ABBEY Choices ISA 5.5% Fix 1yr

Hobo_2

Just found this on abbey site when looking for their postal Isa details, off to branch tommorow to try and open 04/05 = £3k

Oh, can transfer in & transfer out after fix period
But the catch is interest has to be payed out ( not retained in ISA)
http://www.abbey.com/future/taxeff/savings_isas/savings_isas_choises_isa.html

blinko

i agree its not as good as the abbey 5.35% unless you are planning on not carrying on topping up your ISA each etc so i stuck with the postal ISA

t_i_g_e_rr

I looked at this, but figured that the compound interest lost made the postal isa a better option for me. One other thing I found out was that there are no charges to transfer the ISA once the fixed term is finished, although there obviously is if you want to leave during the fixed period.

hansi

I've been looking at this one too. Not sure about a few things. I have approximately 10k in my wife's and my own Cash Isa. Am I right in saying that I can transfer this into the Abbey Fixed Rate ISA now and then add the new 2005/6 allowance into it as well. Or, can I put the new allowance into my present ISA on 6th April and then transfer it all into Abbey? And are there any exit charges?

Hobo_2

Hansi, if you`ve not used your £3k 04/05 allowance? yes you can open Abbey fixed cash ISA then put another £3k in after april 6th for 05/06 allowance,can transfer in other ISA`s & no exit penalty after 12 mth fix period.
NB:- interest must be paid out to another account, so will not be retained in the ISA wrapper

hansi

Sorry, not quite what I asked, but it is a bit confusing to say the least.

1. I have about 10k in ISA's (wife and myself) and this includes my 2004/5 allowance.

2. Can I (a) transfer all this money into the Abbey Fixed Rate ISA now, which I guess will be too late for this tax year, and then add the 6k after 6 April, or (b) can I leave things as they are for this tax year, put the 6k into my present ISA (IF) and then, after 6 April transfer it all into the Abbey.

Sorry, but the rules are a little bizarre, to say the least!!!!

Hobo_2

Confusing ,Yes
As i understand it you have to open an account to be able to transfer to, think it has to be £3k with Abbey Fix, so in your case open 05/06 at Abbey & transfer into it previous ISA, you can transfer these at any time theres no tax yr deadline to beat as you imply in point (a) they will always earn interest in with that provider up untill the point of transfer.

Hope this helps