Northern Rock 3.5% 1 year fixed ISA

Loco

any opinions on this one?

Deliberating on whether to go with this or the First Direct 3% fixed for 1 year but transferrable (in the hope that rates get better!)....decisions decisions.

welshguy_456

Im thinking about this too, and my thoughts are to go with northern rock as even though its only 0.5% it doesnt seem like banks would up their interest rates on their isas with the tax year coming to close etc

plus if a better rate did come along arent they supposed to let us switch if we want by law??? my understanding is that the rate is fixed......

robledouk

I think you have to keep it in for 1 year (though a 60 day penalty comes into effect if you withdraw).

Can anyone else confirm if you can transfer this to another ISA at a later date (less than a year)? I don`t think so but just need some confirmation ....newbie

10_66

robledouk wrote: »

I think you have to keep it in for 1 year (though a 60 day penalty comes into effect if you withdraw).

Can anyone else confirm if you can transfer this to another ISA at a later date (less than a year)? I don`t think so but just need some confirmation ....newbie

You can transfer out within the year, but would lose 60 days interest.

giger

Well I've just gone for this. It's the best short term rate around at the moment and my NatWest bonus rate ISA finishes tomorrow. I didn't need access to that money so I'll take the very small risk that I won't need access to this money.

A better rate may be available tomorrow, or it may be 6 months & 3.5% is very good atm. If a better rate becomes available then i've always got my 2010 allowance. Seems strange that the goverment linked schemes are coming up with the best rates - remember the NS&I 3.95% bond that was available a few weeks ago?

You snooze, you lose. This won't last long

mooch

Just had a chat with local Northern Rock branch and think I'm going to go for this.

One thing that confused me is that (as I understand it), this is not a 1 year fixed rate ISA, it is fixed until 15 Dec 2010. That date won't change, so it's a little more than 1 year if you open it now, or if it's still available after 15 Dec 2009, it will be fixed for less than 1 year.

Handy for me as have 1 ISA maturing now and 1 in January. If I open the account now and transfer the first ISA, I have 30 days from the time they pull the ISA to transfer in additional funds ie. the 2nd ISA. So I can wait and if a better rate doesn't come along in the next month, I'm still guaranteed the 3.50%.

TattyBear

Does anyone know the address to send completed Northern Rock ISA application forms?

Sounds a daft question, but there's no address on the application for completed forms. Typical publically owned company I suppose.

Optimist

TattyBear wrote: »

Does anyone know the address to send completed Northern Rock ISA application forms?

Sounds a daft question, but there's no address on the application for completed forms. Typical publically owned company I suppose.

The address on the pre printed envelopes I got when I opened a ISA with them last year is;

Transaction Services
Savings
Northern Rock Plc
Northern Rock House
Gosforth
Newcastle Upon Tyne
NE3 4UF

RayWolfe

TattyBear wrote: »

Sounds a daft question, but there's no address on the application for completed forms. Typical publically owned company I suppose.

Do you not know how to use the Internet. Surely a quick search would be easier than asking the question here! Typical user of a publicly owned company filling useful fora with dross.

TattyBear

RayWolfe wrote: »

Do you not know how to use the Internet. Surely a quick search would be easier than asking the question here! Typical user of a publicly owned company filling useful fora with dross.

I don't know how to say this politely so I won't say it at all. You could learn something from that.

TattyBear

Optimist wrote: »

The address on the pre printed envelopes I got when I opened a ISA with them last year is;

Transaction Services
Savings
Northern Rock Plc
Northern Rock House
Gosforth
Newcastle Upon Tyne
NE3 4UF

Thanks, Optimist :j