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

Stompa

david78 wrote:

Doesn't work for me.

I just telephoned them and was told that "no one" can log in at the moment, and they were "looking into it". I think this means we need to wait until someone with more technical knowledge than the call centre staff can have a look at it. So next week maybe ...

OK thanks. It doesn't help that the number they give should you have problems logging in appears to get you through to sales people. I would have thought there should be some sort of tech support number, but if there is I've been unable to locate it.

Stompa

Looks as if they're finally trying to fix it, you now get a page saying:

"Important information about our online service

Our online service is currently unavailable while we make improvements to the service. Please check back here in the next few days and we’ll let you know as soon as normal service is resumed.

Sorry for any inconvenience that this may cause you."

surfergirl_3

Hi,

Like a previous poster, i also have a First Direct mini cash ISA that i should have transfered.

The account has less than 5000 in it, and it is convenient to transfer between accounts, as i bank with them.

My question is (sorry if its stupid) since the NSI Isa doesn't allow transfers in.Is there any reason i couldn't withdraw 3000 from my First Direct Isa ( not closing it), back to our joint account and use that to open one with NSI for hubby.(he does not have an ISA), he could then continue to add to this monthly.

I could then transfer the balance from my Isa (F/D) to one with a better rate that accepts transfers in.That way we could both make contributions.

Or would it be better to just trans my Isa in full to a better rate ? :rolleyes:

I have been the one with the Isa previously, because i do all the interent banking and its been easier that way, but the money in the joint account that funds it belongs to both of us.

Hope this all makes sense.

Cheers :beer:

Surfergirl

houmie

Hi,

May I ask you guys something? I am still quite new to mini ISAs. I have opened a Mini ISA with A&L on 26th March and transfered the Money on same day, which was trasfered to the account before April the 5th. So that was my Mini ISA allowance for 2005/06.

Some of you were talking about dropping of interest rates. Does it mean the contract I have signed with A&L for 5.2% ISA interest can be dropped at any time? And if so would they contact me and let me know? And could I then just transfer the money to another institution with higher rates for ISA, without paying any fees?

Now I would like to open my 2006/07 allowance with this National Savings Direct ISA, since it has the best rates for an Direct ISA account. Do they also have a regular saving option or do I have to invest £1000 + what ever I like during the tax year?

Many thanks for your help,
Houmie

Mr_Mumble

surfergirl wrote:

My question is (sorry if its stupid) since the NSI Isa doesn't allow transfers in.Is there any reason i couldn't withdraw 3000 from my First Direct Isa ( not closing it), back to our joint account and use that to open one with NSI for hubby.(he does not have an ISA),

That's allowed. If you wish to put more than 3K of new money into cash-ISAs this financial year it wouldn't be a clever idea however, since you're using half the 3K*2 limit allowed for hubby and you.

he could then continue to add to this monthly.

He can't add to the cash-ISA until April 6th 2007 if the full £3000 has already been paid in for this tax year.

I could then transfer the balance from my Isa (F/D) to one with a better rate that accepts transfers in.That way we could both make contributions.

Again, hubby can't make contributions again this tax year since £3,000 has already been deposited, using up his allowance. You can transfer the remainder of the FD balance into a different cash-ISA and you will be able to deposit up to 3K in your name.

Or would it be better to just trans my Isa in full to a better rate ? :rolleyes:

Depends on how likely you are to deposit more than 3K this tax year. If getting up to the single person's cash-ISA limit is highly unlikely then withdrawing the money and putting it into a different ISA doesn't make any real difference. However, it's almost a year, any kind of windfall and you could be kicking yourself that the money has to be taxed in a standard savings account since you just withdrew money from the FD ISA. You can get a 5% fixed rate from Halifax which allows transfers in.

houmie wrote:

I have opened a Mini ISA with A&L on 26th March and transfered the Money on same day, which was trasfered to the account before April the 5th. So that was my Mini ISA allowance for 2005/06.

Some of you were talking about dropping of interest rates. Does it mean the contract I have signed with A&L for 5.2% ISA interest can be dropped at any time?

Its a variable rate account so A&L can drop the rate as they wish, except for the 0.7% bonus guarantee.

And if so would they contact me and let me know?

Usually within 30 days of the fall (or rise!). If the rate did fall the news would be on these forums far sooner, probably prior to the fall taking place.

And could I then just transfer the money to another institution with higher rates for ISA, without paying any fees?

Yes, just contact the new provider who allows transfers in and they should do all the legwork for you. There are no fees mentioned in the t&cs for the current A&L ISA. The only penalty is likely to be a few days of lost interest when the transfer takes place.

Now I would like to open my 2006/07 allowance with this National Savings Direct ISA, since it has the best rates for an Direct ISA account. Do they also have a regular saving option or do I have to invest £1000 + what ever I like during the tax year?

You have to make an initial deposit of £1000+ via debit card unfortunately. You can then make a regular payments of £100+ by filling in a standing order form or individual payments of £250+ via debit card.

houmie

Many thanks for the info.

surfergirl_3

Mr Mumble,

Thanks for answering all my questions so thoroughly, i really do appreciate it

As a special thank you i have clicked your thanks button as well.;)


Cheers :beer:


Surfergirl


Well i would have, but someone appears to have stolen it

Mr_Mumble

Being thanked with words is better than via a button press. :cool:

Online service still not working :eek:

jenniferpa

Just a word of warning. I would definitely check that what has been opened is the Direct ISA rather than the mini cash isa. Unfortunately, my attempt to open a direct ISA for my mother failed (logistics rather than anything else). However, when NSandI came to retun the money it turned out that the application had been magically turned into one for the mini cash isa (paying less interest). On the phone, CS tried to tell me it was the same thing, and in 1 way I suppose they're right, but the interest rates are definitely different. So, you might want to check.

Jennifer

Stompa

Stompa wrote:

Looks as if they're finally trying to fix it, you now get a page saying:

"Important information about our online service

Our online service is currently unavailable while we make improvements to the service. Please check back here in the next few days and we’ll let you know as soon as normal service is resumed.

Sorry for any inconvenience that this may cause you."

Oh dear, looks as though it's not going very well, this has now been replaced with a screen saying:

"Important information about your Direct ISA

We are currently experiencing a technical problem with the online service for Direct ISA, which means you are unable to view your account details online at the moment."