Where is the best place for shirt term savings

brian_723

Baldur wrote: »

You appear to be confusing the Barclays Golden ISA 3 Ts & Cs with those of the Halifax ISA Direct Reward (which requires at least £1 to remain in the account for the full 12 months in order to receive the additional 0.2% for qualifying customers).

The Golden ISA 3 has no such restriction, from a quick browse of the Ts & Cs & interest rate info, which merely state:

in that case I am not sure then ,my isa from them that I tuck out on the 1,6,2010 is only paying me monthly cannot remember eaxactly but something like 2.05 paid monthly and then I am expecting the 1% bonus after 12 months I went into Barclay's the other month so that i knew when my rate would drop.I said to the guy so then I have to keep my account open to get the 1% he replied yes .So he may of just been agreeing with which is very possible .if I can close the account or I mean switch then would they pay the bonus on closure of the account, ,I am not sure to risk it .

Baldur

brian_723 wrote: »

in that case I am not sure then ,my isa from them that I tuck out on the 1,6,2010 is only paying me monthly cannot remember eaxactly but something like 2.05 paid monthly and then I am expecting the 1% bonus after 12 months I went into Barclay's the other month so that i knew when my rate would drop.I said to the guy so then I have to keep my account open to get the 1% he replied yes .So he may of just been agreeing with which is very possible .if I can close the account or I mean switch then would they pay the bonus on closure of the account, ,I am not sure to risk it .

Yours is likely to be a Golden ISA 2, which may have different Ts & Cs, but I suspect not - you need to check them yourself.

I have friends who have had previous incarnations of the various 'Taxbeater/Golden, etc.,' ISAs with Barclays and, from memory, the bonus has always been included in the monthly interest payment for the first 12 months, with no additional 'bonus' at the end of the term.

Edit> Yes, yours is the Golden ISA 2 by the look of THIS - I'd suggest looking for a provider that offers a better rate & accepts ISA transfers and completing their ISA transfer form ASAP when your current bonus period ceases, e.g. Halifax ISA Direct Reward @ 3%.

brian_723

Baldur wrote: »

Yours is likely to be a Golden ISA 2, which may have different Ts & Cs, but I suspect not - you need to check them yourself.

I have friends who have had previous incarnations of the various 'Taxbeater/Golden, etc.,' ISAs with Barclays and, from memory, the bonus has always been included in the monthly interest payment for the first 12 months, with no additional 'bonus' at the end of the term.

I thnik my bonus is paid at the end of the year ,but if I had opened a day latter it would of been dffferent I think ,but thanks for correcting my post as I do not want to be giving out false information to poeple .

Monthly interest (Rate effective from 02/06/10).
Balance Tax-free rate pa% AER%
£1+ 2.06 2.08
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Tax-free: Indicates that interest is exempt from UK income tax provided all ISA conditions are met. The level and basis of tax can change and the value of tax relief depends on the individual taxpayer.

Interest is paid monthly on the 1st working day of the month and the rate is variable.

Golden ISA – Issue 2 accounts opened between 8 March 2010 and 1 June 2010 inclusive earn an introductory bonus of 1% gross p.a. which is not included in the rate quoted above. The bonus is payable for 12 months from the date the account was opened, after which the rate will reduce accordingly. We may withdraw the availability of Golden ISA - Issue 2 at any time without notice (this would not apply to accounts already open at the time).

Baldur

To check whether your bonus is paid in your monthly interest payments is simple:

((deposit x interest rate)/365)*days in month

So, if you deposited the full 2010/11 allowance of £5,100 on 1st June, your first monthly interest payment should have been approx. £12.83 ((5100*3.06%)/365)*30 - if that's the case, you are expecting an end of term bonus that will never materialise, as it's already been paid.

brian_723

Baldur wrote: »

To check whether your bonus is paid in your monthly interest payments is simple:

((deposit x interest rate)/365)*days in month

So, if you deposited the full 2010/11 allowance of £5,100 on 1st June, your first monthly interest payment should have been approx. £12.83 ((5100*3.06%)/365)*30 - if that's the case, you are expecting an end of term bonus that will never materialise, as it's already been paid.

so i may be waiting for a bonus I am already receiving . i did not fill the account from day one but does this make any sense to you .


4 Jan Interest earned, £14.72 gross No tax has been
deducted
For the period 1 Dec 2010 to 3 Jan 2011
14.72 5,178.49
1 Feb Interest earned, £12.15 gross No tax has been
For the period 4 Jan to 31 Jan
deducted
12.15 5,190.64
28 Feb End balance 5,190.64

kidmugsy

Anyone who's worried about their understanding of the T&Cs could just withdraw all-but-£1, and leave the £ behind until the year was up.

brian_723

kidmugsy wrote: »

Anyone who's worried about their understanding of the T&Cs could just withdraw all-but-£1, and leave the £ behind until the year was up.

Yes but i do not want to withdraw from an ISA ,mind you I am starting to think i have already been getting the bonus .

Baldur

brian_723 wrote: »

so i may be waiting for a bonus I am already receiving . i did not fill the account from day one but does this make any sense to you .


4 Jan Interest earned, £14.72 gross No tax has been
deducted
For the period 1 Dec 2010 to 3 Jan 2011
14.72 5,178.49
1 Feb Interest earned, £12.15 gross No tax has been
For the period 4 Jan to 31 Jan
deducted
12.15 5,190.64
28 Feb End balance 5,190.64

From those figures it certainly appears that the bonus is included in the monthly payment.

If it wasn't, the interest paid would have been closer to £9.50 per month @ 2.06%.

brian_723

Baldur wrote: »

From those figures it certainly appears that the bonus is included in the monthly payment.

If it wasn't, the interest paid would have been closer to £9.50 per month @ 2.06%.

yes i think you are correct ,I should of know that ,but also i know the personal bankers was in a hurry when I went into to see him to find out but he really should not of given me false information .