The Best Mini Cash ISA Article Discussion Area

EllisMoore

!!!!!! - I just noticed the other post about this up the page a bit.

Sorry about that - I saw the rate and got all excited!

EllisMoore

That said - I think the other chap (webdeepak) is wrong to say you have to have their current account as well. They invite you to open a high interest current accout at the same time (which also seems a pretty good deal by the way - 6.1% on balance upto £2500) but I don't believe its compulsory. I'm happy to be corrected if anyone knows different - in fact PLEASE correct me as I'm just about to fill in the online application!

Eck

EllisMoore wrote:

That said - I think the other chap (webdeepak) is wrong to say you have to have their current account as well. They invite you to open a high interest current accout at the same time (which also seems a pretty good deal by the way - 6.1% on balance upto £2500) but I don't believe its compulsory. I'm happy to be corrected if anyone knows different - in fact PLEASE correct me as I'm just about to fill in the online application!

I think this part says it all......Celebrate the UK's best ISA rate with 7.00% gross p.a/AER (variable) when you open a Premier Current Account:

:cool:

EllisMoore

I do indeed stand corrected. You also can't transfer an existing ISA to their 7% one. Not such a good deal after all....

Guess I should read the page more closely before getting all worked up.

Sorry.

ruthd23

After a quick flip through this thread I can't see if anyone else has mentioned it, apologies if I'm repeating previous advice, but ING are doing an ISA with an overall AER of 6% from a year after taking it out, on balances of £1-£3,000, no withdrawal penalties and you don't have to be a pre-existing customer, so as long as you're happy to watch for the anniversary and be a rate tart in a year it seems as if it beats the NSandI deal. Happy if anyone wants to point out a catch I've missed, but I'm thinking about using this rather than the 5.8% best buy. Ruth

supadsl8

Hi folks,

I've had a look around, and nobody seems to have mentioned a good deal that the Britannia Building Society (who took over Bristol and West a year ago) are offering. 6% guaranteed for the next financial year.

I was using their 5% fixed last year, and they are upgrading me to this one this year (which is pretty good as they are offering higher than 5% on the variable one now!) I somehow don't think that the Bank of England Base rate is going to rise much more, so 6% fixed seems a good deal to me. I guess as an existing customer I've been sent this info in the post before they have got around to putting it on their website, but keep your eyes peeled!

(The only catch with it is that you can't take your money out for the year, so it's a proper savings account. They slash 180 days interest if you withdraw any outside of the 1 month access window. You also must invest £3k lump sum)

You also get the member benifits which are unique to britannia, although they are pretty pointless unless you've got a mortgage with them!

pjala

What's to stop you transferring your isa money to the ING ISA, at 6.55% for 6 months, then transferring to a higher rate ISA, rather than leaving it in the same ISA at a rate of 5 percent?

ruthd23

Pjala,

nothing is to stop you (rate tarting), but it means writing dates down and organising yourself to look for a new best buy in a few months' time, and the banks rely on most people not bothering to do this.
Incidentally I think the 6% Britannia fixed (with 180 days' loss of interest on withdrawals) may only be open to pre-existing customers, as I've just checked their website and they seem to be saying 5.85% today for that account. Might still be worth transferring if you're sure you can leave it there for a year and you have accrued lots of previous years, otherwise I note that Abbey is paying 5.75% with instant access and no transfer out penalty if you're moving £9K or more, which is slightly better than Kent Reliance for bigger balances.

Ruth

Kazza242

MSE members looking to open a new ISA for this tax year or next, or those transferring in existing ISA balances may find THIS thread useful. It lists the best mini cash ISAs for:

• New ISA money (i.e. ISAs that don't accept transfers in)
• Fixed rate ISAs (for new money)
• Variable rate ISAs that accept transfers in (of existing balances)
• Fixed rate ISAs (for one and two years) that accept transfers in
• Mini Cash ISAs that have strict conditions applied.

lisael76

Hi there

Am a little confused with the ISA interest and wondered if anyone can help.

I have £3000 to invest, and looked at the yorkshire building society E-Isa account which is 5.65% to invest for 2006/07 tax year.
They pay interest on 31 March, calculated daily.

If I open this account now with the £3000, would I get the full 5.65% or would it be pro rata, ie, the interest worked out over 2 weeks (have worked this out to be approx 0.20%)

Also, If the above is the case, say if I had an ISA since April 2006, and paid in £10 per month, and just paid in the remaining amount of the £3000, how would that be worked out?

Be grateful of any help .