New National Savings 'Direct' (Online) ISA @ 5.05% (AER)

Optimist

The brochure download works ok for me. I use firefox no idea if that makes a difference. I assume that you will be able to apply online on the 6th as the brochure does say it can be applied for on line. Funding via debit card on line.

gabthoms

Can download brochure with no problem on internet explorer

david78

It failed for me the first time using Firefox, then a few minutes later it was fine. The best thing about the Brochure is they have nicked Martin's cake idea (page 3 - yummy).

The brochure says apply by telephone or on web site using a debit card.

0500 500 000
hxxp://www.nsandi.com

Identity checks are done electronically. If they can't do that they ask for information to be posted (bills etc).

Once setup, you can manage the account over the phone or online (they give you a password).

You can transfer in from the NS&I mini cash ISA provided you opened your NS&I mini cash ISA before 6 April 2006. (So people can't transfer in to that one and then later transfer to the Direct ISA account.) All other transfers in are not allowed.

minimimum initial deposit is £1000

minimum further deposit is £250 (or £100 if paying in by standing order).

minimum withdrawl is £250 (payed to a nominated account).

Presumably the reference to standing order will include BACS transfers.

david78

Sorry I forgot something. Its so important to some people that it needs to be said separately.

If you like this account and haven't opened your 05/06 ISA yet. Open the NS&I mini account now (before end 5 April) and then you can transfer to the Direct ISA from April 6th. This will mean you can put £6000 into this ISA in April if you have the cash.

sloughflint

This is probably a very basic question which I have never really considered before.
I have always accumulated one ISA and transferred whole amount periodically to better deals. If I was tempted to open NS ISA with 3k on 6/04, I would have to leave the rest with another provider as people are saying you can't transfer in to NS ISA. What would be the repercussions in tax year 07/08? Could the 3k in NS ISA and amount x with provider y be simultaneously be transferred into provider z ISA?

david78

Yes, you could merge the two accounts into one in 07/08. Just do two transfers.

sloughflint

Thank you David78.
Also does anyone know if NS have a history of charging a fee for transferring out later?

david78

No history of charging a fee. This is National Savings after all.

More importantly no fee is mentioned in the T&Cs for this account. It just says you can transfer to another manager provided they will accept the transfer.

hole_in_pocket_2

still unable to download the brochure!!! can anybody tell me if the minimum further deposit of £250 is a monthly dd or bac ? or just when you have £250 to deposit

thanks

Mr_Mumble

For those having trouble downloading the the PDF from NS&I I've uploaded it here.