Cash ISAs: The Best Currently Available List

savit4l8er

For NW ISA,

When you read this.

Interest is paid on a tiered basis at these fixed rates from the date you open your account until the Maturity Date. This means you'll earn one rate on your entire balance. Interest is calculated daily and paid annually to your ISA on the first business day in April and on the Maturity Payment Date.

In conjunction with the key dates below, It would seem logical that the account is open and interest should be earned on funds received prior to the start date of 4th Sept. 

You open your account before 9th or 14th August and interest is paid from the date opened. 

I can't see in the terms interest is only paid from the start date.

intalex

How can we interpret the difference between 01/09 and 04/09 in the above list?

savit4l8er

intalex said:

How can we interpret the difference between 01/09 and 04/09 in the above list?

The 4th is the start date in their view but I agree, there is ambiguity about it all.

intalex

So if 04/09 is not the start date for the interest to kick in, what exactly is it a start date for?

Has to have some specific significance, given that the deposit + cooling off windows are both 01/09.

happybagger

The 'overview' states "a set, tax-free interest rate for a defined period of one or two years when you deposit a minimum of £1,000."

The t&c's refer you to the 'information sheet' regarding payment of interest, which is at odds with the above: "Interest is paid at these fixed rates from the date you open your account until the Maturity Date."

Since there was ambiguity, I asked in branch, and was told zero interest until the "start date" in September.

I could have been advised incorrectly, but that was what I was told.

GlasgowExpat2

happybagger said:

The 'overview' states "a set, tax-free interest rate for a defined period of one or two years when you deposit a minimum of £1,000."

The t&c's refer you to the 'information sheet' regarding payment of interest, which is at odds with the above: "Interest is paid at these fixed rates from the date you open your account until the Maturity Date."

Since there was ambiguity, I asked in branch, and was told zero interest until the "start date" in September.

I could have been advised incorrectly, but that was what I was told.

But under estimated balance at maturity it says “These are only examples and do not take into account your individual circumstances, or any interest earned prior to the Start Date.”

P11D

This is what I got from NatWest chat this morning

Eirambler

RBS/NatWest being RBS/NatWest I see. Knowing them, there'll be interest paid until the formal start date alright, but probably at some lower rate that's hidden away in the corner of a Ts&Cs webpage somewhere.

My advice would be to do yourself a favour and just use a bank that's fair and transparent, not that bunch of absolute chancers.

intalex

And what is the “regular” interest rate?

2010

Eirambler said:

RBS/NatWest being RBS/NatWest I see. Knowing them, there'll be interest paid until the formal start date alright, but probably at some lower rate that's hidden away in the corner of a Ts&Cs webpage somewhere.

My advice would be to do yourself a favour and just use a bank that's fair and transparent, not that bunch of absolute chancers.

Have to agree.
Hoop jumping and too much hassle.
Very unclear when interest starts.