Abbey National Postal Mini Cash ISA

p3gg

acw wrote:

I opened an Abbey postal ISA today and was told that any money invested whether 'new' money or transfer from my Mini Cash ISA is limited to £3000 per year. Therefore you cannot as Martin suggests transfer up to £21,000 from ISAs already held and get 5.35% on it all - they would only accept £3000 until next April so the net gain from transferring from a mini ISA would only be the difference between 5.35% and the rate you were previously getting in the already held cash ISA, and that on a maximum of £3000.

That doesn't sound right at all to me. I can't see that Abbey would pass up the chance of looking after your £21k or however much.

lipidicman

isasmurf wrote:

I'd go back and speak to someone else you'll probably get a different answer.

What chance do the public stand when people who open ISAs cant understand them. Is it me or are banks getting worse?

MSE_Martin

This isn't right. Abbey policy is you can transfer all your cash ISAs without limit (first direct does have a limit). You need to go back and retell them this. If that doesn't work send me a PM and i will pass your issue on to them

lipidicman

mooch wrote:

Takes a while though. 2-3 weeks from application to confirmation.

I dont mind how long it takes - what I mind is how many days my money does not earn interest in either account. Does anyone know how long this might be (I would guess up to 4 days like a standing order)

Fatboy_NSS

To clarify, the Postal ISA is being pulled on 30 Apr, and Postal ISA (Issue 2) is being launched the following day. Postal ISA will continue to pay 5.35%, while Postal ISA (Issue 2) will be paying 4.9%. Further deposits (within limits) and transfers in can still be made to existing Issue 1 accounts and will continue to get the 5.35% rate. This was from an update on Abbey intranet yesterday (which I didn't read til this morning).

Simple synopsis: if you were planning to pay money into an Abbey Postal ISA this tax year get it open before the end of the month, even if all you can afford to put in now is £1.

jimclark1967

Fatboy_NSS wrote:

To clarify, the Postal ISA is being pulled on 30 Apr, and Postal ISA (Issue 2) is being launched the following day. Postal ISA will continue to pay 5.35%, while Postal ISA (Issue 2) will be paying 4.9%. Further deposits (within limits) and transfers in can still be made to existing Issue 1 accounts and will continue to get the 5.35% rate. This was from an update on Abbey intranet yesterday (which I didn't read til this morning).

Just shows nothing good lasts forever :rolleyes:

chiny

Not convinced Abbey are a serious player. Based on concerns expressed in MSE, I had no problem finding a BBC report wondering on Abbey admin efficiency. I did dial the 0800 number for an application form for the postal ISA but after 5 minutes of button pressing and waiting got an endless "Sorry there is a fault please try again..."

Perhaps I will try the local branch next Saturday but if busy or staff sound confused, I will walk over the road to the Halifax - less interest sure but at least proven reliable over the years.

--
Chiny

Fastflys

Fatboy_NSS wrote:

To clarify, the Postal ISA is being pulled on 30 Apr, and Postal ISA (Issue 2) is being launched the following day. Postal ISA will continue to pay 5.35%, while Postal ISA (Issue 2) will be paying 4.9%. Further deposits (within limits) and transfers in can still be made to existing Issue 1 accounts and will continue to get the 5.35% rate. This was from an update on Abbey intranet yesterday (which I didn't read til this morning).

Simple synopsis: if you were planning to pay money into an Abbey Postal ISA this tax year get it open before the end of the month, even if all you can afford to put in now is £1.

Don't like saying, I told you so, but I did on the 7th April.

http://forums.moneysavingexpert.com/showthread.html?t=42647&page=1&pp=1

Robin_Hood_7

hi ppl, i have been reading a few threads regarding the mini isa`s , i have a mini isa with barclays bank from which i have £4000 in, i would have put another £3000 in this year comming but would the abbey be a better isa to switch to, looking at barclays rates i am on 4.55% (£3000+) so i just wanted to ask you guys if the abbey will stay at what looks like 5.35% ?

davidcampbell

Fatboy_NSS wrote:

This was from an update on Abbey intranet yesterday (which I didn't read til this morning).

.

where did you see this fatboy? i couldnt find it today?