Bradford and Bingley 5.10% ISA

equitydealer

New 5.10% 1 year fixed rate ISA is now available.

Can not transfer in previous years ISAs though

At least this means that B&B will keep their easy access 5% ISA at that rate for the next several months.

derrick

You need a lump sum of £3000 and you do need to send a cheque off irrespective of how you open the account,

LINK TO B&B

Debt_Free_Chick

No transfers in (as you say) ... also ...

Transfers out lose 90 days interest

No withdrawals in first year

Looks like it's only for a lump sum of up to £3,000 with no option to add extra amounts during the year e.g. if you put in £1,000 now that's it (have I read that right?)

Oh - and there doesn't seem to be a monthly savings option.

So .. this is fine for someone with £3k to invest now, provided they don't want to withdraw before 6.4.2007.

The website says you need to go to a branch to get a full statement of the T&Cs :mad:

Cheers

Debt_Free_Chick

As Derrick's link suggests, it seems that you can only pay in a lump sum of £3,000 - looks like nothing more and nothing less

derrick

Debt_Free_Chick wrote:

No transfers in (as you say) ... also ...

Transfers out lose 90 days interest

No withdrawals in first year

Looks like it's only for a lump sum of up to £3,000 with no option to add extra amounts during the year e.g. if you put in £1,000 now that's it (have I read that right?)

Yes it is a lump sum only of £3000

The point about transfers and withdrawals seem to contradict themselves as it says
" No withdrawals permitted in the first year."
Transfers out in the first year are subject to a 30 day administration window and a charge of 90 days interest will be levied on the amount transferred.

A transfer is a withdrawal!

Instant access to your cash after the first year – then a great variable rate of interest

Maturity date – 1 year from opening. On maturity the account will transfer into the ISA Easy Saver. This is a variable rate, instant access mini-cash ISA. You will receive details of this account before you apply for the 1 Year Fixed Rate ISA.

As far as I can see this is a fixed rate product with no withdrawls/transfers for 1 year

Debt_Free_Chick

Good point about the transfer/withdrawal confusion!

I wonder if it means you can't get the cash directly ... but you can transfer to another ISA.... and then get the cash

Full T&Cs needed, methinks. Hopefully they'll be on the website "soon". Have to admit, it's not for me (only as I'm doing a Stocks & Shares Maxi-ISA this year - fed up with cash mini-ISAs!)

Good info for others though

derrick

Debt_Free_Chick wrote:

Good point about the transfer/withdrawal confusion!

I wonder if it means you can't get the cash directly ... but you can transfer to another ISA.... and then get the cash

Full T&Cs needed, methinks. Hopefully they'll be on the website "soon". Have to admit, it's not for me (only as I'm doing a Stocks & Shares Maxi-ISA this year - fed up with cash mini-ISAs!)

Good info for others though

The fact it mentions a maturity date suggests to me it is a fixed rate/fixed term product

equitydealer

I think when they say withdrawals are not allowed is actually referring to penalty free access.

Only the full T&Cs can confirm this.

equitydealer

I've decided today to switch my Halifax ISA to B&B and have already subscribed to my new B&B variable 5% ISA today (immediate open and deposit from my B&B 4.85% esavings account :T )

The 5.10% fixed account is nice but I have a feeling the next interest rate move will be up between Nov 06 and Jan 07. Not worth the extra 0.1% interest, and I can switch to another ISA provider should B&B drop their rate.