first direct ISA

innovate

There is no monthly fee for the FD current account if you hold "a qualifying product". One of which is the ISA, I believe.

check "Banking Fee" in http://www2.firstdirect.com/content_static/pdf/rates-and-charges.pdf

oldfella

Mr_K wrote: »

You also have to have a current account with them, for which there is a monthly fee. Devils in the small print. I'd still be tempted but expect the rate to plummet any day...

if (when) it does drop I would expect them to retain the 3% rate on opened accounts for some time, maybe the remainder of the tax year.

10_66

Richchad wrote: »

Does anyone know the monthly date FD update the monthly Cash ISA interest to show in your online account?
I thought it was 1st of each month, but no interest showing in my account so far for May..
Last interest shown was on 24th April, just a week after initial deposit, thought I would have further interest up to 1st May?

Did you ever ring to find out their usual interest payment date? I had some interest paid into mine on the 8 May (for up to 7 May), I opened the account on 12 April, transfer from previous years' went in on the 2 May. Interest works out correctly for the number of days funds have been in, it's just that the 8th seems an odd date, it doesn't tie up with either the anniversary of the opening date or the beginning of the month.

Mr_K

Ok, taken the plunge as 3% is just too tempting. Opened a 1st direct account, however i have already contributed to a cash isa this tax year (not the full amount yet). How do i open a first direct one and transfer ? You have to open with a min £1 and make the declaration that you haven't subscribed to another cash isa this year. Thought i would be able to open it with a £1 as as I haven't made full subscription this year and then transfer. Looking at the rules though maybe not.

In the past years when I've had this issue I've just opened with a zero balance and then transferred but FD want a minum £1 to open.

innovate

I reckon you don't apply for an ISA, but instead fill in their transfer request form and post it to them. They will do the necessary and open the ISA for you as part of the transfer.

But don't take my word for it - call them to confirm.

lisyloo

Did you ever ring to find out their usual interest payment date?

I opened an ISA early April.
My interest has been paid on 25th of the month calculated "up to 24th".
It actually says "GROSS INTEREST TO 24<MONTH>13"

I reckon you don't apply for an ISA

I think you apply AND send off the transfer (did mine early April).
If you are transferring then there is a box to tick so that you are not required to make a deposit (some who've filled their ISA allowance cannot legally make a deposit).
I remember this because I go it wrong the first time and the ISA wasn't opened.

So as with most companies I believe you open an empty ISA first before your transfer. That's what we both did anyway.

10_66

innovate wrote: »

I reckon you don't apply for an ISA, but instead fill in their transfer request form and post it to them. They will do the necessary and open the ISA for you as part of the transfer.

But don't take my word for it - call them to confirm.

This is correct. If you just want to transfer into the account (rather than open online with £1) you have to fill in the transfer form only, and send it off to them. I rang in April to check on this as I originally going to do this, although in the end I opened online with £1 (as I hadn't subscribed into this year's ISA), then transferred previous ISAs into it.

Mr_K

Well transfer done and it only took a few days from Halifax to FD which is impressive.

Less impressive however is that they've transferred the whole lot when i only asked for a partial transfer (!) Was going to keep a small amount in the Halifax, even though its a lower rate, in case FD did the 'dirty' and chopped the interest rate, then easy to transfer back. Should really query it but not sure I can be bothered. Not sure how they'd put it right as the Halifax account at that rate isn't available any longer. Looking at other threads it seems to happen a lot with people who only wanted partial ISA transfers.

innovate

Mr_K wrote: »

Looking at other threads it seems to happen a lot with people who only wanted partial ISA transfers.

I don't think it happens a lot, mainly because not many people do do partial transfers. Having said this, I had a bit of "fun" when I requested the transfer of just £100 and they decided to transfer more. Got it all sorted in the end though.

If I were you, I would complain - - it is just completely unacceptable that one or more bank employees (Halifax only? FD only? Halifax and FD?) move your money without your explicit agreement. It is just inconceivable that they should get away with it. It is not your problem how they would re-instate the Halifax ISA - - they made a mistake, they need to sort it. Plus, they need to pay you for your time and efforts to identify the issue, and to oversee its resolution.

Gordon_the_Moron

grandprix wrote: »

. . in the MSE tables on this website ? I only found it by chance. Neither MSE nor MoneySuperMarket.com seem to mention it in their tables. Does inclusion in the table require payment by any chance - surely not Martin, have you sold out ? BTW - my experience of a certain red logo'd Spanish bank is absolutely terrible customer service, whereas my experience of FD is nothing but excellent customer service.

Inclusion in the table does not require payment.

It is included here (best ISA transfers guide)
http://www.moneysavingexpert.com/savings/cash-isa-transfers

It wouldn't be included in the article for ISAs for just new money as the most interest you can get without transferring in is 1.2%, which you can get almost double elsewhere.