Cash ISAs: The Best Currently Available List

mary

Maybe you can add the date on "new rate" on each account so we know when it's new from e.g. 1st Dec or the date you checked it. Thanks Kazaa

Arandorastar

The BMW Step Up Isa administered through Newcastle Building Society (who btw have just had their rating reduced) is still showing at 5.8% on MoneySuprmarket.com, and other sites but was withdrawn on 28th November.

cottager

Dustykitten wrote: »

I had an appointment to switch at Halifax last week and the advisor told me that by the time the transfer was complete the rate was very likely to be lower and that it would be the lower rate that I would get so I've gambled and gone NatWest.

Kazza242 wrote: »

Thanks for the info. This is why I've been reluctant to include fixed rate ISAs for the moment. Providers have been withdrawing them within days of launch.

MarkyMarkD wrote: »

It's interesting that Halifax take that approach. Some providers will guarantee the rate applicable when your account was opened, irrespective of the delay whilst waiting for the funds to arrive from your previous provider.

That's not been my experience as of this morning, opening a Halifax Fixed Rate ISA Saver at 5% for 12 months. I opened the account by telephone, for transferred funds, and was assured the rate is guaranteed for 60 days, regardless of an impending rate change. I was given all the account details straight away (sort code, account number, roll number).

Granted, in my case it's 2007/08 Icesave funds we're talking about, and they know we don't have our transfer certificates from the FSCS yet and cannot fund till we do. But in the same call I was also opening a further account for this year with new money from an external source, and the rate was NOT guaranteed. If I want to secure the rate I must pay a cheque into the local Halifax branch today... well, I don't have to pay it in today and could take a risk it will still be 5% tomorrow, but what I mean is a rate is only secured for new money when the funds are deposited.

When I queried the difference between 60 days' grace for the transfer, but for new money only when the account is funded, it was explained that it's accepted that transfers take time and so the 60 days' grace is allowed -- from which I infer (though it wasn't said in so many words) that it isn't particularly an Icesavers' issue, but across the board when transferring in from another provider.

The only thing which goes against this (which I've only just thought of, as it didn't apply in my case so the question wasn't asked) is that the normal process -- and it's not 'normal' with Icesavers -- is that it's not the destination bank you approach to open the new account, but the existing provider, and they send the transfer form. That would almost certainly take more time than there probably is before the Halifax rate is dropped, as I understand it all happens by post between the two providers.

Still, it may still be worth having a go to see if an ISA can be 'booked' for transfers in?? (08457 26 36 46 till 8pm) But you would certainly need to ask what the mechanism is to then 'marry' the details of the account you have booked (if you can) with the incoming transfer form from the existing provider, i.e. can or must those details be entered somewhere on the transfer form.

Baldur

cottager wrote: »

The only thing which goes against this (which I've only just thought of, as it didn't apply in my case so the question wasn't asked) is that the normal process -- and it's not 'normal' with Icesavers -- is that it's not the destination bank you approach to open the new account, but the existing provider, and they send the transfer form.

The normal process IS to complete the chosen new ISA manager's transfer form, NOT to approach the existing one.

KingL

certainly need to ask what the mechanism is to then 'marry' the details of the account you have booked (if you can) with the incoming transfer form from the existing provider, i.e. can or must those details be entered somewhere on the transfer form

presumably name, address and NI number would do it.

worth noting (for icesave transferrers) drsue reports that as of yesterday Halifax are accepting icesave transfers in without having to see the certificate from the FSCS (i.e. they will want to see it later, but they don't now)...

cottager

Baldur wrote: »

The normal process IS to complete the chosen new ISA manager's transfer form, NOT to approach the existing one.

Yes, as I thought.
OK folks, sorry, not possible. My apologies if I raised your hopes there by relating what was said.

Baldur

cottager wrote: »

Yes, as I thought.
OK folks, sorry, not possible. My apologies if I raised your hopes there by relating what was said.

See http://forums.moneysavingexpert.com/showthread.html?t=1333359

cottager

Baldur wrote: »

The normal process IS to complete the chosen new ISA manager's transfer form, NOT to approach the existing one.

OMG, my apologies yet again and even more abject this time for misreading Baldur's post and getting what he said the wrong way round. Realised the second I pressed Submit. Sorry, sorry, sorry... read Baldur's post quoted above, not my response. As you can tell, I've never TF funds before.

owitemisermusa

Hi guys,

Halifax will guarantee the current FRISA (5%) for the 60 days after opening the account till cash received.

I asked the chappie whether I can do part transfers and he said no, he didn't sound too sure. Does anyone know if I can? I would like to leave some 'rainy day' or 'invest when stock market totally bottoms out' money handy.
Cheers.
I need to know quick before they pull the rate.

Thanks.
OMM

Baldur

owitemisermusa wrote: »

I asked the chappie whether I can do part transfers and he said no, he didn't sound too sure. Does anyone know if I can?

HMRC permits partial transfers of previous tax year's/years' Cash ISA funds but current tax year's funds must be transferred whole.

Only Halifax can answer your question, assuming that you are talking about previous tax years'/year's funds, as ISA managers are not obliged to accept partial transfers.