Urgent: best clean cash Isa closing today

Former_MSE_Guy

This thread is to discuss the following news story:

Urgent: best clean cash Isa closing today

andybirtwistle

I went through the rigmarole of opening a saving account with NatWest but they delayed sending me my log on details for so long that when I was able to apply for the e-isa I was one day out from them dropping their rates.I called them but no joy.So the banks have changed their ways eh? I dont think so!

bailey23cc

Exactly the same thing has happened to me! The first letter with my customer number was sent on the 8th May and the second, with my activation code was sent the 14th May - too late.

I phoned to complain but they just weren't interested - a 'computer says no' lady just kept repeating 'it says on the form the rate is variable'. I'd rather keep it under the matress than use the Nat West now.

mac.d

I got my activation letter for the savings account the day after the rate dropped, so I'm not sure I'll bother now..... However, as my current ISA is only earning 1.5%, perhaps it's still worthwhile switching to the NatWest? Or is an extra 1% not really worth the hassle?

rb10

1.5% is very low, you should be getting at least double that.

If your account was opened on the new rates (on or after 15th), then you can still just ditch this ISA and open another one elsewhere, transferring your existing funds into that one.

mac.d

It's a long existing cash ISA and I've been thinking about moving it for a while and the way the rate has dropped in the past six months will finally encourage me to do so!

I need to be able to transfer in and M&S are the current best no-notice account but it's postal/phone only (I'd prefer online), and it includes a 1% bonus. So the NatWest is still an option although the rate has dropped, and the question I'm asking is - is it really worth the hassle of changing just for 1%?

agsnu

It probably depends on how much you have in the account, surely? 1% on 1000 is £10, so probably not worth it. 1% on £25000 is £250, so probably more worth it.

CPfan

Hello all.

I've just joined the forum and was interested to see this discussion.

I applied for the NatWest e-ISA and have been waiting for it to be opened. I saw on their website that the interest rate had dropped so I rang them yesterday.

I was told that my application was received on 5th May so I would get the 3.51% rate of interest. I'm worried to read here that some of you have been told that your interest has already dropped. The assistant I spoke to checked with her line manager and said that I'd get the higher rate but I'm not sure now if that will be the case.

I was also told that I needed to open a branch account so that I can access my money more easily???? They took my details over the 'phone for an account but I'll still need to go into my local branch when the paperwork arrives. I thought the e-ISA would be linked to my current account (which is held with another bank). The guy opening the account for me said that I'd be able to withdraw funds from the branch if I needed them urgently whereas a transfer to my current account might take several days. Has anyone else been told this?

I was on the 'phone to them for over 30 mins. I've never had so much trouble opening an ISA before with other providers. I don't think it bodes well and perhaps I made a mistake applying for this ISA.