5 year fixed rate ISA at 5% - Newcastle BS!

dov

I would just apply. They ask for the approximate amount you are going to transfer. You can put in any figure but I don't think its binding in any way. I would assume they will give you a period of time to send them the transfer form where you do need to specify the exact amount and the actual transfer can take up to 30 days.

masonic

travel_freak wrote: »

My somewhat crude calculations suggest I may be £100 or so better off but I may not have worked this out properly(!).... I certainly wouldn't sniff at an extra £100 in tax free interest if that is right. Pls can anyone help?

I work out that you'd need to keep the money at Newcastle for just under a year to break even (the 90 day loss of interest works out as a loss of about 1% if you annualise it, meaning you'd effectively get 4% at Newcastle in your first year), so you'd need to keep the money there for at least a year to start to benefit from transferring. Rates are unlikely to increase significantly in the short term, so that doesn't sound unfeasible.

travel_freak

Hi Masonic,

Thank you very much for your helpful reply - I'm not very good at interest calculations and annualising and all of that so this is good to know!

Kind regards

MCCOL

I opened an M&S ISA a month or two ago after it reading about it on Martin’s site. I found out at the weekend that they’ve dropped the rate by 1% (nearly a third) in the last few weeks. So I’m in the process of applying for the Newcastle 5% ISA. I intend to close the M&S ISA and transfer the balance to the Newcastle. However one line in the Newcastle declaration bothers me:

“I declare that….I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA”

Now I called them and after a fairly lengthy wait to speak to someone I explained the situation and they said that there was no problem at all. But the sentence above seems to imply that if I have subscribed to another ISA (and I have in opening the M&S ISA?) then I can’t apply to Newcastle.

Can anyone shed some light on this for me?

Thanks

jonathanbriggs

I just spoke to Newcastle BS and they denied the 5% ISA was ending today - and said if I'd heard this from Martin Lewis then he'd got it wrong...

Some comment on this would be helpful from MSE Towers I think - not least as Martin has got this 'closure' as the headline in today's mailing.

Speculator

FIVE YEAR BOND/ISA paying 5.00%, FIXED POSTAL BOND (Issue 5) and FIXED RATE E-BOND (Issue 6) withdrawn and FIXED POSTAL BOND (Issue 6), FIXED RATE E-BOND (Issue 9) and FOUR YEAR FIXED ISA (Issue 1) will be launched w.e.f. 17.7.09. FIXED POSTAL BOND Issue 6: a postal operated fixed term account maturing 24.8.11 with a minimum investment of £1K paying 4.20% yearly (3.95% monthly). No earlier access permitted. Additions whilst issue remains open. FIXED RATE E-BOND (Issue 9): a fixed term internet operated account maturing 23.8.13 with a minimum investment of £1K paying 4.55% yearly (4.30% monthly). Earlier access on 90 day notice and 90 day loss of interest. Additions whilst issue remains open. FOUR YEAR ISA (Issue 1): a fixed term internet operated cash ISA maturing 23.8.13 with a minimum investment of £1 paying 4.55% yearly. Earlier access and transfers out permitted on 90 day notice and 90 day loss of interest. Additions permitted whilst issue remains open. Transfers in accepted

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=187504

stevepat

I have just applied for the Newcastle5 year isa (issue 1) (2.10pm weds 15th) and all
seemed to go ok. I got a message saying online application complete and received and reference number. I have now to complete the Customer Acceptance ISA Transfer Form.
Any comments ??

vigman

Anyone transferred an existing lower rate Newcastle BS ISA to the high rate??

Vigman

masonic

stevepat wrote: »

I have just applied for the Newcastle5 year isa (issue 1) (2.10pm weds 15th) and all
seemed to go ok. I got a message saying online application complete and received and reference number. I have now to complete the Customer Acceptance ISA Transfer Form.
Any comments ??

The message from Newcastle BS to MSE Towers was that any applications that got through before the account was pulled from the website would be honoured. It would be a good idea to get the transfer form in quickly, but it shouldn't be a problem.

yoghurt

Using the google cache I can access the page and d/l the postal pdf applcation form-do you think I could still sucessfully open an account if I posted tomorrow? It does say " by close of business Friday 24th July"

Just filled out the transfer form but realised you also have to open an account with them too and that appears to be online only rather than a postal form-Does anyone have the applcation form in pdf format they could kindly email me as Newcastle B/S confirmed they would accept it in the post (upto 24/7)?? Thank You

I want to transfer my previous 2 years worth of allowance invested in Barclays to this deal plus add the current years allowance so I guess I would tick the box "This transfer includes ISA investment from the current tax year and from previous year ISA subscriptions. I apply to subscribe to a Cash ISA for the tax year 2009/2010 and each subsequent year until further notice. (Please complete either section 1 or section 2 below)." However does that mean I am committed to investing future years allowance to alternatives unless I invoke the 90 days notice?

Thanks Yoghurt