The Best Mini Cash ISA Article Discussion Area

Kazza242

Dunscrimpin wrote: »

Hi,

Still haven't got round to taking out this years Mini Cash ISA entitlement.
With the B of E rate rising 0.25 % today, what is the best strategy ?
Should I wait ( and how long before the effect filters through to the updated rates from the providers ? ) until new fixed or variable rates become available,
or jump now on the basis of not wasting any more time ?

Who are the current favourites for fixed and variable offers ?

Any thoughts greatly appreciated.

D

This thread: Mini Cash ISAs: The best ISAs currently available List should help, as it lists the best variable and fixed rate ISAs.

Certainly consider NS&I who as of today (10/5/2007) are paying 6.05%, as they guarantee that their rate will pay BOE + 0.55% until April 5th 2008. Egg pay 6.05%, though this rate isn't guaranteed. For fixed rates, Northern Rock are offering 6.01% for a 1 year term, Derbyshire 6.00% for two years. You'll find more ISA options listed in the Best ISAs currently available thread (see link above).

Also check out Moneyfacts here.

arky_2

As I do not trust Pensions any more I was trying to find an ISA that I can pay into with a standing order every month without having to put a lump sum in, I have not been able to find one, Also the time it take to open one at a branch and the proof of Identity they require is getting absurb

jem16

If it's for retirement planning instead of a pension, a cash ISA is really no good at all. You need to look at a S&S ISA and plenty will accept a fixed monthly payment.

RayWolfe

I agree with jem 16, but if you want a monthly paying in Cash ISA, most of them will allow it. Just look at Kent Reliance, Scarborough, HSBC and probably hundreds of others.

luv_my_brass

I have isa's bought through Northern Rock and savings in a Northern Rock Tracker account, comparing the interest, I find that the Northern Rock tracker account pays more interest than the isa's, even after tax. My only income now, is the State Pension, so I'm wondering if there is any point in me having isa's?
Advice please.

LilCaz

grenny wrote: »

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.


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



Totally agree - I've just been to Barclays to open their TaxBeater ISA only to be told it's been withdrawn. Fair enough - a bank reserves the right to withdraw accounts at any time, but I was forced to fill out the application form online and print it and visit a branch. At no point was there an option to print the form and fill in offline. It is a reasonable assumption that by filling in the form online, I have registered to open an account on their systems and I just happened to do so on the last day that this account was being offered (although wasn't told so online and even the branch manager today said it was withdrawn suddenly, without notice). I was very angry that the process did not accept my application even though I did everything right. A working person cannot visit a branch at the drop of a hat and I have just wasted a morning in a Barclays branch. Grrrrr. Thank goodness I don't have to deal with Barclay's again. I shall be looking at the other providers (Egg sounds like a good bet) and give Barclay's a wide berth for many years to come!

Yaya_&_Kikooyoo

Hello

Hope someone can answer my question, I'm a newbie here. I've read the article and realised the rate I get for my mini cash Isa at Natwest is rubbish. I would like to Switch to N&S Direct Isa but when I called them they explained they do not accept transferred Isa from other providers . I've been looking on the EGG website for the EGG Cash Isa and it looks similar.
Question: Is my ISA now stuck at Natwest until next April ?

Where can I switch?

thank you thank you thank you

webwiz

luv_my_brass wrote: »

I have isa's bought through Northern Rock and savings in a Northern Rock Tracker account, comparing the interest, I find that the Northern Rock tracker account pays more interest than the isa's, even after tax. My only income now, is the State Pension, so I'm wondering if there is any point in me having isa's?
Advice please.

You could transfer your ISA to another provider to get a better rate. But there is no advantage in holding your savings in ISAs unless you are a tax payer.

webwiz

Yaya_&_Kikooyoo wrote: »

Hello

Hope someone can answer my question, I'm a newbie here. I've read the article and realised the rate I get for my mini cash Isa at Natwest is rubbish. I would like to Switch to N&S Direct Isa but when I called them they explained they do not accept transferred Isa from other providers . I've been looking on the EGG website for the EGG Cash Isa and it looks similar.
Question: Is my ISA now stuck at Natwest until next April ?

Where can I switch?

thank you thank you thank you

You can switch at any time of the year, but only to a provider that accepts transfers. Many of the providers offering the best rates do not accept transfers because the high rate is a loss leader and they want to restrict the amount invested. See Martin's article to find the best rate accepting transfers.

debtworrier

After looking through the different offers, I decided to open my first mini cash ISA with natwest, because I wanted an account separate from my current and other accounts which are all with Smile, just in case something were to go wrong. (I'm an ex-Barclays customer, so I expect banking systems to go wrong.)

Internet and postal accounts only will let you withdraw money via your current account, so useless to me as an emergency back up.

However, natwest are insisting that I must also open another account with them to which any money over the annual 3k isa limit would be redirected should I mistakenly over-deposit (I wish :rolleyes: ).

In order to open this other account, they demand that I not only show up with the usual ID and address documents, but the last 3 months statements of my current account so they can check that "everything is being run legally."

Frankly I think this is a gross invasion of my privacy - am I going to encounter similar nosiness with every other bank I try to do business with?

My feeling is to write to NW withdrawing my ISA application and telling them to stuff their intrusive client profiling.

What have other people's experiences been when opening accounts with an organisation for the first time?