5% Cash ISA - Nottingham BS (branch only)

Sceptic001

On another thread, bmwboi99 asked about this account, which I have not seen mentioned anywhere else.

http://www.thenottingham.com/savings/starter-isa-issue-1/

This is an amazingly good account currently paying 5%. The only drawback seems to be that it is only available via Nottingham Building Society branches.

Old_Slaphead

Another drawback 5% only until next April - then drops to instant access rate. Also can only deposit £445 pm max

opinions4u

Good headline rate.

Just a bit too fiddly.

ffacoffipawb

Sceptic001 wrote: »

On another thread, bmwboi99 asked about this account, which I have not seen mentioned anywhere else.

http://www.thenottingham.com/savings/starter-isa-issue-1/

This is an amazingly good account currently paying 5%. The only drawback seems to be that it is only available via Nottingham Building Society branches.

Rubbish:

- Max of £445 per month.
- Interest rate of 5% is fixed for under 7 months.
- You can top up to £5340 balance in March 2012 but the fixed rate ends on 5 April 2012.

Not worth the bother in my view.

I have a 5 year fix with Birmingham Midshires at 5% pa, now that WAS worth the bother!

Cardozo

You cannot withdraw at all by the look of it. You have to transfer your ISA to another bank.

crittertog

Cardozo wrote: »

You cannot withdraw at all by the look of it. You have to transfer your ISA to another bank.

HMRC regulations require that money held in an ISA be accessible (which is why the fixed rate ones have early withdrawals permitted at a loss of x days interest, rather than none allowed).

MoneySaverLog

You cannot just bung the full amount in though in the first month, you only get 1/12 the interest in month 1, 2/12's in month 2. The only month you get the full 5% is month 12. So when you look on it like that it's not so good.

It is if you want to build up savings over the year though.

Also does not allow transfers in surprisingly enough and you have to live near a branch!!!

ffacoffipawb

MoneySaverLog wrote: »

You cannot just bung the full amount in though in the first month, you only get 1/12 the interest in month 1, 2/12's in month 2. The only month you get the full 5% is month 12. So when you look on it like that it's not so good.

The 5% ends after month 7, so that makes it an impossibility!

black_taxi_2

(b) £67,512.50 5 Year Birm Midshires 5% pa fixed Rate ISA (30 Jun 2011 - 30 Jun 2016)

£18,652.46 is that the interest return ffac


very nice

ffacoffipawb

black_taxi wrote: »

(b) £67,512.50 5 Year Birm Midshires 5% pa fixed Rate ISA (30 Jun 2011 - 30 Jun 2016)

£18,652.46 is that the interest return ffac


very nice

The balance is as at 30/08/2011 - interest gets added monthly to the account and the projected amount at maturity is a smidgeon over £85,000.

Tha amount transferred in was £66,955.20 on 30/06/2011 with interest added on 30/07/2011 of £278.07 and on 30/08/2011 of £279.23.

I ring up at the start of every month for an updated balance as there's no online access available.

THeir interest formula is =0.01*INT(100*(0.0489/365)*D*X) - when I use this my spreadsheet agrees both lots of interest added.

D = Days of interest to add = Days in month
X = Balance brought forward

Note that (1 + 0.0489/12)^12 - 1 = 0.05 = 5% annualised return.

Gordon_the_Moron

You lose 180 days interest if you withdraw early and its a variable rate, I live within walking distance of a Nottingham branch and wouldn't touch it (plus I got a Santander loyalty flexible ISA in April and filled it on April 6th so am getting 3.5% on the lot for a year)