NS&I ISA - Deposit method? + Loyds RS!

pfpf

hello.

im going to open a NS&I ISA which is 5.3%. i am going to put the full 3k straight in, but on "pre application" info page it says to have a debit card ready. does this mean i have to deposit some cash on application? like i said i want to put the 3k straight in, but that money isn't in account that i can use a debit card with.

should i have the 3k in my current account ready for when i do the application?

just out of interest, if anyone has any suggestions on what other products to look at then please say so.

i am a non tax payer anyway, but have no more than about 5k to invest just now.

i am thinking 1 x cash ISA and opening a Lloyds basic current account and one of their reg saver accounts.

i know about the A&L RS but i like the freedom that the Loyds RS appears to give.

i need to know i have access to my cash.

thank you.

Sapphire

pfpf wrote:

hello.

im going to open a NS&I ISA which is 5.3%. i am going to put the full 3k straight in, but on "pre application" info page it says to have a debit card ready. does this mean i have to deposit some cash on application? like i said i want to put the 3k straight in, but that money isn't in account that i can use a debit card with.

should i have the 3k in my current account ready for when i do the application?

just out of interest, if anyone has any suggestions on what other products to look at then please say so.

i am a non tax payer anyway, but have no more than about 5k to invest just now.

i am thinking 1 x cash ISA and opening a Lloyds basic current account and one of their reg saver accounts.

i know about the A&L RS but i like the freedom that the Loyds RS appears to give.

i need to know i have access to my cash.

thank you.

To open the National Savings ISA, I paid by cheque with the form I had to fill in. You need to have the £3,000 in the account from which you are paying. (It would probably be best to phone National Savings and ask about the best method of payment if you don't currently have a bank account.)

Personally, I wouldn't open any accounts with Lloyds Bank, having recently closed all my accounts with them. They hassle you relentlessly about their 'products', and their higher interest 'drip-feed' account probably won't last very long anyway.

For ease of access, the Nationwide flex (current) account is good, and you can open an e-Savings account as well (currently 4.8% interest). You can transfer from this into your flex account (lower rate) instantly over the internet. You can also get the Nationwide debit card, which is free to use abroad. (I wouldn't open an ISA with Nationwide, however - their rates are pretty abysmal compared to National Savings and a few others.)

oldagetraveller

Re NS & I ISA. When the account was opened I paid an initial sum of £1000 in, by 'phone using debit card. The 'phone call was also required to validate password, sent by post, which can then be changed after logging in or by 'phone. Further sums, up to £3000 were then paid in by the same method over a short period of time as and when available in my current account. So no, it's not necessary to pay in £3000 right away.
Hope that helps.

hansi

I opened my account on the Internet and used a debit card and the amount was debited within three days, so, yes, you have to have the dosh in your current account.

laurarosie

I payed mine over the internet and it took it from my account quicker than a flash!! That was over a week ago and I haven't heard anything from them. I phoned a couple of days ago and was told this is quite normal. However I am getting a little bit worried. has this happened to anyone else?

laura

Froglet

Hi Laura.I opened mine a while ago,before they put it up to 5.3% .I think as it is such a good rate now they must be exceptionally busy.However i found it easy to open,easy to transfer later and it all went through quickly and easily so i would recommend them to everyone.

laurarosie

Thanks for replying. I suppose they would be very busy. I will leave it to the end of the week then give them another ring.