4% ISA from new player :The Nottingham

rihsahs

Hi Guys, Please check out the link for 4% ISA which seems to beat all others hands down currently. The provider is called 'The Nottingham' and had not come across them before. Asking my fellow MSE users and perhaps someone on the editorial team to check how legitimate this company is.

No point in chasing high interst rate if the provider goes bust. HAPPY DISCUSSON!
The link:
http://www.thenottingham.com/savings/starter-isa-issue-3/

Blurb:

Summary of key account details

Account name Starter ISA Issue 3 Interest rates (AERs) 4.00% tax-free p.a./AER* fixed to 5 April 2014 Tax status Tax-free^
Conditions for bonus payments No bonus payable Withdrawal arrangements You can transfer to another ISA provider with a charge of 180 days’ interest on the amount transferred. No other types of withdrawals are allowed Access Branch

SalsaDanca

The Nottingham is Nottingham Building Society; they've been around since 1849.

They can afford to pay a high rate because it's a monthly savings account, so you can't get 4% on your whole allowance for the whole year, and it has to be opened in a branch in Nottingham, so it's only really available to locals.

One problem with a monthly savings ISA is that you will lose part of your ISA allowance unless you can make all 12 in this tax year. That means you've only got a week or two to open the account.

saintalan

SalsaDanca wrote: »

The Nottingham is Nottingham Building Society; they've been around since 1849.

They can afford to pay a high rate because it's a monthly savings account, so you can't get 4% on your whole allowance for the whole year, and it has to be opened in a branch in Nottingham, so it's only really available to locals.

One problem with a monthly savings ISA is that you will lose part of your ISA allowance unless you can make all 12 in this tax year. That means you've only got a week or two to open the account.

There is plenty of info on here already.

First you can open by post. I and others here have already this ISA year.

Second you can pay in up to £480 per month and if you feed from say a Santander 123 current a/c at the highest rate of 3% its the best deal around.

penny_pincha

I Also notice that it doesn't allow transfers from other ISAs.

"You cannot transfer in any previous ISA savings, whether from another ISA provider or a Nottingham Building Society ISA."

marathonic

SalsaDanca wrote: »

The Nottingham is Nottingham Building Society; they've been around since 1849.

164 years is relatively new.... I wouldn't trust them with my money until they've been about for at least 200 years...

Hominu

rihsahs wrote: »

Hi Guys, Please check out the link for 4% ISA which seems to beat all others hands down currently. The provider is called 'The Nottingham' and had not come across them before. Asking my fellow MSE users and perhaps someone on the editorial team to check how legitimate this company is.

They are not a new player and its been discussed before:
https://forums.moneysavingexpert.com/discussion/4539617
and it's also in ISA list:
https://forums.moneysavingexpert.com/discussion/401374

Please search next time before posting duplicate threads.

SavingRookie

Opened my ISA with them today, and made my first £480 deposit. They have 31 branches mainly around Nottingham but some in Sheffield, Lincolnshire, Chesterfield etc. Theyre like the 9th biggest Building Society in the country so they're pretty big...

Luckily I'm from Nottingham so have easy access and go to uni in Sheffield so ideal for me.

Gordon_the_Moron

SalsaDanca wrote: »

One problem with a monthly savings ISA is that you will lose part of your ISA allowance unless you can make all 12 in this tax year. That means you've only got a week or two to open the account.

I read the details of this account when it launched because it was a close call whether to open one or put this year's allowance in my Nationwide Flexclusive 1 (4.25% for the next months) deciding against it eventually. I seem to remember the account allowed you to topup to your full allowance in March 2014 if you had made short payments in some months so that isn't a problem.

I have two regular saver (non-ISA) accounts with them (I live near a branch) they are fine. It is FSCS protected so you can't lose your money though I'd be more surprised to see a small BS go under than a bank, a bigger one would just swallow them up like Yorkshire has done with Norwich and Peterborough if they got in trouble.