Cash ISAs: The Best Currently Available List

bandana999

Thanks for that cottager:beer:
Here are the Maturity T&Cs:

Maturity
Upon the maturity of the fixed interest rate, the interest rate will be changed to the prevailing variable Cash ISA interest rate. For a period of 14 days following this, a new fixed interest rate may be agreed (subject to availability), or the account may be transferred to another provider or you may close the account without notice. After this period of 14 days, the variable rate Cash ISA terms will apply.

Thing is, most variable rate Cash ISAs are no notice, and I certainly didn't expect to be forcibly put in a 3 month notce account after just finishing a one year stint!

Here is another interesting extract from their terms and conditions:

Withdrawals
For fixed rate Cash ISAs opened after 1st November 2002, you can transfer all of your account or make a withdrawal at any time by writing to us with full details of the request. The minimum withdrawal you are permitted to make is the full balance in the ISA. We may apply a practical implementation period of any length up to a maximum of 30 days following your request for a transfer/ withdrawal.

So, they can take 30 days, but they only give others 14 ??!!!!
Very fair.

MarkyMarkD

The 30 days is for the institution holding the funds to transfer them to the other party. There is no written rule regarding how quickly the new institution should contact the old one, but it isn't (always) the part of the transaction that holds things up.

There was nothing stopping you contacting Abbey before the original account matured. You have exacerbated your own problem by waiting until the last minute to decide to transfer.

There is no reason why a fixed rate ISA cannot automatically roll over to another fix, or to a notice account. You should also read the Ts & Cs and not assume that things do what you want them to.

bandana999

MarkyMarkD wrote: »

The 30 days is for the institution holding the funds to transfer them to the other party. There is no written rule regarding how quickly the new institution should contact the old one, but it isn't (always) the part of the transaction that holds things up.

There was nothing stopping you contacting Abbey before the original account matured. You have exacerbated your own problem by waiting until the last minute to decide to transfer.

There is no reason why a fixed rate ISA cannot automatically roll over to another fix, or to a notice account. You should also read the Ts & Cs and not assume that things do what you want them to.

I guess I should thank my lucky stars it didn't roll over to a 10 year fix at 0.5% then . No reason why they can't roll over to whatever Julian Hodge likes? What about fairness? (And why should I have contacted the Abbey? What the H**L have they got to do with it? )
FGS - don't you know some of us have got other things to do with our lives rather than having to second-guess what schemes conniving financial institutions are coming up with to con us out of our hard-earned!
I am the customer - not a financial guru like you - what possible reason could there be to only give 14 days after maturity of a 1 year ISA except to make it more difficult to transfer it! For MY benefit? Maybe to teach me the lesson you seem to think I richly deserve.

pete1976

bandana999 wrote: »

Hmmmm... well I rang them this morning to complain about this. They informed me that "new ISA transfer guidlines stipulated that transfers should be completed within 14 days". Excuse me for laughing.
I told them this was unlikely to happen, and asked that if, just suppose, it took 15 days, would they then insist on hanging on to the cash at 1.5% for the 3 months notice?
"Yes", was the answer.
Another bank I won't be using again.
By the way, he also informed me all this was in the "terms and conditions", so it's all our own fault again.
I think withdrawing the cash and spending it might be the best option - why save? Spend your money and live on benefits.
I'm surprised it's legal to only allow a 14 day window to access funds after a fixed term, especially in an ISA .

Glad to hear I'm not the only one with this issue.

Normally I'm a stickler for reading the terms & conditions but I have to say they got me on this one - I didn't realise the money would be locked in like this until I got my first maturity letter.

I wasn't as quick as I might have been initiating things with Abbey but in any case if I'd got the transfer form to JH before maturity they'd have probably either just rejected it completely or treated it as a transfer out before maturity with no interest and a whopping penalty!

