ISA 2% Bonus??

mumx3

Just about to move my ISA and putting it into Cheshire BS,

The Cheshire BS (part of Nationwide) ISA Saver pays 2.5% AER. It includes a 2% bonus until 31 July 2014, so diarise to ditch and transfer. You must make a minimum deposit of £1,000 but you can also transfer in previous years' ISAs.

Can someone explain about the 2% bonus, does that mean I have to keep the money in until 31st July 2014 to get the bonus? if not what does it mean?

Thanks

innovate

It's an instant(-ish) access ISA, so you can withdraw as much as you like anytime you like. Like with any other savings product, interest gets calculated daily, and you will receive the interest (incl the bonus) you have earned, regardless of when you withdraw your money. Interest gets paid on December 31 (and when you close the account).

Note I am saying "instant-ish" for this ISA because you cannot operate it online, and deposits and withdrawals appear to be happening by cheque, or cash in Branch, only.

Further details incl T&Cs on http://www.thecheshire.co.uk/ISAs/ISA-Saver/

Goldenyears

I thought the T&Cs explained it well enough:

The rate includes a fixed bonus interest rate until 31 July 2014 which is paid for each day the balance of the account is £1,000 or more

and

Interest calculated daily and paid annually on the 31 December to the account.

mumx3

Goldenyears wrote: »

I thought the T&Cs explained it well enough:

The rate includes a fixed bonus interest rate until 31 July 2014 which is paid for each day the balance of the account is £1,000 or more

and

Interest calculated daily and paid annually on the 31 December to the account.

Yes that explains it, thanks. Didn't read the T&C's!