Anyone got a M&S Cash ISA

moana

What rate are they paying now.

I'm thinking of moving my 10k or so built up over a number of years to another Cash ISA but last time I looked at it, doing it through Fidelity's portal, it didn't appear possible.

Anyone transferred out of the M&S Cash ISA, and if so how?????

david78

Their rates changed on 22 April. The "Tracker cash ISA account". (The new name for their "old" variable rate account, which you must have if you have £10k in it), pays just 0.5%. (scandalous!)

Their new Advantage Cash ISA account pays 3.02% (includes a 2% bonus till 21 April 2010). But, they won't let you do an internal transfer from the "Tracker ISA" to the "Advantage Cash ISA" account.

I moved my Cash ISA with them to one of their fixed rate accounts paying 6.06%. This ends in October, then I will be transferring it to their Advantage Cash ISA for a while (T&Cs seem to allow this) and will sort out a permanent transfer out to someone else soon after that.

Best for you to transfer out now. Their Tracker rate won't be competitive again for some time and their current fixed rate deals can easily be beaten elsewhere, so no point in staying.

To organise the transfer, you need to open an ISA with someone else and complete a transfer form. Your new provider will arrange for the funds to be transferred from M&S.

moana

Thanks. That's useful.