First Direct cash ISA interest dropping sharply

katejo

I have had the above account for many years. I currently get between 2.5 and 3% interest. I have just been told that the interest rate from april will vary according to balance. To continue getting this rate, I will have to have 40K in the account! With my current balance I would only get 0.5%
I will be looking for a new ISA after April 6th.

adamc260

Santander are offering 3.50% for a 1 year fixed or 3.30% for an instant access one.

With the fixed one you can take the money out but lose 90 days interest.

Santanders 2 year fixed one is 4.00% both of which are the highest on the market I think.

Will be opening mine with them (since I bank with them) and my folks moved theirs to them too

katejo

adamc260 wrote: »

Santander are offering 3.50% for a 1 year fixed or 3.30% for an instant access one.

With the fixed one you can take the money out but lose 90 days interest.

Santanders 2 year fixed one is 4.00% both of which are the highest on the market I think.

Will be opening mine with them (since I bank with them) and my folks moved theirs to them too

Yes I know that there are other options but I much prefer to have a cash ISA at the same bank as my current account for pure convenience.

dixon-bainbridge

katejo wrote: »

Yes I know that there are other options but I much prefer to have a cash ISA at the same bank as my current account for pure convenience.

So if you don't want advice what is the point of this thread?

TrueUnitedFan

katejo wrote: »

Yes I know that there are other options but I much prefer to have a cash ISA at the same bank as my current account for pure convenience.

I think your being quite rude tbh, he was giving you some useful advice, if you didn't want advice or anything as such then why make the thread? Pointless really. First Direct have said they will be changing in, either stay with them or move on. How hard is it?

Scrounger

You should also consider the First Direct Regular Saver account.

At 8% gross (6.4% net) it beats any current cash ISA. :beer:
Scrounger

katejo

dixon-bainbridge wrote: »

So if you don't want advice what is the point of this thread?

The forums are as much for discussion as for advice. My comment could draw someone's attention to the fact that the FD interest rate is changing.

Mikeyorks

katejo wrote: »

The forums are as much for discussion as for advice. My comment could draw someone's attention to the fact that the FD interest rate is changing.

Then why not put it in the correct forum? This is Budgeting and Bank Accounts. The ISA forum is attached to Savings & Investments.

pqrdef

katejo wrote: »

I will be looking for a new ISA after April 6th.

Why not now?

TrueUnitedFan

Joke of a thread. OP needs to get a grip.

Gromitt

If you have all your accounts in one place and have any kind of decent savings pot, then you'll be losing a lot of money in interest for your loyalty / convenience.

I use FD for my current account, but I've got nothing else with them as their savings products are just pure crap.

Likewise, I don't think many people on this forum will be using FD as a savings account, ISA or otherwise.