Teachers Building Society CASH ISA

coconut_3

I have over 20k in teachers cash ISA I know there are better rates around but I'm hanging on because I hope for a take over windfall some day. Would others do the same?

steady__eddie

Have you thought about a partial transfer (if they allow it, you'd have to chech their T +C s). Have a look at this thread http://forums.moneysavingexpert.com/showthread.html?t=61864&highlight=partial
As far as the will they/won't they part of your question goes, I wonder what percentage of their membership are actually in the teaching profession and as such would not consider selling their birthright for a mess of pottage ?
Whatever you do, maintain your membership and see about a partial transfer for income maximisation purposes.

ReportInvestor

s_e makes an interesing point about teachers.

I'd have thought that the teaching unions would be opposed to change for as long as possible and they certainly used to have representation on the Teachers BS board.

As a one branch society I could see it continuing for a while, yet, and it doesn't have the attractions for very large society either in terms of size or in terms of spreading their reach by obtaining a branch network.

So I would say that other societies probaby offer better windfall chances (and better rates).

You are allowed to split up your ISA, so you could leave the necessary £100 at Teachers should you decide to transfer most to another provider like Kent Reliance BS that currently pays 5.21% and looks to have put a "for sale" sign outside its head office.

Link to KRBS Direct Variable Rate ISA

You can download transfer forms from the KRBS site.

LizEstelle

Actually, Moneyfacts is currently listing the Teachers BS Money Cash ISA 30 as being in its top 5.

ReportInvestor

Liz is correct, but I assume that coconut has probably completed six months with this account and is therefore no longer eligible for the 0.5% bonus rate that makes Teachers' a top payer.

That still leaves KRBS only 0.16% better than Teachers' very respectable 5.05%.

Is it worth bothering about? Only coconut can decided.

Although, as Liz might say, "Nihil periculi, nihil lucri".

Oh, and I see from the Teachers' Website that they have just co-opted a Yorkshire NUT official who is a practising teacher onto the board.