First Direct vs Bradford & Bingley

gingercordial

Does anyone have any thoughts on which of the above two providers I should use? I'm looking for a new home for last year's A&L mini cash isa (Issue 1 so the rate has dropped); I already have NS&I for this year and they don't accept transfers in.

Both First Direct and B&B are at 5% but I see First Direct is fixed until September at least... but it's not immediately clear with their website whether I can just do a transfer in with no new money, whereas B&B say I definitely can. Also are there any customer service issues with either of them?

Any alternative suggestions would also be gratefully received but it does have to be instant access.

Thanks in advance!

Milarky

gingercordial wrote:

Does anyone have any thoughts on which of the above two providers I should use? I'm looking for a new home for last year's A&L mini cash isa (Issue 1 so the rate has dropped); I already have NS&I for this year and they don't accept transfers in.

Both First Direct and B&B are at 5% but I see First Direct is fixed until September at least... but it's not immediately clear with their website whether I can just do a transfer in with no new money, whereas B&B say I definitely can. Also are there any customer service issues with either of them?

Any alternative suggestions would also be gratefully received but it does have to be instant access.

Thanks in advance!

You can do an ISA transfer to First Direct- but the website is not set up to expect this. Call them on 0113 2345678 when you can but I think they just require you to put a ficticous amount - like '9999' against your 'new' subsrciption and this alerts someone in Leeds to send you a transfer-in form. You send that back and they do the rest.

Sillychuckie

Ah, the old '9999' bloke in Leeds trick... crafty.

You would think a banking institution could work something better out.

oldagetraveller

I contacted B & B last year with a question about transferring in an existing ISA to theirs. I was told that first I had to open the ISa with an initial £1000 deposit which I couldn't do because my allowance had been used. They advised a transfer in did not count as the initial deposit even though it was over £9000. Whether I was given wrong information I don't know but it might be worth checking with them again, with a written response, because you've opened a NS&I ISa this tax year.
So it looks as though there could be a B & B CS issue providing differing information?
If you don't mind a 0.1% less interest rate Yorkshire Building Society have an e-isa at 4.9%. I'm in the process of transferring a Halifax isa saver to them at the moment.

gingercordial

oldagetraveller wrote:

I contacted B & B last year with a question about transferring in an existing ISA to theirs. I was told that first I had to open the ISa with an initial £1000 deposit which I couldn't do because my allowance had been used. They advised a transfer in did not count as the initial deposit even though it was over £9000. Whether I was given wrong information I don't know but it might be worth checking with them again, with a written response, because you've opened a NS&I ISa this tax year.
So it looks as though there could be a B & B CS issue providing differing information?

Thanks everyone for the replies.

Oldagetraveller, the reason I'm sure you can transfer in with B&B is because, if you start the application process on their website, they ask you a few questions which run as follows:

"Have you subscribed to a mini cash ISA in the current tax year? (6 April 2006/ 5 April 2007)" Answering "yes" gives you...
"Do you wish to transfer this ISA to a Bradford & Bingley eISA account?" Answering "no" gives you...

"I'm sorry, under Inland Revenue ISA guidelines, you are only able to subscribe to one mini cash ISA in the current tax year.
Whilst you can not subscribe to our eISA account before 6 April 2007, you do have the ability to transfer any mini cash ISA's held with other providers where the subscription was made before 6 April 2006.
If you wish to transfer an ISA where subscriptions were made before 6 April 2006 please click 'Proceed' below."

Then "proceed" gives you some more info about transferring in, telling you to fill out the online application and they'll send you a transfer form.

I think I'm going to go for B&B as fingers crossed the rate won't drop imminently, whereas with First Direct I'd definitely have to move when that rate drops in September.

Thanks again everybody (if only the thanks button were still here)!

oldagetraveller

Thanks for that, gingercordial. I was given the information over the telephone. Therefore didn't proceed further with a transfer. Maybe I should have originally just applied through their website and the info you posted would have been available. Their CS rep. obviously didn't know their own T & Cs?
Transferred the isa to Halifax instead but now they've dropped their rate moving it to YBS. Did consider moving to Halifax fixed but told I couldn't arrange over the 'phone and relevant forms would be sent within 10 working days. Now 14 working days and nothing, so stuff them! However, YBS is part of the Halifax group!!!
I do have a B & B internet saver and found them, other than the wrong info above, to be v. good. That's why I wanted to transfer the isa to them.

RichyRich

Yorkshire Building Society is NOT part of the Halifax Group.

Halifax is owned by HBOS plc (a merger between Halifax plc and Bank of Scotland plc) based in Edinburgh.

Yorkshire Building Society is a mutual society based in Bradford with no shareholders.

Confusion may have arisen here because Halifax used to be a building society, but now has no such status.

Bradford & Bingley (another former building scoiety, now a PLC) seemed very good when I rang them up regarding my new ISA, very helpful and friendly geordie lady on the line who seemed to know what she was on about.

oldagetraveller

RichyRich wrote:

Yorkshire Building Society is NOT part of the Halifax Group.

You are, of course 100% correct. Confusion arose because I have also opened a savings account with Birmingham Midshires. :rolleyes: I subsequently realised my error but left it there to see if anyone would spot it. You did, well done.:D