Bank Of East Asia Branch only Cash Isa

mchu5pwp

Hi,

My first post so please be gentle.

I was looking at the best rates available on the market to transfer out my existing ISA's to and i came across The Bank Of East Asia UK branch on a number of the comparison sites. They are paying a tied interest rates up to a max of 3% AER of funds above 40K. They are covered by FSCS scheme but the account is operated via a branch located in London or Birmingham.

Operating by branch is not an issue for me as once i load the account i plan to leave for a year. My concern is i can not find any independent reviews for this bank online and was wondering if anyone had any experience with them.

badger09

praks wrote: »

Hi,

My first post so please be gentle.

I was looking at the best rates available on the market to transfer out my existing ISA's to and i came across The Bank Of East Asia UK branch on a number of the comparison sites. They are paying a tied interest rates up to a max of 3% AER of funds above 40K. They are covered by FSCS scheme but the account is operated via a branch located in London or Birmingham.

Operating by branch is not an issue for me as once i load the account i plan to leave for a year. My concern is i can not find any independent reviews for this bank online and was wondering if anyone had any experience with them.

I've no personal experience, but as long as they are FSCS protected (and they are, I've checked ) I wouldn't worry about the lack of reviews.

As you say, all you're going to do is ask them to transfer your ISA, leave it for a year, then get another provider to transfer it out when you're ready. I haven't gone through all the T&C but it looks like an instant access, variable rate account so you'd have to keep an eye on the rate and be prepared to transfer again if necessary.

ColdIron

You might also want to check out First Direct who offer a similar product, you would need a current account with them as well though

http://www2.firstdirect.com/1/2/savings/cash-isa?WT.ac=FDST_LHM_SAV_CISA1001

mchu5pwp

Yeah the first direct one is the only other paying 3% but as you mention i need a current account with and need to keep in there £1500 average or change this to be my main account which i',m not sure i am ready to do yet.

ColdIron

I haven't checked out the requirements for the ISA but I would imagine it's identical to that of the regular saver. You don't need to change your main account or transfer anything, they are happy if you have another FD 'qualifying product'. Most people open the e-Saver and pop a pound in it. I have their current account and it just sits there dormant

mchu5pwp

Hi

I just check the How to Apply section of the Cash ISA and it states the below:

"To apply for a Cash ISA you must already hold a first direct current account - our 1st Account. If you already have a 1st Account, you can open a Cash ISA online, by telephone or by post."

Condition of a 1st account are:

"Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in or maintain an average balance of at least £1,500 each month or hold a selected first direct additional product."

The cash isa can be an additional product. Also the first 6 months is fee free for new customers. So you can open up a first account, leave it empty and then open a cash isa. Opening the current account would involve credit checks etc. Not sure if this is worth the hassle. Saving account would have been simpler, but ISA states 1st account is required.

ColdIron

It's easy, see my responses to this thread
https://forums.moneysavingexpert.com/discussion/4531299

Equinox

I have a savings account with them, but not that particular ISA you mention.

They're fine to use. No problems whatsoever. I go to the Birmingham based branch.

avnire

Hello there, I have just found the same ISA myself with Bank of East Asia. I wouldn't want to opt for First Choice, it's not worth the hassle for me to open another current account with them or transfer my current account.

Have you eventually opened an ISA with them? If so, what are you experiences?

avnire

I have just noticed that the interest rate is only effective the 30th June 2013 - for another couple of days!

Cash ISA (Effective until 30 June 2013)

Deposit amount AER Gross
£40,000 + - 3.0000% - 2.9700%

£25,001 - £40,000 - 2.7500% - 2.7200%

£15,001 - £25,000 - 2.3000% - 2.2800%

£10 - £15,000 - 2.1000% - 2.0800%

mchu5pwp

I ended up going with first direct, i have the ISA and the regular saver with them which both give the best rates. I did not qualify for the £100 bonus as i had a previous account with them a few years back. I have not transferred my current account to them. No issues to date.