among MSE's best buys I reckon.

JWS4

Ok, probably a seriously stupid question.

With regard to ISA's, if I open one each year and say, only use £1K of my allowance on one ISA in a year and then open a new ISA at the start of the new tax year. Does that mean I can put cash into both ISAs giving me 6K of possible tax-free savings and thus buildings up by 3K each year I open a new ISA? Or is it just 3K across all of my ISA's p/a, no matter how many I have open?

Regards,

John

RayWolfe

No.
One open active ISA each year only.

Karren_2

hi

i put £3,000 into ns&i direct isa last month and have just checked my account and it shows £17.64 interest (5.8%) is this right ???? i thought it would have been more like £150 interest?

thanks

kx

masonic

Karren wrote: »

i put £3,000 into ns&i direct isa last month and have just checked my account and it shows £17.64 interest (5.8%) is this right ???? i thought it would have been more like £150 interest?

5.8% works out as a monthly interest rate of 0.48%, so it looks ok to me. You weren't expecting a whole years interest when you only put the money in a month ago, were you?

Karren_2

ah so i get monthly interest rather than a lump sum beginning of april ?

masonic wrote: »

5.8% works out as a monthly interest rate of 0.48%, so it looks ok to me.