BMW Savings launch 1 Year Fixed rate mini cash ISA - now 6.67%

Kazza242

BMW Savings have launched a new 1 Year fixed rate mini cash ISA and have increased the rate paid from 6.54% AER to 6.67% AER (as of 20th July 2007). The ISA, called Guaranteed Performance Bond ISA 4, is operated by Newcastle Building Society.

The rate is fixed until 05.09.2008 and the minimum deposit is £1. No transfers in are allowed so 'new money' only. On maturity the ISA will be converted into a BMW eSaver mini cash ISA.

More details on the BMW Savings website here.

Also Moneyfacts' information on this product here.

pbw

damn!!!!

i should have waited instead of opening the ING ISA....what bad luck!!!

Milarky

Kazza242 wrote: »

No transfers in are allowed so 'new money' only.

Very annoying. In effect, it's a 'limited offer', with only so much money 'set aside' at this attractive rate - like a bonds limited offer.

pbw wrote:

i should have waited instead of opening the ING ISA....what bad luck!!!

Not necessarily. Remember that with ING the rate is 6.55% for the first six months and then plummets to 5 point something forthe rest of the year to average 6%. The trick is to do a transfer to a 6%+ provider at the six month stage, that will boost that 12 month rate. Ruffler was mentioned yesterday paying 6.4% and Kent Reliance will be 6.31% - and they accept transfers

(Do we have a list of transfer-accepting accounts? There really needs to be one)

Kazza242

Milarky wrote: »

Very annoying. In effect, it's a 'limited offer', with only so much money 'set aside' at this attractive rate - like a bonds limited offer.

Many providers now seem to be offering ISAs only for 'new money' only. As you've said I guess they're limited the amount of interest they would have to pay.

Milarky wrote: »

Ruffler was mentioned yesterday paying 6.4% and Kent Reliance will be 6.31% - and they accept transfers.

That's right Ruffler are now paying 6.40%. Kent Reliance's Direct ISA rate is increasing to 6.21%.

Milarky wrote: »

(Do we have a list of transfer-accepting accounts? There really needs to be one)

Yes, we do. Check out my thread:

Mini Cash ISAs: The Best ISAs Currently Available List. The first post in the thread is continually updated.

mroller

lol
Why are BMW offering saving accounts?

bristolleedsfan

mroller wrote: »

lol
Why are BMW offering saving accounts?

its newcastle BS offering savings products to BMW audience, newcastles intention is that their own savers wont find out as newcastles savings product rates are inferior to those offered via BMW, i opened a "bmw" e-saver other month so i could finally chuck my long standing poor paying newcastle account, no transfers are allowed from any newcastle accounts to any newcastle BMW account, so i opened BMW e-saver first then closed my newcastle savings account, BMW accounts are newcastle share accounts.

reason for a lot of isas being new money only is it saves on admin associated with isa transfers.

notatroll

Newcastle BS is a financial !!!!!. They administer nearly all sub-prime prepaid cards on a market. They also used by foreign FIs to have a nibble on UK consumer.
In this case BMW is paying you interest/using your funds.

bristolleedsfan

notatroll wrote: »

In this case BMW is paying you interest/using your funds.

"BMW Savings products are provided and administered by Newcastle Building Society which is authorised and regulated by the Financial Services Authority (FSA) and is entered in the Financial Services Authority register under number 156058." :cool:

notatroll

If Newcastle BS wanted and could afford a good product why would they even mention BMW? It is BMW who needs your cash and will pay you the market leading interest. Yes the product is provided/managed and guaranteed by Necastle BS. As I said they currently charge the smallest fees for doing so.

Milarky

Kazza242 wrote: »

we do. Check out my thread:

Mini Cash ISAs: The Best ISAs Currently Available List. The first post in the thread is continually updated.

Brilliant! Thanks Kazza - I've bookmarked it

beebs

Does anyone else have any opinions on this? I am new to ISAs & have been reading up on the various information threads (these forums are fab for that by the way :T ) and this seems far & away the best offer around at the moment. In the t & c it did seem to be quite inflexible though, e.g. 45 days loss of interest if you make a withdrawal).

Any thoughts? I want to join the grown ups & sort out an ISA in the next few days :rotfl:

Cheers
beebs