first direct mini cash e-ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
5 replies 649 views
GoodFunGoodFun Forumite
98 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
* 5.60% tax free (fixed) until 1 March 2008, then 4.65% tax free (variable) thereafter 5.75% AER
* apply for and manage your e-ISA account completely online
* savings free of income tax of up to £3,000 each tax year
* interest calculated daily and paid monthly
* immediate access to your money*, however, once you've paid in £3,000 you can't make additional deposits - even if the balance is below £3,000 because you've made a withdrawal
* transfer any ISA balances from previous tax years (transfers from ISAs held at first direct are not permitted)
* start saving from just £1.

What do people think of the e-ISA from first direct. I know it does not have the most attractive rates but the fact it allows transfer from previous years makes it very attractive at least till 1st March 2008.

Replies

  • I think it's a relatively good rate and obviously quick to pay into/setup new/transfer into for existing FD online banking users..... but.... I have looked into this ISA and have been led to believe that it only accepts regular monthly payments of a minimum of 1 pound and a maximum of 250 pounds. No on the fly payments. Someone please correct me if I am wrong, but it does state this nearly half way through this FD ISA document: http://www.firstdirect.com/assets/pdf/minicashisa_moreinfo.pdf

    If it wasn't for this minimum/maximum paying in limit, I would consider this ISA as I am an FD customer. I prefer to make as and when payments and not be tied to a 250 pounds a month payment.

    As you are transfering in, from previous years, then this problem would not affect you. Also the rate ends next march, giving enough time to shop around for a new financial years cash ISA deal.
  • GoodFunGoodFun Forumite
    98 Posts
    I opened this ISA beginning of the March. Actually opening the account was quite simple as I applied online and had to just sign a form confirming my application details (I am not a FD banking customer).

    Made a one off payment from my online HSBC account which was transferred into my ISA account instantaneously. I remember talking to them and was told I can transfer money at any time.
  • Maybe the fact that you are an HSBC customer helped the good opeing and transfer process :)

    If you are allowed to use FD internet banking service with you ISA. I do reccomend their 'internet banking plus', where you are able to see all your accounts together, not only from FD, but other organizations too. HSBC are one of the banks that is compatible with this service.

    I too have just rejoined HSBC, just for their 5.75 saver account!
  • GoodFunGoodFun Forumite
    98 Posts
    The internet banking plus service by FD is an excellent and free service for everyone. One does not have to be a FD customer. I have been using it for over a year now.
  • I have been with FD for about 5 years and never knew it was free for everyone to use. Learn something new everyday :)
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