Abbey National Postal Mini Cash ISA

HLK

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.

This is correct.. also member of staff .. picked up my application form on way out of office tonight..
I would allow an extra day....



David.. above .. this was on Intranet today...

pennies2pounds_3

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.

Strange that - I opened one as well as my wife and my mother . I transfered more than £3000 into one and my mum transfered into one also with more than the £3000 my wife has only just started one but we didn't get this problem - maybe you need to speak to an older member of staff!

MSE_Martin

Hi just to confirm I saw this message a couple of days ago and re-checked with Abbey. There are no limits on the amount you can transfer in. Of course, do it quickly as they're shutting it on 30 april (and for the last week in branch apps only anyway)

houmie

Hi Martin,

30th is a Saturday, which means I had the time to go to the local branch. Is 30th still 5.35%?

BTW I get my permanent National Insurance Number on 19. May. Does it mean I can't open a mini ISA right now?

cheers
Houmie

Fatboy_NSS

davidcampbell wrote:

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

It's on the first page of Bookstore at the moment. I think it was also in My Job, either on Friday or yesterday.

chiny wrote:

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.

You're right that there were problems with the Postal ISA, as Abbey was inundated with applications and couldn't cope at first. However that's been solved now and if you come in to a branch the account will be opened there and then. You can't actually get a form by post at the moment tho as there just isn't enough time to mail them out and get them back by the 30th.

houmie wrote:

BTW I get my permanent National Insurance Number on 19. May. Does it mean I can't open a mini ISA right now?

You have to provide your NI number within 30 days of opening the account, otherwise it has to be closed under Revenue rules. If you open your account on the 30th April you would therefore have until 30th May to give your NI number to Abbey, so should be fine!

Anon

A related question as there seem to be a few Abbey people here - I already have an ISA set up with Abbey (transferred in from another provider in November). ON the annual statement it shows the account number and sort code - although this is a postal ISA, am I right in thinking that I could use these details to transfer money from my Cahoot account to Abbey?

Many thanks

Anon

davidcampbell

yes

although in theory any bacs payments should be requested by post rather than just "bacs-ing" it over, as per account rules, however as a previous thread notes (about 10 days back) most people seem to be ok "bacs-ing" it straight over.

It's on the first page of Bookstore at the moment. I think it was also in My Job, either on Friday or yesterday.

ahhh good old bookstore ... maybe i didnt look there. thought i had though

thanks



DC

houmie

Fatboy_NSS wrote:

You have to provide your NI number within 30 days of opening the account, otherwise it has to be closed under Revenue rules. If you open your account on the 30th April you would therefore have until 30th May to give your NI number to Abbey, so should be fine!

Actually I just checked and I have an Interview on 19th May. I am pretty sure I get one, since I am from EU and work for the European HQ of an US Company here in London. Shouldn't be any problem. I just assume the permanent number takes longer til I can hold it in my hands. Damn...

cheers
Houmie

bookbuyer

According to Money section in the Daily Mail, The postal ISA is closing as at close of business on Saturday, A new one will replace it with a lower interest rate

pin

Thank's to the OP and others for the heads up on the closing of the Postal ISA. Was able to open it in branch today, quick hassle free process. Account opened in 10 minutes and £1 coin deposited into the account, will pay in the £2,999 in a few days and have arranged to transfer my IF ISA across.

However my sister also tried going into a branch today (Canary Wharf area) and was told she had to make an appointment, next one avaiable mid next week. She was not a happy shopper.