Ruffler ISA raise rate to 5.93% AER

Dave_The_Rave_2

Got a leaflet from Ruffler Bank today. As from 18th Jan, they are raising the rate of their 30day notice ISA to 5.93AER (5.8% gross as they pay interest 4 times a year).

Only catch is minimum balance of £15K, but accept transfers of ISA's and/or Tessas

KTF

Do you have to open it with 15k or can you start with 3k then transfer in the rest to bring it up to 15?

Dagobert

KTF wrote:

Do you have to open it with 15k or can you start with 3k then transfer in the rest to bring it up to 15?

Minimum balance £15,000 which can be a combination of a transfer from your existing ISA provider(s) in combination with a current year subscription.

For more info, see Ruffler Bank.

MiserlyMartin

Can anyone help please?

I'm looking at the application form for the Ruffler ISA. It says....
" I hearby apply for a Ruffler Bank Plc cash ISA for the tax year 20 /
20
and each subsequent tax year until further notice.

(The 20/ bit is a box/gap to fill in)

Which tax year do I put down in that gap? I have 30K to transfer from Alliance and Leicester. The bit about each subsequent tax year is also confusing!

Mikeyorks

You complete it to read 2006/2007 .. assuming you wish to open and transfer in before 6th Apr 07.

The 'each subsequent tax year ...' is because, if you do it now, that ISA will run through further tax year(s) until you cash it / transfer it etc. Bear in mind - if you've paid any money into the A&L ISA during this tax year (2006-07) - you can't add any fresh money to the Ruffler ISA until after 6th Apr 07.

MiserlyMartin

Thanks its more simple than I thought then. This looks like a really good ISA, but will the rate stay consistant? Why isn't this appearing as one of of MSE Martins recommendations? I also wonder why some people are moving to YBS instead of this one, what do they know that I don't? I read the T's&C's and the only thing I think worth mentioning is that you have to give 30 days notice to close or transfer it to another provider.

YorkshireBoy

MiserlyMartin wrote:

I also wonder why some people are moving to YBS instead of this one, what do they know that I don't?

They might know that Ruffler Bank hasn't signed up to The Banking Code.

MiserlyMartin

Ta. Is that a big problem though? ICICI haven't signed up either, but people are still piling money in there. Both of them are members of the Financial Services Compensation Scheme. Isn't that the main thing? 5.93% with an unknown or 5.71% with Kent Reliance is now my dilemma.

lisyloo

Is that a big problem though?

Maybe, maybe not.
I have my parents money in ICICI.
I am concerned about how we are going to manage when the pension credit department want "proper" statements with name and address on.
ICICI don't provide this so it could cause problems for us with getting benefits.
At the moment I don't know what's going to happen.
I will certainly do everything I can to make sure they don't miss out on benefits but I think we are going to have a battle on our hands.

Bisoy

I have similar problems with ICICI last year when they have sent me my annual statement with only initials on my name and misspelled address so I have sent an email and rang them to correct and it was rectified.

But still I am unhappy with their services so have just closed our accounts with them (me and wife) and would never look back.

I think would be happy to trust my money with ICESAVE or YBS eventhough they might not be headline grabbing savings accounts but you're dealing with true and nice people and the security that you'll still see your money.

jamesd

Ruffler Bank used to have a 3000 minimum. They raised it after the ISA was featured in the ISA article and they got too much business. With a 15000 minimum it's now unavailable to most people, since that is five years of maximum cash ISA contributions. The current limit delivers them lots of money without as much administrative work as a lot of lower value customers. This rate increase being less than the full 0.25% and them completely skipping the last increase suggests that they still have as much money coming in as they can use.