New RBS Fixed Rate Cash ISAs

chambta

Not been told the rates yet but I'm expecting them to be close to market leading as the bank is keen to get customers product holdings up before the divestment of the English branches.

There's going to be a 1, 2 and 3 year version with penalties for early closure. Will update with rates in next day or two. I think they'll be available from next week.

masonic

Obviously the drawback is some of these accounts could mature in the middle of the turmoil of Santander taking over. I wouldn't fancy trying to transfer out during that period. Even after an account is converted, I think past events speak for themselves. :eek:

chambta

masonic wrote: »

Obviously the drawback is some of these accounts could mature in the middle of the turmoil of Santander taking over. I wouldn't fancy trying to transfer out during that period. Even after an account is converted, I think past events speak for themselves. :eek:

True. I guess most people taking these out though, assuming the rates to be good, will be pretty savvy people who are doing it for what it gives them. The divestment won't affect the product itself.

Once finished of course, if under a 16---- sortcode, they will mature/end as a Santander product and that will perhaps be the time to reassess things.

masonic

chambta wrote: »

True. I guess most people taking these out though, assuming the rates to be good, will be pretty savvy people who are doing it for what it gives them. The divestment won't affect the product itself.

Once finished of course, if under a 16---- sortcode, they will mature/end as a Santander product and that will perhaps be the time to reassess things.

You're missing my point. The ISA will no doubt mature into an account with a poor interest rate and the customer could have great difficulty transferring it to another provider. During that time, the interest they'd gained would be eroded away.

chambta

masonic wrote: »

You're missing my point. The ISA will no doubt mature into an account with a poor interest rate and the customer could have great difficulty transferring it to another provider. During that time, the interest they'd gained would be eroded away.

You're just guessing. The process is already subject to new regulations and is likely to improve.

masonic

chambta wrote: »

You're just guessing. The process is already subject to new regulations and is likely to improve.

Santander is notorious for making huge numbers of mistakes when transferring over peoples current and savings accounts. People have been prevented from accessing their money for weeks on end. Accounts have disappeared completely from their systems. Santander has made a complete mess of its recent takeover of A&L. Why will it be different next time?

I'm not normally one to discourage people from opening an account just because of a bank's record for treating their customers appallingly, but I seriously hope anyone considering taking up one of these accounts thinks very seriously about the risks of having their account migrated to Santander part way through its term.

chambta

New rates aren't bad. Off the top of my head 2.65, 3.3 and 3.6pc for the 1,2 & 3 year years with higher balances in the 3 year one getting slightly more. Transfers in are allowed, as they are from other RBS ISAs.

milngavietartanarmy

ive taken this product out today. took the 2yr @ 3.2% and will transfer my santander blance.

have i been too hasty?

lvm

Are they going to give different rates for their easy access cash ISAs? The only one I can find is 0.55%! I really wanted one with RBS for next year but looks like I'll have to stick with Halifax and their 3% one.

steeeveygee

I have banked with RBoS for a number of years, but I am a bit disappointed with the rates. I don't have much to put in, only about £1k, so a couple of points makes a real diference. I only want to stick it away for a year as i think rates will go up but there seem to be much better rates going around