First Direct to launch 6.25% mini cash ISA

monki_man

isasmurf wrote:

A little tip, you can nominate the date you would like the transfer to take place as long as you give First Direct more than 30 days notice.

its less than 30 days before their rates drop ah well i better start looking now.

rich_jtg

monki_man wrote:

its less than 30 days before their rates drop ah well i better start looking now.

Was thinking the same thing!

monki_man

Looks like First direct offers the best rates for new customers though at 5.5%. Halifax offers 5%. Those results came from a quick search on moneysupermarket.com.

I'll have a read at the ISA article for any updates.

Lychee

isasmurf wrote:

A little tip, you can nominate the date you would like the transfer to take place as long as you give First Direct more than 30 days notice.

So how does this work when I want to transfer my FD ISA to my new provider? Do I still fill in the new provider's transfer forms then inform FD to expect this but only to complete the transfer on a specific date (30 days or more away) ? I want to open a new ISA this week but don't want to transfer the old FD ISA until October...

TIA

FL

Are their any restrictions on the First Direct ISA to transfer out or is it best to do it on the 6-10-05?

Milarky

FL wrote:

Are their any restrictions on the First Direct ISA to transfer out or is it best to do it on the 6-10-05?

Don't believe there are any restrictions - it being a 'Stakeholder' standard instant access account - so you just request it without notice. The issue will be

a) identifying an alternative provider

b) the alternative provider will accept a transfer

c) how much time elapses between FD 'sending' a cheque and it 'arriving' - lost days interest on the movement.

EcO_3

Do you think that we can transfer out to a new provider then close the FD account and then re transfer in the new FD account with the 5.5% fixed interests until feb 06 ?

Milarky

Doubt that will work..

FD only does allow transfers from the current year but there will probably be some term covering this - your being a former accountholder. If it did work, you would be limited to £3,000 transferred out and then back (assuming that you had put in 2 years worth - as was do-able just before/after 5 April this year)

You could ask them? Also, the 5.5% rate only runs to 15 February 2006, since it had a fixed end date, not a moving six month period?

monki_man

Next move guys? time is nearly up for those who want to move their money about. Does anyone know what the best isa account is? Halifax?

cadboll

Hi! New to this thread so don't know what all has been discussed before. I've been looking to move my ISA - with Yorkshire BS at the moment - rate is 4.90% - was going to move to Halifax with their 5% Gross/AER - I know the First Direct is slightly higher but it has interest paid monthly as opposed to Halifax's yearly.

For what its worth by my reckoning Halifax is the best option.