Isa Interest (A&L)

boshdmg

Just need abit of ISA guidance, sorry if these question come up all the time.

I have a A&L Direct Mini Cash ISA Issue 2, that i chose because a friend recommended it to me, when i opened it up in March 2006 i think it had a rate of 5.1 fixed until aug 2007, but my memory could be failing me.

How do i find out what rate im getting? Do i just have to go into the back?

I recently have recently been paid my interest, how come the interest wasnt paid in April? Am i right in saying that if i withdraw my money or transfer it to another isa, i will still get any interest that is owed to me, but i will probably have to wait till next year when the interest is paid?

Lastly, am i making a fool of myself having this ISA, should i be transfering it to the 5.5% one at NS&I?

masonic

1) Interest rates can be found here.

2) Different banks pay interest at different times. You can transfer at any time and will receive all the relevant interest up to the date of the transfer.

3) NS&I don't accept transfers.

YorkshireBoy

You have a Direct ISA 2, and your account number starts with either 607 or 608.

The rate is currently 5.45% (which is made up of an underlying 4.75% variable element and a 0.7% bonus. The bonus is fixed until 30/4/07).

The interest is paid on 1st Jan because that's what it says in the account T&C's.

Your interest rate can be found here...Closed Issue Rates

You can't transfer in to the NS&I ISA.


EDIT: Sorry masonic, you hadn't posted when I 'started' typing.

boshdmg

Cheers YB

Ok the NS&I is a no go, but the point still stands, should i be looking to move in april?

Will there still be a bonus on the A&L ISA after 30/4/07? just is will be variable insted of fixed?

user2006

Sorry to Hi-jack the thread, when interest is paid on the 30th April, i assume it would be then that you transfer the 06/07 ISA balance to a new 07/08 ISA?

masonic

user2006 wrote:

Sorry to Hi-jack the thread, when interest is paid on the 30th April, i assume it would be then that you transfer the 06/07 ISA balance to a new 07/08 ISA?

Interest won't be paid on the 30th April if you have the above account. In any case, it is irrelevant when the interest is paid as you will get a further payment when the account is closed.

masonic

boshdmg wrote:

Ok the NS&I is a no go, but the point still stands, should i be looking to move in april?

Yes.

boshdmg wrote:

Will there still be a bonus on the A&L ISA after 30/4/07? just is will be variable insted of fixed?

Based on past experience, there will be no bonus after that date.

masonic

YorkshireBoy wrote:

EDIT: Sorry masonic, you hadn't posted when I 'started' typing.

_____________

lisyloo

Ok the NS&I is a no go, but the point still stands, should i be looking to move in april?

In my opinion YES.
I might even try starting the process a little eary as it takes a long time (and A&L might be inundated).

I might even move it before that.
Base rates may well rise in February.
As this is a closed account they might not bother increasing it, so it could be in your interests to move then.

Ruffler bank do 5.75% if you have more than £15K to transfer.

masonic

lisyloo wrote:

I might even move it before that.

Agreed. There can also be severe delays around the 5th April as everyone scrambles to get money in before the end of the tax year. However, that's also when the accounts are at their most competitive. I wouldn't transfer too early.

YorkshireBoy

lisyloo wrote:

I might even try starting the process a little eary as it takes a long time (and A&L might be inundated).

I might even move it before that.

That's good advice. I'm not waiting until April to move my Direct ISA 2 - I'm moving to YBS well before the end of the tax year. YBS is (currently) only 0.05% less than A&L (inc the bonus) anyway.