Cash ISA Question

Dumplin

I have an ISA with Abbey no savings in it at present but rate for up to £6k is 4.3%. I seen A&L's isa rate 5.4% can I close the Abbey and just open the A&L one?
also is the best so far or does anyone know of a better rate?

Thanks guys

Dumplin

davidcampbell

was about to say stick with abbey and get a postal isa which is 5.35% when i realised that 5.4 is higher than 5.35 ... erm ... oops what a dumplin i am ....

abbey did lead the market - thought we still did - for a while so a&l will be best now i reckon.

just remember to transfer the isa as opposed to closing it. if you close it you cant open a new one until next tax year. if you transfer it you can keep going this year ... i made that error myself a week before i discovered this board :mad:

Dumplin

mmmm by we I assume you be an abbey employee???

deemy2004

Dumplin wrote:

I have an ISA with Abbey no savings in it at present but rate for up to £6k is 4.3%. I seen A&L's isa rate 5.4% can I close the Abbey and just open the A&L one?
also is the best so far or does anyone know of a better rate?

Thanks guys

Dumplin

I think what your asking is can I transfer from Abbey to A&L. Well yes you can, but be warned in the experience of many users, A&L is bloody useless when it comes to Cash ISA transfers

Why not look at derbyshire 2 year fix at 5.4% - Now that is AN efficient banking operation unlike the amateur behaviour of A&L ! Who will give you nothing but grief.

lipidicman

I'm going to check this derbyshire account out myself deemy, thanks. Man, you really dont like A&L do you?

The problem for the original poster might be transfering an ISA with nothing in it (do you really mean £0?) If you close the old one and it was opened this year, you wont be able to open another

lipidicman

The derbyshire appear to penalise all withdrawals (120 days interest!)

deemy2004

lipidicman wrote:

The derbyshire appear to penalise all withdrawals (120 days interest!)

Well it is a 2 year FIXED rate account.
Usually the penalties are a lot higher, and obviously the aim of an investment would be for the term of the fixed rate period.

blinko

if u want the best rates go to moneysupermarket.co.uk and you can check there

davidcampbell

Dumplin wrote:

mmmm by we I assume you be an abbey employee???

yup

suppose only problem with abbey postal is that its listed as instant access - in as much as you dont have to give notice - but obviously there is time to send application for withdrawal through the post.

lipidicman

deemy2004 wrote:

Well it is a 2 year FIXED rate account.
Usually the penalties are a lot higher, and obviously the aim of an investment would be for the term of the fixed rate period.

Yeah, that is true I suppose

and the A&L has a £25 transfer fee! so beware, rates could fall and you will be stuck!