Alliance and leicester move goalposts

yogiberr

hiya,
I have put in a request to tansfer my ISA fom BOS to A & Leicester (because they stated that the rate would be 5.2 %

Now, I see that it has been lowered to4.5%

BOS is 5% fixed for a year. If the transfer has gone thru, I believe that I won't be able to re-open my BOS account.

Ideally, I'd like to put the whole 6k in BOS.

Is anyone else in this situation?

I haven't spoken to the bank yet and will do at lunchtime.

cheers,

yogi

ceejam

This was publicised on here, that the A&L 5.2% ended on 12th April. The 4.5% rate was always there, but with a 0.7% bonus, which ended yesterday!

You might be lucky if you applied before yesterday, that you'll still get the 5.2% rate, if not, there should be no reason why you can't move transfer again to a different provider.

yogiberr

righto, that's fine then, as I opened the A + L account about a week ago.

cheers,
yogi

lisyloo

Yes - to clarify - the 4.5% applies to accounts OPENED after that date.
If you opened the account before then you will qualify for 5.2% even if your transfer hasn't gone through yet.

That's my understanding.

mr_fishbulb

I think A&L might have dropped the bonus on 12th hopefully to catch people who are opening a new ISA this year to transfer from another ISA. Once it's opened (and I guess a few will be on the 4.5%) you're stuck with it for a year.

masonic

mr_fishbulb wrote:

I think A&L might have dropped the bonus on 12th hopefully to catch people who are opening a new ISA this year to transfer from another ISA. Once it's opened (and I guess a few will be on the 4.5%) you're stuck with it for a year.

Why would you be stuck with it for a year?

MiserlyMartin

Yes, can you not transfer it (whole) to another provider? Thats how I understood it.

mr_fishbulb

Not if you've opened it this year and transfered (i.e. closed) from your old provider.

You can only open 1 a year.

Milarky

mr_fishbulb wrote:

Not if you've opened it this year and transfered (i.e. closed) from your old provider.

You can only open 1 a year.

That's not correct. In general, you can transfer existing ISA holdings back and forth as often as you like - it's only the 'new year's money' that can be paid in once - and once paid in it too counts as an 'existing' holding. Movements between accounts are only really resticted by the account-specific terms. Thus there is nothing - in the ISA rules anyway - to stop you 'closing' an old ISA (by transferring everthing to A&L in this case) and later the same year 'opening' the old ISA with the old provider by 'closing' (i.e transferring back from) A&L.

mr_fishbulb

I thought you could only open one ISA per year?

MiserlyMartin

I think you are allowed to open as many ISAs as you like per year, as long as you only subscribe (ie new ISA money) to one of them in the current tax year. Correct anyone?