first direct isa

runny

following recommends on this site I opened a First Direct cash isa in apr 2009 at a rate of 3.1%.... when I signed up I am sure it said this rate was fixed until 31st Oct 2010....but they have dumped me onto a 0.2% rate since Apr this year and say these were the terms I signed to. I have no record as everything was electronic. However, I am sure the offer is the same form as their current one which is 2.65% until Oct 2011...

Anyone else had this / can help me please...

alastair_h

It sounds like what ever deal you had was for 1 year and this reverted to the bog standard variable rate after this. I can't find the old t&c's on their web site - did you not get a copy sent through in the post? Might be worth checking? Looks like it's time to find the next best rate and transfer to a new ISA, list of best buys attached, you could always transfer it to FD's current e-isa deal if it's competative.

See kazza's post
https://forums.moneysavingexpert.com/discussion/401374

KingL

runny wrote: »

I have no record as everything was electronic.

Always make records - print out the t&cs from the website. If you don't have a printer, make your own pdfs (use this)

lisyloo

generally their rates are one year, so I suspect you are mistaken.
Or perhaps you looked at the website later and saw a later offer and that stuck in your mind.

Either way you need to keep records so you know when to swicth.
I would start swicthing 3-4 weeks in advance before the rate runs out as switching can take weeks.

BTW - I keep a list of all important dates e.g. car insurance, tax, mot, ISA bonus ends etc. etc.
Then I know what's coming up.
With home,car and breakdown insurance mainly being on auto-renew than you need to be proactive.
Some people might prefer a diary or some other system, but I just have mine in one place in an excel spreadsheet.
Whatever happens you need to be proactive as insurance renewal letters sometimes get lost in the post (either cynically or genuinely) so you need to be on top of it.

Surely all of you remember MOT, dental appoitnment and family birthdays, so it really shouldnt be a big deal, but you need to be proactive and not reactive.

runny

thanks for the replies... I did keep a note of the date - went in the blackberry for Oct to give me chance to shop around....

hey ho - put it down to experience.... off to brum midshires

dlands

Out of interest what do people think of FD's Isa this year? I cannot see it listed anywhere as a good buy but it is at 2.65% for the year.

lisyloo

It's ok, but remember they dump you on a bad rate after a year.

dlands

Yeah I noticed that but I could just move it then I guess. Another thing I am unsure of is this: If I take one out now and then tax year ends April 5th so I have to get what I can in before then. Does this ISA remain running until my year (And rate) is up and can I start a new ISA with the new years allowance on April 5th? so 2 running at the same time?

KingL

yep ooooooo

dlands

Thanks! that's what I needed to know I presume I leave the old money there until the rate is up and then transfer out?

lisyloo

Why do you want to do this.
Why don't you put the money in FD and just have one ISA?

With needing to swicth all the time, it's a lot easier to have one.
What are you trying to acheive by having two?
Making life more complicated than it needs to be? or is there a reason?