Abbey National Postal Mini Cash ISA

lipidicman

I have a question:

Why is everybody rushing to open this account?
What happens to 'account no longer available' account? The interest rates plummet

Is it really worth the hassle when you can get similar rates elsewhere?

Hobo_2

Yeh! i don`nt understand the Abbey rush, Wesleyan offer 5.35% fix 1yr

lipidicman

Who? Wesleyan? and fixed might not be so good if there is a rate rise as seems to be expected

Hobo_2

Int rates, thats the gamble!

http://www.wesleyanfinancialservices.co.uk/content.asp?psinfo=2302|31|!!14179409-814C-4594-96DE-F38085AE2E10}|0&PagePath=

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).

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.

There doesn't seem to be an "accounts no longer available to new customers" type section when looking for interest rates on the Abbey website. How are all us Postal ISA (Issue 1) holders meant to keep an eye on the rate (which will presumably plummet at some point?)

Fatboy_NSS

jimclark1967 wrote:

There doesn't seem to be an "accounts no longer available to new customers" type section when looking for interest rates on the Abbey website. How are all us Postal ISA (Issue 1) holders meant to keep an eye on the rate (which will presumably plummet at some point?)

You use the old fashioned method. Abbey have to notify you by post of any change in the interest rate

Edit: sp

jimclark1967

True - though only within 30 days of a change, might miss the optimum transfer time

It was more the fact that when you click on "previous rates" for issue 2 it shows the previous rate (5.1%) for issue 1, does nothing to reassure issue 1 people that their rate hasn't dropped from 5.35% to 4.9%

I can't see them following a future rise in base rates anyway

djblamire

Has anyone had it confirmed to them that the issue 1 ISA is still at the previous interest rate ???

Thanks
Daniel

Aark

I have just sent an e-mail message to Abbey through their website to ask if existing Abbey Postal ISAs are still at 5.35% and querying why the rate does not appear to be on their site.

Dave2012_2

I posted off my application form for the postal ISA (including a transfer from another) on April 10th, and have heard nothing from them. I rang them on Saturday after noticing the rate change to 4.9% to ask if they were doing anything about my application. They said they had a 3-week backlog of applications and hadn't processed mine yet, and were unable to tell me whether it had been received or not. They assured me that if it was received before May1st (which I have to assume it was) then it will get the 5.35% rate, not the new one. Should I trust this given how tardy they seem to be, or get them to stop the application and transfer it to somewhere better instead? If it ends up being put in the Issue 2 account (which is what I'm worried about and will mean I've actually transferred my current ISA to one with a LOWER interest rate :@) what can I then do about getting them to change it?

Cheers!