Stroud & Swindon FRISA

bigfreddiel

Stroud and Swindon's 3 yr FRISA is 4.15%m the 5 year ISA 5%, and early closure penalty is 120 days interest.

I've worked out it pays to take out the 5yr ISA and if you close it after three years and take the hit of 120 days interest you are still ahead of the three year ISA - interesting......

fj

bigfreddiel

bigfreddiel wrote: »

Stroud and Swindon's 3 yr FRISA is 4.15%m the 5 year ISA 5%, and early closure penalty is 120 days interest.

I've worked out it pays to take out the 5yr ISA and if you close it after three years and take the hit of 120 days interest you are still ahead of the three year ISA - interesting......

fj

of course you can't do this - the key word is withdrawal on closure you cannot transfer untilmaturity in 2016 - not a problem - i doubt interest rates will be any much higher by then and in the meantime i get 5% taxfree worth 6.25% for m as a basic rate tax payer.

fj