MarkyMarkD

bandana999 wrote: »

I guess I should thank my lucky stars it didn't roll over to a 10 year fix at 0.5% then . No reason why they can't roll over to whatever Julian Hodge likes? What about fairness? (And why should I have contacted the Abbey? What the H**L have they got to do with it? )
FGS - don't you know some of us have got other things to do with our lives rather than having to second-guess what schemes conniving financial institutions are coming up with to con us out of our hard-earned!
I am the customer - not a financial guru like you - what possible reason could there be to only give 14 days after maturity of a 1 year ISA except to make it more difficult to transfer it! For MY benefit? Maybe to teach me the lesson you seem to think I richly deserve.

Yes, of course the account could roll over to 10 years fixed at 0.5%, if that was clearly disclosed up front. Stepped rate products are not illegal or immoral either!

Why the hell should you have contacted Abbey? That comment related to pete1976 who was seeking to transfer to Abbey. Leaving it till the last minute would mean that this 14 day thing became an issue; he could have asked Abbey to initiate the transfer two weeks prior to maturity and that would have given them a month to get the request to Julian Hodge within the deadline.

What possible reason? To make money of course! Julian Hodge are not a charity, they are a bank.

Kazza242

Here is the info on the latest updates made to the first post of this thread.

There has been a lot of activity in the ISAs market over the last fortnight, which have required daily updates to the list.

Kent Reliance Building Society are launching a range of new fixed rate ISAs on 08/02/2010. Their one year fix pays a market leading 3.25% on balances of just £100+. They are also launching a three year fixed rate ISA paying 3.50%, as well as two four year fixed rate ISAs paying 3.75% and 4.00% respectively.

Saga have launched new fixed rate ISAs paying 3.60% and 3.90% for a two and three year term.

Aldermore are now offering fixed rate ISAs, paying 3.05%, 3.60% and 4.00% on a one, two and three year term respectively.

Alliance & Leicester have launched new issues of their fixed rate ISAs, paying 3.05% and 3.50% for a one and two year term respectively. Also added to the list was the new Post Office one year fixed rate ISA, paying 3.00% on balances of £500+. Santander have also launched a new issue of their Postal fixed rate ISA, paying 3.50%.

Vernon Building Society have withdrawn their one year fixed rate ISA, which paid 3.25%. Egg are no longer accepting new applications for their Cash ISA 2, which paid 2.50%. Therefore, both have been withdrawn from the list.

Jonbvn

Kazza242 wrote: »

They are also launching a three year fixed rate ISA paying 3.50%, as well as two four year fixed rate ISAs paying 3.75% and 4.00% respectively.

To anyone considering KR, I would suggest you take the 2 year fix at 3.75%, rather than the 3 year fix at 3.5%.

kippygolf

For the current tax year I've been paying into Principality's Fixed Rate Regular Saver ISA, 5.00%, £300 per month, totalling £3600 for the year, maturing 6th April 2010.
As I turned 50 at the end of December, I've just rung to see if I can top up to £5100 before the tax year ends. They say, 'top ups were only allowed until end of December', no one told me!!! And that I can not invest the extra £1500 with them or with any other provider - how annoying!

Baldur

kippygolf wrote: »

For the current tax year I've been paying into Principality's Fixed Rate Regular Saver ISA, 5.00%, £300 per month, totalling £3600 for the year, maturing 6th April 2010.
As I turned 50 at the end of December, I've just rung to see if I can top up to £5100 before the tax year ends. They say, 'top ups were only allowed until end of December', no one told me!!! And that I can not invest the extra £1500 with them or with any other provider - how annoying!

Read the Terms & Conditions again. From memory, there was a provision for the payment of additional amounts, up to the Cash ISA limit, after a certain date (which I can't recall but sometime in March rings a bell).

As it could reasonably be argued that the 'top-up' would constitute part of your annual allowance, you should be permitted to subscribe it before the end of the current tax year.

kippygolf

Many thanks Baldur. Now you mention it, I do vaguely recall something about 'top ups' myself, but can not find the original T&C's at the moment. I'll have another search!