Alliance & Leicester Direct Mini Cash ISA Issue 2!

simplysound_2

Hey i have a question about my Alliance & Leicester Direct Mini Cash ISA Issue 2. I opened it early in April last year (in this tax year) and moved another ISA into the account (so there is £6000 in total). I recieved some interest in January and now considering moving it to get a better interest rate. I would move it to Halifax but they wont allow that.

Three questions...

1) what is the current rate of interest i will be getting now & this coming year / is it competative?

2) is there anywhere better?

3) If i move the £6000 - will i lose any interest earned from January through to now or the point at which i move the ISA?

thank you very much in advance!! :j

liamsquire

I'm moving my Direct ISA Issue 2 to Abbey who are offering 5.5% for ISA's under £9,000 and 5.75% for ISA's over £9,000. It also moves with the Bank of England interest rate changes.

My current ISA with A&L, the Direct ISA Issue 2, is paying 5% I think. It only rose once with the last three Bank of England interest rate increases, which is poor imo.

I'm planning on switching asap and possibly opening a better paying ISA like Barclays for new money in 07/08.

Hope this helps.

simplysound_2

Yeah its looking like its going to be worth changing and Abbey looks good.

Will the current offers on ISA's change after April the 4th?

liamsquire

Last year I remember missing out on the bonuses that were attached to some ISA's after opening mine around the 12th of April so might be worthwhile transferring asap and getting a new one fairly quick as well but it's possible the deals still may be there after the 4th of April. I only opened my first ISA last year so maybe someone else will have a bit more experience and can tell you more.

sutyde

Hi, I am in the same situation with A&L direct ISA issue2 and trying to move the money to another bank, such as Abbey. My question is that I have saved the full £3000 amount for 06/07 tax year in A&L last April, can I still open a new ISA and transfer all old money to it before this April? or I have to wait until 6th of April. My aim is to move my money from my previous ISAs to either Abbey or Britannia, but put the £3000 amount for 07/08 into Barclays ISA, which only allow new money. How can this be arranged? I mean if I wait until after 6th of April, will I be allowed to open a Barclay ISA for 07/08 new money and an Abbey ISA for old money transfered from A&L ISA issue2?

Indispensable_Hobbes

Closed Rates - http://www.alliance-leicester.co.uk/savings/index.asp?page=closed-rates

Last night I opened an account with YBS, called A&L today to arrange a full balance transfer to the new account. I will open a new ISA with Barclays after April.

bonzer

There's a page here where you type the first three digits of your A&L account number and it tells you the rate:

http://www.alliance-leicester.co.uk/savings/index.asp?page=rates

It sounds like you've got an account starting 608 in which case it's 5.17% AER. The rate drops on this account on 30 April.

masonic

bonzer wrote: »

It sounds like you've got an account starting 608 in which case it's 5.17% AER. The rate drops on this account on 30 April.

The rate is 5.70% until the 30th April. The AER takes into account the rate drop, which is why it is a lot lower.

lisyloo

1) what is the current rate of interest i will be getting now & this coming year / is it competative?

If you got one of the bonus accounts then it's 5.70% until end of April, going down to 5% after that.

2) is there anywhere better?

At 5.7% a few, at 5% plenty (read other thread on this board).

3) If i move the £6000 - will i lose any interest earned from January through to now or the point at which i move the ISA?

You will not lose interest between Janary and now but you will lose a few days whilst the "cheque is in the post" (usually 2nd class).
It's difficult to predict when your cheque is going to be sent but if you can try to avoid the Easter bank holiday weekend then that would be good (because there's a 4 day weekend).

fpa_2

sutyde wrote: »

Hi, I am in the same situation with A&L direct ISA issue2 and trying to move the money to another bank, such as Abbey. My question is that I have saved the full £3000 amount for 06/07 tax year in A&L last April, can I still open a new ISA and transfer all old money to it before this April? or I have to wait until 6th of April. My aim is to move my money from my previous ISAs to either Abbey or Britannia, but put the £3000 amount for 07/08 into Barclays ISA, which only allow new money. How can this be arranged? I mean if I wait until after 6th of April, will I be allowed to open a Barclay ISA for 07/08 new money and an Abbey ISA for old money transfered from A&L ISA issue2?

I am in exactly the same situation, can anyone help please?

masonic

fpa wrote: »

I am in exactly the same situation, can anyone help please?

I thought most of this had been covered above. You can transfer your funds paid in prior to 2007/8 at any time. It will not affect what you can do after the 5th April. The account you open obviously needs to accept transfers.

Barclays is already accepting applications for 2007/8 contributions if that is the new account you are interested in. Otherwise, you may have to wait to apply for your 2007/8 ISA (or, of course, pay it into the account you transfer your old funds to, if that is what you intend to do).