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

KTF

I opened an ISA this year so have already used up my allowance. Can I open the Newcastle one now but not put anything in it till April?

Edit: I could transfer funds from my previous 2 ISAs then top it up in April.

Sillychuckie

Sillychuckie wrote:

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.

OK.
Forgive me for causing confusion, I can't explain it... but it seems having gone through the application process again that today, it gave me the choice of having interest credited back into the ISA.
I have completed the application and it did NOT ask for BACS details this time.
i.e. I was wrong in my previous posts.

I am 100% sure that when I tried it yesterday, it did. So... unless I clicked on the wrong account or they changed it overnight, I can not explain it.
Either way, it now looks like a great account with no obvious drawbacks (besides potential 60 day penalty on withdrawals).

Sillychuckie

KTF wrote:

I opened an ISA this year so have already used up my allowance. Can I open the Newcastle one now but not put anything in it till April?

Edit: I could transfer funds from my previous 2 ISAs then top it up in April.

Yes.
You can either transfer your current year subscription (although, I am told it must be the full amount you paid in)... or any amount of your choosing from previous years (minimum of £1).

This was the idea I had initially.
The only danger of course is that they close the issue before the new tax year (and it was mainly aimed at those yet to subscribe from this tax year). This seems unlikely though. I think getting your £1 in is probably a sensible move or if you are feeling braver, put it all in and avoid the april rush.

masonic

Sillychuckie wrote:

Forgive me for causing confusion, I can't explain it... but it seems having gone through the application process again that today, it gave me the choice of having interest credited back into the ISA.

Methinks that they have changed their policy on this recently.

Will have to have a think about this... :think:

Sillychuckie

and to put a further spanner in the works making all that has been said previously totall irrelevant:

Newcastle.co.uk wrote:

You must transfer all of the money you put into your ISA in previous years. We will not accept partial ISA transfers. Your ISA MUST be transferred directly between your existing provider and the Newcastle.

This isn't in their terms, but its mentioned right at the bottom when you read how to initiate the transfer process, a link they give to you after you complete the application.

Also available here: http://online.newcastle.co.uk/invest/ISA2007/IndexISA2007.htm.html?webabacus_id=1171919103656-1

Sillychuckie

Important!!

Account available only till 23rd march. Lol... keep finding more stuff as I dig deeper.
I guess that means you can get your current years (and previous years) balances in... but wont be able to get next years in.
I cant find where I read it now, but it was in their 'UK Leaflet.pdf' which is a link on their site somewhere.

EDIT: Found it.. that website is an absolute maze of hidden bits and bobs.

http://online.newcastle.co.uk/invest/ISA2007/DOCS/UK%20leaflet.pdf


SO.
To sum up. Its 6.1% for current year subscription...
If transferring any of previous years subscription, they demand ALL previous years subscription is put in (EDIT: i.e. no partial transfers - thanks masonic).

I'll get cracking and get it in before its too late (March 23rd).
Next years allowance will have to go elsewhere though.
Interest is definitely paid back into the ISA.
Phew. Glad thats all common knowledge now.

masonic

Sillychuckie wrote:

If transferring any of previous years subscription, they demand ALL previous years subscription is put in.
(How they enforce this if your previous subscriptions span multiple providers and are still seperate, I don't know).

I read this just as no partial transfers allowed.

Sillychuckie

masonic wrote:

I read this just as no partial transfers allowed.

oh. I suppose that makes more sense.
me and my dramatics... :rotfl:

MiserlyMartin

I'm confused. Is this 60 days loss of interest regardless if you give them 60 days notice of a transfer or withdrawal?

KTF

Sillychuckie wrote:

Next years allowance will have to go elsewhere though.

What prevents you from topping it up in April?