A&L 7% Cash ISA

mary

This may be fine for some people who have not yet started an ISA for this tax year, but for those of us who are fortunate enough to get one started in April each year, this is a bit late. In particular, as I closed my Premier Direct Account along with maturity of the 10% Regular Saver in order to become a New Customer again, now having to wait 3 months. Who knows it may not be available in 3 months time - they might change the goalposts.

Beate

"Existing ISA funds cannot be transferred in"
I knew it was too good to be true!

oartur

The interest paid on 1 January... this complicates things further. What if I withdraw money the following April, before 5th? Would I still get the interest on Jan-March?

Milarky

oartur wrote:

The interest paid on 1 January... this complicates things further. What if I withdraw money the following April, before 5th? Would I still get the interest on Jan-March?

By 'withdraw' I assume you mean 'transfer' it elsewhere? But either way, if you 'close' your A&L ISA and move the money out they will raise the interest due on this to the very last date. This is standard with all account closures (which it what a full-ISA transfer amounts to)

stphnstevey

So, if there is no more 12% RS's anymore, I take it the 7% ISA is their replacement/enducement?

nish

argh!

how annoying is that "brand new customers" speech!

Ive had my ISA with A&L for 2005-2006 and for 2006-2007

Ive currently got the full two years tax allowance in there and the interest was paid on the 1st of January.

I recently signed up for the 12% regular saver myself (think the net is 9.2%?)

Im looking for somewhere to move my ISA into though.

I was looking at the Barclays ISA which has a nice rate of interest on it but after reading around on here Ive noticed that it doesnt allow you to transfer in

It appears from Kazza's extremely useful thread :T that Northern Rock allow transfers in.

So could I close my isa with A&L now and keep all the interest that was been paid on it on January 1st.. or will I be expected to keep the isa until the end of the tax year or face a penalty fee/charge.

And could I move the £6000 to Northern Rock and put in more money for the new up and coming 2007-2008 year?

Sorry if I may have worded this wrong.. Not really clued up as I should be on finance stuff!

Any help/advice appreciated.

Thanks

sallysaver

Hi,
Never, never 'CLOSE' ISA's. Always transfer the funds from one to another. Closing ISA's means you cannot re-invest and you have lost the Tax Free incentive for the years you have been saving. Regards - Sally