first direct isa

dlands

Just that after a year the rate drops to 0.20% so I will need to move it that's all and if I take one out now I thought I could not pay into it after 5th April but thinking about it now I guess I can it's just part of the next years allowance.

Just trying to get my head around it all really as for the first time in my life I have now managed to get myself debt free (Apart from mortgage) so I am now looking to start saving etc.

Doshwaster

I have just found out I have been hit by this too. I don't check my FD ISA balance very often (only about once a month) so I was shocked today to see that my interest rate had plummeted. At 0.2% it's hardly worth having an ISA at all. This automatic dumping of accounts to an almost zero rate must catch out millions.

It would be a shame to move the ISA away from FD as I do find their customer service to be excellent.

Off to Nationwide I go.

scarlet-pimpernel

We had ISA's with First Direct and another provider. We liked First Direct's rates for new savers so we transferred the previous year's out to another with a good rate before the rate dropped and transferred another in to First Direct for the next year. If the rates are still good for new savers next year we will just swap them around again before the rates drop.