Abbey ISA query

vigman

How do you go about opening an Abbey ISA (which needs 9k min) in the following circumstances, please?

I have not used this year's 3.6K and was going to open an M&S ISA with this, and then transfer my other year's balance from my poor NS&I ISA.

How do you open the Abbey 9K account and transfer out and also use this year's allowance all at the same time???

TIA

Vigman

vigman

....okay, should have read more slowly....the account can be opened with any amount but becomes a 3% rate when 9k is in the account.

This site reads like you have to open with 9K!?

Vigman

Baldur

vigman wrote: »

....okay, should have read more slowly....the account can be opened with any amount but becomes a 3% rate when 9k is in the account.

This site reads like you have to open with 9K!?

Opening a Cash ISA with £9,000 is impossible without transferring previous tax year's ISA funds, the same applies to other tiered-rate accounts, such as LTSB's FRISA, which pays its best rate on >/= £30,000.

McKneff

I wouldnt touch Abbey with a barge pole.

My daughter tried 3 time last year to open an ISA and they lost her details twice.
She opened a current account and the forgot to close the other account at her old bank; got a bank statement from her old bank a month later still with a credit balance in it.

Last week they 'lost £11k of mine, told us they would stop the cheque going into my new isa elsewhere and issued another one. one day later the cheque suddenly turned up in my new isa, so much for stopping the cheque. I am waiting for the second £11k to hit this week. :rolleyes:

Halifax are giving me 3% and i am happy with that.

vigman

Are Halifax allowing transfers in from old ISAs, please?

Now M&S is a flop who else is good for the highest variable rate with transfers in?

TIA

Vigman

Baldur

vigman wrote: »

Are Halifax allowing transfers in from old ISAs, please?

Halifax are allowing transfers but do you really want to transfer to a variable-rate account that pays 0.50% or 0..25% on £27,000+? Only their FRISAs currently offer reasonable(ish) rates & accept transfers.

vigman

I'm now even more confused reading today's Daily Mail item showing Bank bonds paying more than their ISAs, even after tax, SO....................

WIth my current 3.6K cash ISA allowance to use and a useless 13K in a NS&I cash ISA that I would like to transfer, what would folks recommend me doing? I'm not too worried about access, at least over the next twelve months.

Finally, isn't fixed at say 3% better than variable at the moment for any type of account?

TIA

Vigman

Baldur

The choice is yours - personally, I fixed the bulk of my Cash ISA funds at 3.75% earlier this year, with other (smaller) tranches fixed at 6.2% and 6.5% until April 2012 and October this year respectively, plus a current tax year's Regular Saver ISA at 7% fixed.

I certainly wouldn't fix for more than a year in the current climate.

vigman

Thanks. Last year I got a bulk of savings at a 6% fixed (having moved out of ING). Now M&S is not so hot and Abbey are poor on admin.......what's the best fixed and or variable ISA for this year's 3.6K plus a transfer in of 13K from NS&I...anyone??

What about the comment on going for bonds not ISAs?

Thanks again

Vigman

Baldur

Haven't read the Mail so can't comment - what are they calling 'bonds'? Many marketing departments, e.g. Nationwide's, use the words 'bond/ISA bond' for what are basically just fixed-rate accounts/FRISAs.

If you are looking at the longer term for your savings, you would lose £16.6k's worth of ongoing tax-free earnings potential if you go for a non-ISA product and would have to start again from scratch in a future tax year.

See this post for ISA 'best buys' - scroll down to find those that accept transfers.

vigman

"Taxable Fied Rate Bonds" offered by banks which pay more after tax than tax free cash ISAs. The article in the Money Mail 17/6 is titled "What a mean fix" and states how banks are basically using up OUR tax free benefits.

The Barclays 3% fixed rate bond seems quite interesting!

Vigman