Cash ISAs: The Best Currently Available List

stonemushroom

Be warned. I took out an ISA with Abbey a year ago. £3600 for one year.
I received my interest today.(£3.34) Of course I didn't pay tax on this.
It was this site that directed me to this particular ISA .
What was the point?

Baldur

stonemushroom wrote: »

Be warned. I took out an ISA with Abbey a year ago. £3600 for one year.
I received my interest today.(£3.34) Of course I didn't pay tax on this.
It was this site that directed me to this particular ISA .
What was the point?

Sounds as though you selected the wrong Abbey Cash ISA, the one that all sites (not just this one) were showing as a good deal last March was the Direct Reward ISA at 3.5% variable (see HERE) or you failed to meet the conditions of the account.

stonemushroom

Seems your right.
Abbey gave me a thing called an easy ISA and have ripped me off. £3.34 for a whole year, this must be illegal.

Look like I'll be dumping Abbey for all my accounts.

MarkyMarkD

Er, no. If you walked into an Abbey branch and opened the Easy ISA, that was your choice. Just because they offered a different, direct, product which you didn't apply for, doesn't mean that they "ripped you off".

stonemushroom

I went from this site directly to the Abbey site via the link supplied by this site and signed up online. Yes I have been ripped off with the help of this site.

Anyone who thinks £3.34 interest without tax is not a ripoff is bloody stupid.

Abbey have ripped me off and I'm closing my accounts.

Froggitt

Sorry mushroom but I agree with MarkyMark. You should know and be aware of the interest rates that you are signing up for - they are generally well publicised.

Just because its called an Easy ISA doesnt mean the rates will be any good.

Any bank thats getting away with rubbish rates deserves to lose its customers, but most get away with it by offering great signup rates, that revert to 0.1% after a year.....hence my forthcoming departure from both my First Direct ISAs the day after the interest is paid and the rates go down.

gwapenut

stonemushroom wrote: »

I went from this site directly to the Abbey site via the link supplied by this site and signed up online. Yes I have been ripped off with the help of this site.

Anyone who thinks £3.34 interest without tax is not a ripoff is bloody stupid.

Abbey have ripped me off and I'm closing my accounts.

Didn't you at least read the key facts / interest rate when you signed up?

Sites like this are pointers to information, rather than doing all of the legwork like reading the small print (or in this case, large print).

People still need to invest a little bit of effort when signing up to things. There is too much reliance today on the nanny state and not having to take responsibility for our own decisions.

You signed up to the wrong account, you got paid the correct amount of interest for that account after a year. The only person who's ripped you off is yourself, certainly not Abbey.

Sorry to be so critical but even though I am no fan of Abbey, I think you're being very harsh and unfair in publicly accusing them of something they have not done.

RayWolfe

stonemushroom wrote: »

I went from this site directly to the Abbey site via the link supplied by this site and signed up online. Yes I have been ripped off with the help of this site.

As part of the application process, you will have been asked if you have read the Terms & Conditions. Did you? If you didn't them stonemushroom has been asked to be ripped off. Would you by a tin of bean without a label? I doubt it, so why do you think financial products are any different?
I would not touch Abbey with a bargepole, but in terms of interest rates on some of their products they are no better and no worse than many others.
Use this a lesson in finance - always read the label. If the writing is too small or too difficult to understand - don't buy it!

Froggitt

Indeed. Go back a page or two and there are people hesitating over the Yorkshire/Clydesdale 5% deal because what it said on the website (which is as far as most people go) didnt match up with the very small print in the Key Features document - page 4, section 8, paragraph (vii).....one missing word ie annually, made quite a bit of difference to the AER ie 4.5% to 5%.

Take responsibility for your actions.

MarkyMarkD

A link on any website is only good at the second that it's published. If the provider of the product changes the layout of their site, it might end up pointing to a different product from the one originally recommended. Particularly within the forums, that wouldn't be picked up quickly if at all - and if the person who posted it originally happens not to come online, they wouldn't have the opportunity to correct it anyway.

If it's within an editorial part of this site, the same applies to an extent - if something is published on Monday at 9am and the link works then, it might easily stop working at 5pm on Monday when there's nobody available to update it.

As others have said, you have to read what you are signing up to.