Dot ComUnity Credit Union - ISA

MARTYM8`

Archi_Bald wrote: »

Nationwide FlexClusive went up to 1.6% today.

I think I am going to go with safety in numbers from now on – so will be sticking to the big banks and bigger building societies.

The Punjab national bank is, however, offering 2% instant access and accepts ISA transfers – they have several branches with their main central London branch being at Moorgate. It also has several good fixed rates.

http://www.pnbint.com/cash_isa.aspx

We will obviously await with interest what the process and timetable will be for transferring/releasing our funds from DCU. I am curious to know if anyone took advantage of Dot Community’s £5k social impact bond paying 5% over five years which some members received a flyer for back in March. It’s a salutary tale that without FSCS protection your funds really can be at risk.

masonic

This is great news for long-suffering customers. Going on past experience, I'm sure the FSCS will return your money with interest in a very efficient manner and you can finally move on from this saga.

It will be interesting to see if they will give the option for the longer fixed rate accounts to be held to maturity with full interest payable as they have done in other cases.

Archi_Bald

Update on the FSCS website: http://www.fscs.org.uk/news/2015/may/fscs-aware-of-situation-with-enterprise-in-business-credit-union-in-bournemouth/

Gizmo70

FOREVER21 wrote: »

The 2% offer only applies to existing customers who had the ISA with them prior to 17 April.
The rate now is 1.5% and does not allow transfers in.

Yes, the website now says:
Please note that from the 17th April 2015 we removed the option to transfer your ISA into the 40 Day Notice Cash ISA Account. This applies to new and existing customers. Any transfer applications already in progress will be completed subject to normal acceptance checks.

I am sure it has been mentioned in another thread that you could argue, as they have not personally notified existing customers, that they should accept a transfer request but not sure it is worth the effort.

I'm currently considering the new Nationwide Flexiclusive ISA at 1.60% or new fixed rate ISAs. I guess another alternative is to transfer it into an S&S ISA.

masonic

Gizmo70 wrote: »

I guess another alternative is to transfer it into an S&S ISA.

Has this experience engendered an increased tolerance for risk?

Gizmo70

masonic wrote: »

Has this experience engendered an increased tolerance for risk?

After this roller coaster, S&S seem plain sailing

Steve3S13

what about my fiver ;-)

Ed-1

Steve3S13 wrote: »

what about my fiver ;-)

Looks like we'll have to say a fond farewell to that very special fiver.

Am I right in thinking you have the 5 year fixed ISA?

I've been thinking: if we were to be offered the chance to maintain the account with FSCS until maturity before we get paid the capital + interest rather than receive the payout immediately (as was offered in the IceSave scenario), would you choose that option? Under that option, in that case the interest was not paid annually (and so not compounded) but the whole lot was paid at maturity.

Steve3S13

yes I do and yes I would but I would sadly miss that fiver:-)

I was in for 5 years and had no plans to withdraw my money until four years next Aug when my NISA matured so I would love to leave my cash with FSCS for 5 years at 3.75%
Where could I even dream of getting that rate now...............and I don't see it increasing anytime soon

Steve

MARTYM8`

Steve3S13 wrote: »

what about my fiver ;-)

Be grateful it wasn't £5,000 in their social impact community bond!:D