Get ISA now or wait for better rates?

ioscorpio

When I first opened my M & S ISA last March I opened the account online and the money was transferrred direct from my smile current account, I did not have to send them a cheque or sign any forms as it was all done online.

david78

I think ISA transfers are different to applications. They must be made using paper. The only exception is where a transfer is made between ISA products with the same ISA manager. e.g. Nationwide offer 2 mini Cash ISA accounts and can arrange transfers between them at will if they want. (They actually take a few days to do it though!).

ioscorpio

Mine was a new application not a transfer

donsaini

i have a M&S ISA.

i thought the rate was now only guaranteed to be .25% above base. doesnt that make the present rate 5.00% from new tax year.

then the abbey isa is 0.35% higher.

which can be significant if holding afew years allowance in M&S.

on £9000 + £3000 from this year can equate to £42 extra assuming no changes.

however from what i've read abbey isa not guaranteed over base. so if base rate goes to 5% as every one thinks it will. then only be 0.1% difference. or about £3 for the whole year on this years allowance

:beer:

ioscorpio

The last letter rec was Feb 2005 stating rate change was to 5.25% as it guaranteed 0.50% over base rate but changes to 0.25% from April 2005

isasmurf

An 'above base rate' guarantee does not mean the interest rate will be exactly the base rate + the guarantee. It means that the interest rate will not fall below the base rate + guarantee. The bank can set the interest rate higher than that minimum interest rate if they like. The M&S ISA remains at 5.25%