MSE News: Got a NatWest or RBS cash Isa? Check your rate isn't being cut

Options
124

Comments

  • gahill29
    Options
    Sign of the times and it is hardly worth worrying about the tax free label. I've built up my ISA pot over a number of years switching/transferring at least 5 times. Been with Natwest since Mar 12, difficult to see where to go next but my Santander current acc pays 3% up to 20K so even after tax looks better ! Might as well put the remainder into riskier equities.
  • info_maniac
    Options
    Have already part-used this years NavWest E-Isa (my partner as well) - Does this mean I have opened or subscribed to a Cash Isa this year and can't open a new Cash Isa and transfer the Natwest Isa to the new one in this tax year?

    I believe many other folks will be in the same boat, will be good to know what they intend to do.
  • gahill29
    Options
    Info_Maniac - This is money ran an article to answer the Q you have posted. It seems you can specifically transfer previous ISA's to a new provider and this is not classed as opening a new one. I am not allowed to post the link as a newbie but the article can be found on google search for "can i open more than one isa in a tax year"

    Hope this helps
  • Same boat as everyone here. Virgin looks equivalent to what we were getting (it's 1.8% rather than 1.75%). My question is, is there any info on who has cut rates recently? I wouldn't want to switch to Virgin for them to drop their rates in a few months time.
  • GreenBitterfly
    Options
    Same boat as everyone here. Virgin looks equivalent to what we were getting (it's 1.8% rather than 1.75%). My question is, is there any info on who has cut rates recently? I wouldn't want to switch to Virgin for them to drop their rates in a few months time.

    I think the 1.75% has been that way for a few months, but old Virgin/Northern Rock ISA accounts have had their rates drop, I think mine's dropped twice this year, down to 2.40% from 2.80%, and then again this month from the 2.40% to 2%.
  • vigman
    vigman Posts: 1,377 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    Is it possible to time the transfer out (or request a specific day to transfer) from NW so that it is on the last day of the higher rate?

    Vigman
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
  • dragonfly500
    Options
    New member here, but same deal. Discovered my ISA is halving from 2% interest to a rather pathetic 1% (or 1.15% inc. 0.3% "bonus").

    I've been looking at other ISAs to transfer into and come to similar conclusions regarding Royal Mail and Virgin. Does anyone have any thoughts regarding either of these?

    Or, as gahill29 mentioned above, is it actually worth worrying about the 'tax free' saving considering the low interest rate anyway? The concern being, I imagine, the promise (threat?) of a more upbeat saving economy in a few years making this a more scary threat for long term savers? But what about for those saving in the short term for, say, a house deposit?
  • littlemissbossy
    Options
    I haven't heard anything, email or post, from Natwest yet!
    Don't wait for your ship to come in, swim out to it.
  • dave2
    dave2 Posts: 264 Forumite
    First Anniversary Combo Breaker
    Options
    I'll be getting chopped from 2.25% to 1.5%. What is the best I can switch to - 1.75% with Virgin? Might aswell hang around until/if a decent rate appears, despite my annoyance. Would have been nice to be on a rate actually above inflation for a change.
  • jonmimir
    Options
    It appears Natwest are cutting my current 3.01% rate to a measly 1.5%. Thanks but no thanks, I'll be taking my business elsewhere ... which I'm sure is what they wanted, these changes will save them a fortune.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards