First Direct Cash ISA- 3% for £40k+

Christa1

Couldn't see this posted anywhere so hope it's not duplicated.

For anyone who has built up their ISA allowance over the years and looking to transfer this may be of interest.

It's important to save for the future - and whether you’re saving towards a particular goal or purchase, our Cash ISA, which pays 3.00% AER (2.96% tax-free) variable on balances of £40,000 and over, could be a firm step in the right direction. You can start saving from £1, you earn tax-free interest, and you get instant access to your money whenever you like. And it's so simple, you can complete your ISA application online.

• tax free interest
• interest is calculated daily and applied monthly
• instant access by a transfer to another first direct account
• transfers from other providers allowed
• apply and manage online, by post or by telephone.

typistretired

https://forums.moneysavingexpert.com/discussion/401374

Kazza242 has listed it already in cash isa list

Stompa

A family member was asking me about the FD Cash ISA the other day. He would like to open one, but it requires you to open a 1st Account as well.

He is currently not working, and living off savings. What are the chances of him actually being able to open the 1st Account? And would the act of applying (successful or otherwise) be likely to have any detrimental affect on his credit report?

Assuming he was able to successfully open the 1st account, their website states that "we'll waive the fee if you ... hold a selected first direct additional product". Does anybody know if the Cash ISA counts as a "selected first direct additional product"? I can't seem to find this info on their website.

Porcupine

There is a credit check for the current account, and they do ask for your income. You might improve your chances if you say you don't want an overdraft. It would show as a credit check on his credit record, but it shouldn't increase the amount of credit available if there's no overdraft.

The cash ISA is a suitable available product to waive the minimum monthly deposit requirements (it's mainly the Regular Saver that's excluded - see the full list on page 10).

logie48

Stompa wrote: »

A family member was asking me about the FD Cash ISA the other day. He would like to open one, but it requires you to open a 1st Account as well.

He is currently not working, and living off savings. What are the chances of him actually being able to open the 1st Account? And would the act of applying (successful or otherwise) be likely to have any detrimental affect on his credit report?

Assuming he was able to successfully open the 1st account, their website states that "we'll waive the fee if you ... hold a selected first direct additional product". Does anybody know if the Cash ISA counts as a "selected first direct additional product"? I can't seem to find this info on their website.

To be safe, you can open up an 'everyday e-saver' account and fire £1 in it. That should count.