We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Cash ISA Question

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
:eek::eek: Money is the route of all evil, save yourselves and send yours to me :rotfl::j:rotfl:

Comments

  • 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 :o 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:
  • mmmm by we I assume you be an abbey employee???
    :eek::eek: Money is the route of all evil, save yourselves and send yours to me :rotfl::j:rotfl:
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    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
    lipidicman Posts: 2,598 Forumite
    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
    lipidicman Posts: 2,598 Forumite
    The derbyshire appear to penalise all withdrawals (120 days interest!)
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    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
    blinko Posts: 2,519 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    if u want the best rates go to moneysupermarket.co.uk and you can check there
  • 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.
  • 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!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.4K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.