Aldermore (Ruffler) Bank Reducing ISA rate from 3.15% to 2.80 %

Old_Slaphead

a) IMO don't do anything until much closer 12/2/10
b) IMO 4.25% is rubbish for 4 year fix

OneADay

Old_Slaphead wrote: »

a) IMO don't do anything until much closer 12/2/10
b) IMO 4.25% is rubbish for 4 year fix

Only option is to wait I know but its an ISA which involves giving 30 days notice so you end up waiting longer to transfer potentially. Although my experience of transferring ISA has been that its slow deliberately even without a notice period.

My holding is substantial amount of money so its even worse trying to get a return with the interest rates. Wont do 4 years no way - one year 4..25% I would take

steviewander

I got this letter too.

I think I'm going to stick it out at 2.8% and hope that another provider will up it's rate above the 3.15% that Aldermore are offering. I would have thought that at least one provider will do this come April when they start competing with each for the top ISA account.

Fingers crossed!

fizzypop

For each £10,000 the loss of interest by staying at the 2.8% rate rather than the 3.15%
is £2.84 per month or £35 per year.
The withdrawal/transfer penalty on the one year fix at 3.15% is the loss of 120 days interest.
Like a few others I am hesitant about fixing at 3.15% for one year when inflation may take off and recent increases in factory gate prices may mean an increase in the bank rate and RPI possibly as early as mid-2010....but there is no certainty.
A sad day when Ruffler sold out to Aldermore, the latter's track record is yet to be established

Edale

If you have a larger balance move it to Marks and Spencers 3 year fixed rate at 4%. Although it is fixed for 3 years, you can transfer out mid term so long as it is the whole balance with just a £100 penalty. I have transferred my £35k from aldermore, after 3 months the extra interest will pay for the penalty if I did have to access the money.
More details here.

mr_fishbulb

Got my letter yesterday

OneADay

Can someone please confirm the aldermore sort code 20-19-90.
I am considering m&s deal (cant find the sort code anywhere)

fizzypop

Sort Code is 56-00-36 and tested with recent ISA transfer.

Old_Slaphead

OneADay wrote: »

Can someone please confirm the aldermore sort code 20-19-90.
I am considering m&s deal (cant find the sort code anywhere)

I can't see why M&S are asking for transferring bank's sort code on their application. Thought Gov't regs were that monies had to be transferred between old and new providers by cheque. Is that still not the case?

Baldur

Old_Slaphead wrote: »

Thought Gov't regs where that monies had to be transferred between old and new providers by cheque. Is that still not the case?

There's no specific requirement in the 'HMRC ISA Guidance Notes for ISA Managers' that ISA fund transfers have to be carried out between providers via cheque.