Cash ISAs: The Best Currently Available List

RayWolfe

MarkyMarkD wrote: »

Eh?

I opened my wife a Barclays Regular Saver online.

What a decent chap you are! I hope she was appreciative ... my wife never thanks me for all the good accounts I set up for her.

rb10

AbbieCadabra wrote: »

nope, it was only a couple of days ago that the online application was withdrawn. it's as already said, Santander have got inefficient systems and/or they can't cope with the demand!

You are correct in saying that the online application was only removed a few days ago.

The issue is probably that:

You apply online, the account opening then takes place later (manually) at their processing centre. As it's getting close to the end of the tax year, they can't guarantee that all these applications will be keyed by 5th April, so it's safest to simply remove the online option, and ensure that people go into a branch.

I agree that this is an inefficient system, but it's the way that most banks work. They are running their accounts on systems that were originally designed in the '70s, way before internet banking was around. So they have had to adapt in the best way that they can.

This is - I suspect - exactly the same reason why you can't apply for a Barclays Regular Saver online (unless you are an existing customer). Even Halifax, who have one of the best online systems, will, I believe, be withdrawing online applications for Fixed Rate ISAs (not including the ISA Direct Reward) from tomorrow. Online applications here will return on 6th April.

As these banks do this to you doesn't make them 'bad banks'. It's simply that the expense required to amend their systems to be fully automated is not worth the potential savings, at this stage. No doubt it will change in time. But for now, that's something we have to live with.

So, my point is that inefficient systems is not something that's unique to Santander - all banks do it. It's just that as Santander have the best instant access ISA at the moment, their inefficiency stands out, and the inefficiencies of the likes of HSBC and Natwest do not even get mentioned.

DemiDee

Froggitt wrote: »

FD have this neat trick where you keep an ISA for a year at a great rate, and then they transfer you onto the "next to nothing" rate once the year is up. Im in process of moving both of mine away from them before their rate plummets.

I wonder if this is why they didn't quote the rate in the letter they just sent me about topping up for the next tax year. I thought it a bit odd that they wouldn't use the opportunity to tell us what fabulous rates they have. Have you decided who to transfer to, Froggit?

Froggitt

Yup. Ten years worth of ISAs going into Clydesdale at 5% for five years, so I dont have to worry about these transient rates or switching. Account halfway to being opened and money transferred.

Then this year and next years ISA I think I will put into the Santander instant account at 3.5% so I have access to at least some of the cash if I really need it.

FD are relying on inertia - people who cant be bothered and people who forget. This years is a regular saver paying 7%, which goes down to something like 0.2% - scoundrels!!!!

Ive thanked the OP as without her (him???) and the first page of this thread, Id be looking at the best buy tables in the papers which are wrong, currently showing Leeds 4.6% as the best rate.

Froggitt

Originally Posted by MarkyMarkD
Eh?

I opened my wife a Barclays Regular Saver online.

RayWolfe wrote: »

What a decent chap you are! I hope she was appreciative ... my wife never thanks me for all the good accounts I set up for her.

I think I'd be on pretty sound ground suggesting that its probably not the first account MarkyMarkD has set up for his wife....... ;);););)

MarkyMarkD

You certainly would be on good ground, Froggitt.

And, Ray, mine doesn't thank me very often either ... but then she doesn't always realise what I've done for her.

RayWolfe

MarkyMarkD wrote: »

And, Ray, mine doesn't thank me very often either ... but then she doesn't always realise what I've done for her.

That's just what I find ....

udydudy

RayWolfe wrote: »

That's just what I find ....

Same here.....fixed all ISAs at 6% plus and our mortgage was BOE - 0.24% i.e below base. Though our savings was 25% of our mortgage the tax free interest at one point in time was way above our total mortgage interest outflow for 9 months..:beer:

What do I get??....."Hey we are on variable rate thats risky!!!...." I guess they are never content!!!;)

pete1976

rb10 wrote: »

You are correct in saying that the online application was only removed a few days ago.

The issue is probably that:

You apply online, the account opening then takes place later (manually) at their processing centre. As it's getting close to the end of the tax year, they can't guarantee that all these applications will be keyed by 5th April, so it's safest to simply remove the online option, and ensure that people go into a branch.

I agree that this is an inefficient system, but it's the way that most banks work. They are running their accounts on systems that were originally designed in the '70s, way before internet banking was around. So they have had to adapt in the best way that they can.

This is - I suspect - exactly the same reason why you can't apply for a Barclays Regular Saver online (unless you are an existing customer). Even Halifax, who have one of the best online systems, will, I believe, be withdrawing online applications for Fixed Rate ISAs (not including the ISA Direct Reward) from tomorrow. Online applications here will return on 6th April.

As these banks do this to you doesn't make them 'bad banks'. It's simply that the expense required to amend their systems to be fully automated is not worth the potential savings, at this stage. No doubt it will change in time. But for now, that's something we have to live with.

So, my point is that inefficient systems is not something that's unique to Santander - all banks do it. It's just that as Santander have the best instant access ISA at the moment, their inefficiency stands out, and the inefficiencies of the likes of HSBC and Natwest do not even get mentioned.

I would agree with most of this...I've worked on a few banking systems and it's amazing how much manual processing goes on in the background after the customer submits information online. I've seen systems where information is printed off and re-entered into a different system (usually by someone in India)!

I'm glad I set up Santander ISAs for the wife and I a couple of weeks ago...it was a pretty efficient (apparently) online process then. Might have been partly because we were already customers.

wearside_2

Froggitt wrote: »

I think I'd be on pretty sound ground suggesting that its probably not the first account MarkyMarkD has set up for his wife....... ;);););)

My wife never thanks me either:eek:. Not even when a Bank/Building Society phone her up to query something, and she does not have a clue what they are talking about. They must think she is deaf or something, as she repeats the questions asked and I write down the answers for her reply:D