The Best Mini Cash ISA Article Discussion Area

YorkshireBoy

There was a transfer out fee (£25?), but that was withdrawn last year I believe.

Use https://www.saynoto0870.com to find a freephone number.

methodman

Looking at the brochure for the National Counties Building Society Guaranteed Mini Cash ISA mentioned in the article it says transfers in will only be accepted from 6th April 2007, which is when the guaranteed interest period ends, is this right?

arcana_2

This ISA thing is all very confusing. Please could someone help me out with a question? Suppose I put in £3,000 into a cash ISA between now and April next year. After the 5th April deadline, am I allowed to put the next year's cash allowance into the same ISA or do I have to open up a different ISA? i.e. do I need to save each year's allowance in different ISAs or can I just keep adding to the same one (assuming I'm still happy with the rate of interest offered)? I'd be grateful for any help.
Thank you

Arcana

tipsychick

You can keep adding to the same one. I called A&L yesterday to ask them that very question!

fussysoandso

A bit new to this forum bit so please bear with me and accept my apologies if I'm stating something already discussed or, for that matter, posting it in completely the wrong 'arena'?
Anyway, for what it's worth... The A and L Direct ISA 2... In case it's been overlooked, when setting up a DD mandate for linking a current account, it does state somewhere in the small print that the account will be deemed to be continuous unless written notice to close is given. This must be why the 0.7% bonus (no longer available as of today, 11th April) runs until 30th April 2007. If you take no action prior to this, you will effectively be opening a new Mini Cash ISA with A and L for the year 2007-2008? At least that's how I see it? Therefore, it would pay to set a reminder for next year in case their product should become uncompetitive as, I would expect, is fairly likely.
The eternal optimist is me!
What say you?

bamboozled_2

hello hello

well having missed my ISA window yet again last year i'm determined to get it sorted early this year... any recommendations for a good cash mini ISA with an ethical investment policy? best one I've found so far is the Smile one at 4.5% (if you have a current account with them - 3.95% if not): http://www.smile.co.uk/ISA.html?loc=l. can anyone beat that?

thanks!

olip74

I checked the information on this site just before the tax year was out, and elsewhere, and signed up for the Halifax ISA Saver Direct. I deposited the maximum £3k last month to take up last year's allowance and another £3k just yesterday for this year's...

Then today I get the MSE Email with a link to the updated 'Best ISA' article and, lo, the trumpeted 5% interest rate has been reduced to 4.75% with effect from 06/04/06 - booger! I'm pretty sure the Halifax Web site mentioned nothing about this! Is this kind of advertising allowed?!

I guess it's only £15 over the year and about £50 better than the savings account the money was in before (and I'm hardly going to change accounts now after all that hassle) but I feel like I've been had! Caveat emptor.

Colin_In_Brum

webwiz wrote:

My wife & I have several mini cash ISA's with various providers - whoever was offering the best rate at the time. I feel it is now time (OK overdue) to consolidate these. The best current deal is A&L but it seems that I can only transfer previous years, not the current year. So my options seem to be either do the transfer in 2 tranches, previous years now and 2005-6 after Apr 5th, or leave the whole exercise until April. Can anyone confirm that I have got it right, and if so are there any advantages to either option?

I have my mini ISA's scattered around as well. I know I could consolidate to maximise interest but as I always take one out with a Building Society I only need one of them to demutualise sometime in the next 20 years to more than make up for it.

jem16

olip74 wrote:

I checked the information on this site just before the tax year was out, and elsewhere, and signed up for the Halifax ISA Saver Direct. I deposited the maximum £3k last month to take up last year's allowance and another £3k just yesterday for this year's...

You must have missed this thread posted on 23rd March and detailing the cut.

http://forums.moneysavingexpert.com/showthread.html?t=171243

However a lot of accounts have cut their rates so it seems to be a general trend.

ReportInvestor

Colin_In_Brum wrote:

I have my mini ISA's scattered around as well. I know I could consolidate to maximise interest but as I always take one out with a Building Society I only need one of them to demutualise sometime in the next 20 years to more than make up for it.

An interesting thought. And they don't even have to demutualise to pay out a little something these days, as Lambeth and Mercantile members are aware in 2006.

Do you have a particular strategy, or do you just pick the top paying BS ISA that you haven't invested in?

And how much interest a year are you currently losing, by not having the lot in Bradford & Bingley @ 5% ?