Coventry 3.25% ISA - yes or no?

frames1_uk

well application printed off and cheque sent today.

frames1_uk

Can anyone tell me what this means? Copied from the Coventrys terms and conditions for this ISA............

Notes
1. Our Fixed Rate ISA does not comply with the Government's stakeholder standards for deposit accounts.

debbie42

frames1_uk wrote: »

Can anyone tell me what this means? Copied from the Coventrys terms and conditions for this ISA............

Notes
1. Our Fixed Rate ISA does not comply with the Government's stakeholder standards for deposit accounts.

According to this thread, there weren't many providers who did meet the standards. The gov link doesn't work now, though.
https://forums.moneysavingexpert.com/discussion/145153

2010

Basically it`s because it`s a fixed rate ISA and doesn`t have unlimited withdrawals.
It`s as safe as houses and covered by the FSA £50,000 guarantee.


Stakeholder standards
The ISA stakeholder standard is a set of benchmarks devised by the Government to identify straightforward, basic savings products which are simply, clear and fair.
To meet the stakeholder standard an ISA must have certain features, including unlimited withdrawals, an interest rate of not less than 1% below Bank of England Base Rate and a minimum deposit of not more than £10. However, just because an ISA meets the stakeholder standards does not mean that:
it is appropriate for every saver;
its performance is guaranteed or,
it is Government approved.
ISAs that meet the Stakeholder Standards will not necessarily perform better than other ISAs and, depending on your individual needs, an ISA that does not meet the Stakeholder Standards might be suitable for you. For example, you might find that a Cash ISA which does not meet the Stakeholder Standard, because it restricts the number of withdrawals you can make, offers a better rate of interest in return.

frames1_uk

Thank you, looks like nothing to worry about then, as long as its FSCS (it is) as I was an Icesave customer ha!

2010

frames1_uk wrote: »

Thank you, looks like nothing to worry about then, as long as its FSCS (it is) as I was an Icesave customer ha!

http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77928

rest easy your moneys safe. :rotfl: