Is this account any good?

Kimberley

Is this account any good?

http://www.halifax.co.uk/isas/variablerateisa.asp

DeepSporran

Looks terrible to me - only pays 4% on £3000 and 4.55% on balances over £27000.

You can do a lot better than that. What's wrong with Martin's favourite Barclays ISA at 6.5% (assuming you're not transferring in an existing ISA) ?

Suggect you read the article:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1077487692,12362,

Kimberley

DeepSporran wrote: »

Looks terrible to me - only pays 4% on £3000 and 4.55% on balances over £27000.

You can do a lot better than that. What's wrong with Martin's favourite Barclays ISA at 6.5% (assuming you're not transferring in an existing ISA) ?

Suggect you read the article:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1077487692,12362,

Hello Deep

I know what you mean by the Barclays one but i only want an account for my Aussie holiday for the time being, i would need to withdraw a lot of it at Xmas to book my plane tickets so an Isa would be no good for me, i would miss out on interest. I would go for that account once i get back from hols and start saving again.

I need an account which i could pay into a branch, i don't trust doing over the net no more because i was a victim of fraud not long ago.

SeanW

You wont miss out on any interest, and you can pay in the Barclays through Branch, and withdraw in branch, without penalty or notice. If you have a Barclays nearby, it sounds like a good idea.

Kimberley

SeanW wrote: »

You wont miss out on any interest, and you can pay in the Barclays through Branch, and withdraw in branch, without penalty or notice. If you have a Barclays nearby, it sounds like a good idea.

Thats cool, yes my Barclays is across the road to me So is it just the bonus interest i would miss out on then? I know i need to get in before 5 April, i'm hoping my Passport will be here by then as it's my only legit form of ID i have except for my birth certificate.

SeanW

The bonus isn't conditional, it's just valid for one year, so I think you should get the correct proportion of 6.5% based on your daily closing balanced up until withdrawing the money.

i.e. if you put £3000 in today, and take it out on 1 December, and the rate doesn't change (which it can, up and down), you should get 8/12ths of 6.5%, i.e. £130.

Kimberley

SeanW wrote: »

The bonus isn't conditional, it's just valid for one year, so I think you should get the correct proportion of 6.5% based on your daily closing balanced up until withdrawing the money.

i.e. if you put £3000 in today, and take it out on 1 December, and the rate doesn't change (which it can, up and down), you should get 8/12ths of 6.5%, i.e. £130.

I'm starting with £300 and hope to put in £200 per month until next Easter. £1400 will have to be taken out for the 2 x plane fare and then the rest i've saved for spending money. I just need to know the best account to save in, but Barclays is the one i'll go for.

Oh do i have to close it after the year or is the interest rate the same the following year also?

Aspal

Won't need to close it after the year is up, but interest rate drops by 1% (currently would be to 5.5% which is still good). Just bear in mind that you can only put £3,000 per year into an ISA so if you've already got to the limit you can't do any more until after 5 April.