M&S Cash Isa

bxboards

dwforum wrote: »

The letter made it very clear that I have the option of transferring elsewhere.

I'm reluctant to make a hasty change as they've been pretty good over a 10 year period, but this seems a distinct change in stance designed to force me to move elsewhere.

Ditto - but its very clear from the letter which practically urges a transfer away that they do not want our money at this point, as their rate is uncompetitive even in this climate. The letter which I also got on Friday makes it very plain we are more than welcome to transfer out.

I've gone for the Santander 3% Major ISA, which is fixed at 3% (with a possible 0.1% bonus) until May 2015.

SallySunshine

Looks like it will be a transfer then, but since deals are being pulled in the blink of an eye, how sure can I be that say, the Halifax won't pull theirs soon.

It seems it's not a case of waiting to see if better deals will soon be announced but that new ones are vanishing, as with fixed deposits etc.

Bad enough with those, without ISA's

SallySunshine

I've just rang M&S as I couldn't believe the rate they are offering.
got it confirmed that it would be 1.85% for 3 years!!!

I'd get a letter 2 weeks before maturity and given options.

When I asked if they would have a new deal coming out soon, obviously she couldn't say but since Issue 19 was only started a few weeks ago I can't see them suddenly opening a new issue with higher rates.

Off to ring the Halifax now to have a chat.

clippings

They are all dropping their rates, probably because of the Fundung For Lending scheme which gives banks cheap money - so they don't need to pay 3% to get yours.

I would not be surprised if anybody offering much over M&S's miserly rate will not be doing so for long. If you can find a good rate and lock in - great. But I'm not sure it's worth switching to a better variable rate.

SallySunshine

I must keep up!
Just noticed that Santander have a 2yr fix at 2.8% which seems decent.
Looks like they have just opened this one so that's another option.

innovate

SallySunshine wrote: »

I must keep up!
Just noticed that Santander have a 2yr fix at 2.8% which seems decent.
Looks like they have just opened this one so that's another option.

That 2 year fix is 3% if you have a 123 current account or credit card. I find the 123 current account marvellous because it pays me at least £10 each month but you must do your own research. If you consider it, open it via Quidco for £50ish cashback if you do it right.

SallySunshine

Have been with Santander nee A&L nee whoever since the year dot.

Still under A&L we get travel insurance which is well used.

Really need to work out if its worth swapping since we are always being nagged when we go into local branch:(

Sure it's a no-brainer:o

innovate

Doesn't matter if you already have accounts with them. Apply via Quidco. Saw earlier it's now £60 for the next 6 days. Must follow 'cashback site' practice (clean cookies etc) to get it tracking properly.

SallySunshine

Looked at quidco for Santander and all the reviewers had not received any cash back, strange:(

innovate

First one says theirs didn't track - - so no surprise that it didn't get paid

Second and third sound odd - - if all conditions have been met, I would not accept the decline, but instead complain directly to Santander.

Even more odd that Quidco report "100% paid between 60 to 90 days".

There have been several reports (on the forum) from MSEers who got paid. Can only find one now, but have definitely seen some others, too.

https://forums.moneysavingexpert.com/discussion/comment/59500599#Comment_59500599