A&L Direct ISA 2 Acc Holders - What are you planning when bonus expires?

michaels

Is the Newcastle deal locked in - if interest rates do go higher (it would only take 2 increments for 6.1% to be beatable) are you able to switch?

YorkshireBoy

mattih5 wrote:

And I don't think they (Ruffler) are regulated by the FSA.

Ruffler Bank are regulated by the FSA, and are also members of the Financial Services Compensation Scheme.

However, and this is where your confusion may be, they do not subscribe to the Banking Code.

tipsychick

Just to add, Ruffler are only accepting a minimum transfer in of £15K (which rules me out!)

ctdctd

michaels wrote:

Is the Newcastle deal locked in - if interest rates do go higher (it would only take 2 increments for 6.1% to be beatable) are you able to switch?

You can get out of Newcastle for 60 days loss of interest. 2 base rate rises would only make YBS 6.15% if they passed on the full rise so not worth moving.
3 rises might make it worth while - but most newspapers seem to think 1 or 2 more rises will be all. And until (if) the rises happen, you are getting more with Newcastle.

masonic

YorkshireBoy wrote:

Ruffler Bank ... do not subscribe to the Banking Code.

Which is what is putting me off. Giving £15k+ to an essentially unknown organisation who, for some reason, have deliberately chosen not to give customers those assurances is a worrying prospect, IMHO.

Sillychuckie

I called Ruffler bank earlier to ask a general question about their ISA application form.
"How do I transfer approx £x,xxx from my old ISA, without you closing the old ISA".

I was told:
"Hi, Im sorry. Karen is away today so only Steve is around, and hes tied up on another call. He'll call you back".
Anyway, he didn't, and besides Kaz n Steve, no one else exists at the bank to help with such queries.

It is so strange to deal with 'karen and steve', as opposed to some form of call center. Also, their email address is dead (just bounces them back).
I can't bring myself to lend any amount of money to them, let alone 15k.

With that in mind... Newcastle seems the correct account.
I plan to open it ASAP and transfer a few pounds only from the A&L Isa I have already subscribed to this year.
If their rate stays competitive once A&L drop theirs after april (next tax year), i'll chuck the rest in. If not, i'll go with whoever else is best at the time, and close the Newcastle one.

At least this way, I'm securing the 6.1% fixed.
Is a great shame interest is paid outside of the ISA but its still the best choice I reckon.
Any thoughts?


Edit: I see in their terms that once the issue is closed, no further deposits will be accepted. Might scupper that idea if they close it too soon.

YorkshireBoy

Sillychuckie wrote:

I plan to open it ASAP and transfer a few pounds only from the A&L Isa I have already subscribed to this year.

I may be wrong, but don't ISA regulations state you have to transfer current years subscriptions in full? ie only previous years can be transferred in part.


EDIT: Seems I'm not wrong...isasmurf's ISA FAQ sticky

masonic

Sillychuckie wrote:

I was told:
"Hi, Im sorry. Karen is away today so only Steve is around, and hes tied up on another call. He'll call you back".
Anyway, he didn't, and besides Kaz n Steve, no one else exists at the bank to help with such queries.

Blimey, I knew they were small, but that really is something. I dread to think what would happen if their rates ever plummetted, and everyone scrambled to transfer out all at once... :eek:

I plan to open it ASAP and transfer a few pounds only from the A&L Isa I have already subscribed to this year.

I take it you mean 'transfer a few pounds only from a previous years subscription I hold in my current A&L ISA'?
Edit: Beaten to the post by YB

Is a great shame interest is paid outside of the ISA but its still the best choice I reckon.

So this has been confirmed, yes?

Sillychuckie

even if you are.. thats fine. id have just transferred 3k then.

BUT, as I dont want to miss out on the 6.1, which they might drop if the issue closes, im just gonna shove it all across now
I doubt anything amazing will come out beween now and april but if it does... i can still change.
Losing 60 days interest isnt a big issue since I'd have had the money in the account for far less than that anyway. Would be more like a 25 day penalty.. which I can live with assuming its worth the switch (rather unlikely I think).

Applying now.

Sillychuckie

masonic wrote:

I take it you mean 'transfer a few pounds only from a previous years subscription I hold in my current A&L ISA'?

So this has been confirmed, yes?

Indeed, that is what I meant... which is feasable were I to know they would maintain the issue beyond April. I don't, so I'll chuck it all in..

<Incorrect... See below for edit>
And yes, it has been confirmed.
It is mentioned in the terms and is made absolutely 100% crystal clear during the application process where they ask you for BACS details of the current account to pay interest to.
<end incorrect>