5% one-year fix, Nottingham BS?

saintalan

MissyD wrote: »

... I think they need to increase the monthly limit so we could eventually bank £40k for their top paying ISA :rotfl:

Not so funny, think thats a great idea!

MissyD_2

saintalan wrote: »

Not so funny, think thats a great idea!

Sorry the :rotfl: was an attempt at "online sarcasm" and maybe a bit of wishful thinking that I would ever get 40K sat in the bank, err not unless it was offset against my future mortgage!

ajdj

New issue for 13/14 now confirmed at 4%

http://www.thenottingham.com/savings/starter-isa-issue-3/

liver-bird

Just looked at that and thought I had found my 13/14 provider... until I noticed it was branch based and I am nowhere near there! Gutted!

MissyD_2

liver-bird wrote: »

Just looked at that and thought I had found my 13/14 provider... until I noticed it was branch based and I am nowhere near there! Gutted!

There are quite a few of those! (I think already ranted on this earlier in this thread, so I'll save you the read)
Have a look here - you still need to check the provider's t&c's.
https://forums.moneysavingexpert.com/discussion/401374

Kazza updates this very regularly!

veryintrigued

ajdj wrote: »

New issue for 13/14 now confirmed at 4%

http://www.thenottingham.com/savings/starter-isa-issue-3/

Thanks for this.

Question for anyone with greater maths skills than I and who isnt relaxing with a beer!

I've been doing some quick calcs for my OH and I make it that she'll be better off opening one of these (and drip feeding the £480 per month at 4%) and investing the remainder of the £5760 in a 2.5% account at 20 basic tax she has. Thats compared to a 2.3% ISA elsewhere.

Assuming thats right can anyone tell me what the threshold will be i.e. what % fixed rate ISA for a year would she need to give her more interest than that earned with the Nottingham and the other 2.5% account combined?

I wish I could offer you a bitcoin and one of the beers I am attacking for helping me out!

Thanks in advance

ajdj

If she has the £5,760 in a lump sum she would be better off putting it straight into the best rate instant access ISA (Coventry Poppy at 2.6%).

This one only works out better if you don't have the lump sum now but plan on adding to the ISA every month.

I did the sums last night and there was about £20 difference in favour of the 2.6%.

Anything over 2% in a cash ISA will beat this regular saver ISA if you have the full amount to add tomorrow.

ajdj

Edit- The Nottingham is not instant access either, unless you forfeit 180 days interest. If you have a lump sum and may need access it's better to look elsewhere.

veryintrigued

ajdj wrote: »

If she has the £5,760 in a lump sum she would be better off putting it straight into the best rate instant access ISA (Coventry Poppy at 2.6%).

This one only works out better if you don't have the lump sum now but plan on adding to the ISA every month.

I did the sums last night and there was about £20 difference in favour of the 2.6%.

Anything over 2% in a cash ISA will beat this regular saver ISA if you have the full amount to add tomorrow.

Appreciate the heads-up on the Coventry Poppy. Am sorted on a Nationwide (until Oct) so not been focusing on these.

However do your sums include the interest that will be accruing on a 2.5% account elsewhere in addition to the monthly £480?

i.e. month 1 £480 will be accruing tax free in the Notts whilst £5280 will be accruing in a 2.5% basic tax account.

month 2 £960 will be accruing tax free in the Notts whilst £4800 will be accruing in a 2.5% basic tax account.

etc etc

Hopefully am making some sense!

The_Enforcer

liver-bird wrote: »

Just looked at that and thought I had found my 13/14 provider... until I noticed it was branch based and I am nowhere near there! Gutted!

I opened mine in branch last year (because I happened to be in that area for a few days last April), but if you read back through this thread, others were successful in opening by post. As an existing customer, I am going to try that route this time.