Cash ISA Question

moneyfoolish

I'm trying to decide whether it's worth the trouble transferring a Cash ISA worth about £14,000 from Nationwide where I'm getting 1.5% easy access to a 2 year fixed ISA of 2.1% at NCBS. Does anybody know how many days you lose in making the transfer?

MrRee_2

It's worth £84 to switch ...... do NCBS take transfers in?

moneyfoolish

MrRee wrote: »

It's worth £84 to switch ...... do NCBS take transfers in?

Yes, they do take transfers. Does that £84 include any days of lost interest making the transfer, though?

2010

The switching should take 15 days max.
A lot of them now are doing it electronically.(a couple of days)
Nwide does it this way but whether NCB can accept electronically ---- I don`t know.

MrRee_2

No it doesn't .... that's for you to work out after reading the T&C's.

You can also add the ISA allowance for 2014 to your £14,000 remember! After 6th April 2014 ....

lisyloo

Some banks start paying you interest when they receive your application.
Even if you lose interest it's usually a few days e.g. 3 or 4.

moneyfoolish

MrRee wrote: »

You can also add the ISA allowance for 2014 to your £14,000 remember! After 6th April 2014 ....

True but presumably only if they haven't closed the offer by then?

innovate

MrRee wrote: »

No it doesn't .... that's for you to work out after reading the T&C's.

You can also add the ISA allowance for 2014 to your £14,000 remember! After 6th April 2014 ....

Most fixed rate savings accounts, ISA or not, only have a very limited window for contributions. April 6 is still about 6 weeks away, much longer than the deposit window on most fixed rate accounts.

As you say, read the T&Cs.

2010

http://www.ncbs.co.uk/savings/tax-free/10th-issue-fixed-rate-cash-isa.aspx

2.10% tax-free^ AER*
to 31 May 2016

Key features
+ Minimum balance £1,000.
+ Savings up to the annual statutory limit of £5,760, whilst the issue is available.
+ Tax-free fixed interest rate for the duration of the term.
+ Interest paid annually on 1 October.
+ Transfers from other ISA providers accepted.
+ No withdrawals prior to maturity.
+ Transfer to another ISA provider, or closure, subject to the loss of 99 days' interest.
+ Limited issue (may be withdrawn at any time without prior notice).
Operation of your account
The Fixed Rate Cash ISA can be operated online, by telephone, by visiting our branch or by post.
How to apply
You can apply for the Fixed Rate Cash ISA in the following ways:
+ Apply online
+ By post: Download a product pack
+ By phone: 01372 747771

Cash ISA transfers
Our Online service can only be used for new subscriptions for the current tax year. To transfer an existing Cash ISA, please download an application form and transfer form. Once these forms are completed please return them both to us and we will notify your present ISA provider.

Wammer

I just checked their website and saw this:-

From 28 February 2014, 10th Issue Fixed Rate Cash ISA is only available to existing
NCBS Cash ISA customers.

2010

NCBS, another one bites the dust.
Just this week alone, Principality B/S has cut the 5 year fixed isa from 2.9% to 2.5%, the 1 year from 2% to 1.85% and the 3 year at 2.25% is gone altogether.
Last week the Leeds axed the 5 year at 3.05%.
If you see any ISA you like get in quick, `cos they don`t last.
Better still don`t put in any new money, go to Santander123 at 3% on £20k.
Anyone with a maturing ISA now is struggling to find anything to transfer to.
Probably the best thing is to accept the pain and just put it in a variable at least then you can move it quickly if rates ever improve.