National Counties Building Society 3.7%

MOPI

Hi I have just been looking at the options available for when the rate on my Halifax ISA direct account drops later this month. Whilst browsing through the site I have come across National Counties Building Society 3 year ISA fixed rate account, where you can close or transfer from the account, penalty free providing you give 99days notice.

I have had a read of the T&C's of the account: https://www.ncbsonline.co.uk/images/terms/SCI023.pdf

However I don't understand if further deposits are permitted into the account after it has been opened? It does mention if the issue is withdrawn then no further deposits will be allowed, does this mean once it is withdrawn from sale/new applicants?


Thanks in advance

SnowMan

Brilliant account. 3.7% fixed with options to transfer without penalty with 99 days notice. I doubt we will see anything better this ISA season.

I've just opened one with this year's subscription and will transfer in an old ISA too. The on-line application crashed last night but worked this morning.

Applied through the on-line link on their webpage for this account. You get taken through a long process which ends up with you being able to print off an individualised application form which you post onto them.

I am subscribing this tax year and there is the option to send on a cheque or have the money debited by debit card; the money isn't debited until the application form that you will have posted to them is received by them.

For the transfer of previous years cash ISA, looks like I am going to fill in one of their standard ISA transfer forms and enclose that with the individualised application (I rang them and confirmed this what you need to do); there is a box on the individualised application form in 1.1b where you indicate you are transferring a previous years ISA which you will need to complete also.

For those not subscribing this year but just transferring previous years ISAs not sure if you can use the on-line application. Perhaps someone can report back on that. It looks like you just print off the transfer application form (which just has the account name pre-filled) and post that on

This is going to be pulled very shortly in my view so get a move on.


In answer to the OP's question it will be closed to new applications soon. Anybody who has applied by then will then be able to pay in what they have indicated on the on-line application form and no doubt they will give you a short period to do this. Sometimes if you have applied before the account is closed to new applications you are able to sneak ina bit more than you indicated on the application form - but that will depend on National Counties.

VT82

I've printed off the application form to transfer my previous year's subscriptions currently with Halifax, and my current year's subscription currently with Santander.

It's ideal as I may or may not need the money to buy a house, so it's a better rate than instant access, but with the option of withdrawing in time to buy a house.

The only thing I'm slightly hesitant about is that maybe some other institution might be dumb enough to write another one of these 'free option' ISAs, but at a higher rate, (Newcastle BS, anyone?). What do you reckon the chances are of that?

SnowMan

VT82 wrote: »

I've printed off the application form to transfer my previous year's subscriptions currently with Halifax, and my current year's subscription currently with Santander.

It's ideal as I may or may not need the money to buy a house, so it's a better rate than instant access, but with the option of withdrawing in time to buy a house.

The only thing I'm slightly hesitant about is that maybe some other institution might be dumb enough to write another one of these 'free option' ISAs, but at a higher rate, (Newcastle BS, anyone?). What do you reckon the chances are of that?

I think it is unlikely that we will see another one of these 'free options' accounts for some time so, just my view, I would go ahead with this.

Newcastle and Northern Rock have issued 'free options' accounts in the past but this is a first of this type we have seen for some time. The big organisations know the loophole will get picked up for example by MSE so not sure they will offer one again. Of course some people won't exercise the option at the right time but enough will to put the experienced players offering such an account.

My mum's also in the position of just transferring an ISA from Northern Rock (so not subscribing to National Counties for this tax year) and she has also printed off the forms and is sending on today.

Fair play to Kazza and Optimist who spotted this account and loophole last Saturday :T

MOPI

Hi,

Thanks for the reply's!

I am REALLY confused about this account. I currently have a Halifax ISA that I have put money into this tax year. The NCBS ISA seems to request £1000 opening balance and then transfers on top of this amount, am I right?

By investing £1000 into the account aren't I breaking the ISA rules as I will technically be investing in 2 ISA's in one tax year, as the £1000 is 'fresh' money that is not being transfered from a previous ISA?


Thanks in advance.

SnowMan

MOPI wrote: »

Hi,

Thanks for the reply's!

I am REALLY confused about this account. I currently have a Halifax ISA that I have put money into this tax year. The NCBS ISA seems to request £1000 opening balance and then transfers on top of this amount, am I right?

By investing £1000 into the account aren't I breaking the ISA rules as I will technically be investing in 2 ISA's in one tax year, as the £1000 is 'fresh' money that is not being transfered from a previous ISA?


Thanks in advance.

No, you wouldn't be breaking the ISA rules by transferring from the Halifax ISA. There are a few options that keep you within the rules

1. Transfer only that element of your Halifax ISA that relates to previous tax year contributions (assuming that is more than £1,000). Tick the obvious boxes on the application. You would then not be able to make any subscription for this tax year to the National Counties ISA but you could continue to contribute to what was left of the Halifax ISA.

2. Transfer the whole of your Halifax ISA to National Counties. You probably won't then be able to contribute to the National Counties ISA as by the time the ISA transfer is sorted the National Counties offer will be closed. However you might be able to quickly get some money into the Halifax ISA (today for example) money which would then be transferred over to the National Counties ISA.

MOPI

Thanks for your prompt reply!

So if I transfer the whole of my cash ISA, which is currently held with Halifax and then open a new cash ISA next year with another provider this will be okay? Like you said I will probably be unable to make further investment into the NCBS ISA this tax year or not as it will be withdrawn.

So does the NCBS account require £1000 credit, which can be made up of the transfer from a previous ISA or does it require £1000 plus any transfers you want to make from previous providers?


Thanks again

SnowMan

MOPI wrote: »

Thanks for your prompt reply!

So if I transfer the whole of my cash ISA, which is currently held with Halifax and then open a new cash ISA next year with another provider this will be okay? Like you said I will probably be unable to make further investment into the NCBS ISA this tax year or not as it will be withdrawn.

So does the NCBS account require £1000 credit, which can be made up of the transfer from a previous ISA or does it require £1000 plus any transfers you want to make from previous providers?


Thanks again

Yes absolutely fine to transfer the whole Halifax ISA and then subscribe to a completely different ISA next tax year.

The National Counties info when talking about what forms to complete makes mention that you can just transfer in from another provider's ISA and make no further subscriptions this tax year so that implies very strongly that the £1,000 is the minimum balance allowing for both transfers and this tax year's subscription. So just transferring in 1K (or 2K etc) and making no subscription to them this year has to be completely OK.

Stompa

SnowMan wrote: »

So just transferring in 1K (or 2K etc) and making no subscription to them this year has to be completely OK.

Yes, I'm doing precisely that. Having sent off my transfer form on Monday I've this morning received a letter acknowledging receipt and informing me that the transfer procedure has been initiated. So far they seem very efficient.

MOPI

Can't say how much I appreciate your comments!

One last question, I am just filling out the application form and it is asking for me to specify which Cash ISA tax year I am applying for.

I am going to be transferring the whole of my Halifax ISA to NCBS and then for the tax year of 2012/2013 I will be opening a new cash ISA with another provider. Does that mean I need to put 2011/2012 on the form?

Thanks

MOPI

Also I have come to completing the ISA transfer form and it asks if I want to close the account and move the whole balance including accrued interest. I just want to transfer the balance and keep the interest, so I have ticked no and specified the current balance on the account, is this okay as my interest usually gets paid into my Halifax ISA?


Thanks