isa

hina

I'm new to this board but have read previous threads. I have £3000 to invest in an isa - this tax year and i want to start regularly saving in the new tax year. I'm not sure which isa to go for. Abbey have a one year fixed 5.5% isa account which i could put my £3k in and then open another isa in the new tax year, or i can put in the £3k in FD e-isa/abbey postal. If i put into FD, it can take 30 days to transfer to another provider - how much would i be losing??

grumbler

hina wrote:

... it can take 30 days to transfer to another provider - how much would i be losing??

Why you are so pessimistic about 30 days? I think transfer takes less time and I have chosen FD.
However, if you are right and if you expect to get 5% (for example) for the rest of financial year (Oct - Mar) you will lose about £3000x30/360x5%=£12.50.
In other words you will get about 5%x5/6=4.17% instead of 5%.

Hurry up! Time is ticking. You can apply online for FD ISA, but then they post you a form that you must sign and send back.

derrick

You do not lose anything on a transfer,when one provider requests it the other sends it on same day, if there is any delay,one of the providers will pay the interest because one of them will be at fault.
I know this to be true because I have done it.

hina

how long does it take for them to post out a form? i applied online on the 17.3.05 and still haven't received the paperwork.

grumbler

hina wrote:

how long does it take for them to post out a form? i applied online on the 17.3.05 and still haven't received the paperwork.

Hope you will receive it shortly. Ours arrived in less than a week.

hina

Hi, its all sorted. Managed to get FD e-ISA opened in the last financial year and put in £3000. Now I just want to know whether it is better for me to add to this ISA or open another with a different provider this year. Bearing in mind I will only be able to put in £250 a month from now on. Any suggestions?

ED

copy+paste this MSE thread into your browser :

forums.moneysavingexpert.com/showthread.html?p=420045#post420045

It includes regular monthly savings ISAs offering good rates. Some have stringent T+C.

Hope this helps...?

Ted_Hutchinson

ED wrote:

copy+paste this MSE thread into your browser :

forums.moneysavingexpert.com/showthread.html?p=420045#post420045

It includes regular monthly savings ISAs offering good rates. Some have stringent T+C.

Hope this helps...?

ED's ISA thread

hina

it helps with seeing what is available for this year, but me not being a mathematical genius like some of you guys, i still dont know what would be the best thing to do. Pay £250 a month into FD and transfer everything in october or leave that and open a new one.

ED

hina - as you mentioned anticipating having only £250 per month ready to deposit, currently First Direct looks like your best option, earning 6.08% gross until 6 Oct '05 when the 1.81% bonus ceases.

Having opened FD's Mini Cash e-ISA in the just-ended Tax Year, you may find using them for £250 per month deposits until, perhaps, September is convenient for you. (No pesky iD+address proof required!) I guess you have already resolved to cope with the bother of transferring to another ISA provider, come October.

Alternatively, 7.50% could be earned via Portman Bdg Soc 'Regular Saver ISA', if you feel able to adhere to the stringent Terms for this Tax Year.

Ted Hutchinson - thanks for rectifying the curious truncation of the URL I originally pasted into my post. Someone PM'd me mentioning existence of "insert hyperlink", but I see no such button in the Reply facility.

david78

You need to go to User CP->Edit Options and set editor interface to Enhanced. Then when you click reply button, you should see the insert hyperlink bottom at the top. Looks like a globe of the earth and a chain link.

D