Clydesdale 40 day Notice Account

chopperward

This ISA offering 2% looks about the best.

Does anyone know about the grading of the interest rates. Basically it only offers 2% if you invest £24,000 and above.

This is fine but I'm likely to only open this with around 5k and then transfer the rest from Santander.

Does anyone know if it will jump up to 2% once I have the 24k in or would there be any penalties for not having the 24k from a certain point.

Hoping that a few more will offer 2% to give me more options!!

eskbanker

The tiering of the interest rates is published along with the other account info at http://www.cbonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-40-day-notice/

AndyPK

There would be no penalty for opening it with £5K.

The advantage of Clydesdale is you can get your money quickly within 40 days.

I think Santander are doing a 2% ISA for 123 customers, this is fixed rate for 2 years unlike Clydesdale, but locked in for 2 years also

chopperward

Thanks. Amazingly I don't qualify for the 1 2 3 account. I did look into this but my phone monthly payment wouldn't be classed as a direct debit.

I will probably ring Clydesdale to see if I can set the account up for 2015/16. I think the'll say no...

Archi_Bald

chopperward wrote: »

Thanks. Amazingly I don't qualify for the 1 2 3 account. I did look into this but my phone monthly payment wouldn't be classed as a direct debit.

If you are saying that you don't have spare Direct Debits: it is very easy to set up any number of DDs that satisfy the requirements of Santander, Lloyds, Halifax, Coop etc.

Also, as an aside that might interest you: the 123 isn't the only current account that pays interest, and it doesn't pay the best rate. http://www.moneysavingexpert.com/savings/savings-loophole

MARTYM8`

I expect Clydesdale/Yorkshire will keep the 2% rate until their parent bank flogs them off at least - they want to keep customers and business to make the figures look good.

That may well take some time - and I would certainly recommend this account if you think you might need the funds (i.e. only 40 days notice).

Also if you switch a current account to YB/CB - on the new terms - as well you will get £150 and be able to view your ISA account online.

AndyPK

chopperward wrote: »

Thanks. Amazingly I don't qualify for the 1 2 3 account. I did look into this but my phone monthly payment wouldn't be classed as a direct debit.

I will probably ring Clydesdale to see if I can set the account up for 2015/16. I think the'll say no...

What don't you qualify for the Sant 123 account?
Tell them you earn more than £500 a month.

Your phone DD will count. And you will get 3% of it back every month too.

There are ways of setting up another DD.

Why will Clydesdale say no? Just make sure your registered to vote at the address you have used on your application

chopperward

MARTYM8, thanks. What if I open a current account from scratch? I don't have a current account to switch!

AndyPK, I dont qualify because I only have one direct debit. My phone is with giffgaff. I can set this month to come out each month but apparently it's not classed as a direct debit.

Thought Clydesdale would say no because I thought you could only open an account with (how should I describe it) new money? I've paid into this years so I'm presuming I wouldn't be able to open it until 6th April. Maybe I'm wrong...

badger09

chopperward wrote: »

MARTYM8, thanks. What if I open a current account from scratch? I don't have a current account to switch!

AndyPK, I dont qualify because I only have one direct debit. My phone is with giffgaff. I can set this month to come out each month but apparently it's not classed as a direct debit.

Thought Clydesdale would say no because I thought you could only open an account with (how should I describe it) new money? I've paid into this years so I'm presuming I wouldn't be able to open it until 6th April. Maybe I'm wrong...

If that is the only reason you don't qualify for a Santander 123 current account, it is very easy to fix.

Have a read around the Savings & Investment and Budgeting & Bank Account boards

chopperward

I just rang Clydesdale after reading on here that you can open an ISA witout paying into it, with a small chance that this ISA wouldn't be pulled on 6th April.

The guy said that no ISA can be opened without money being paid in from this years money (I can't do this) or transfering it in.

Also bit put off by this one as it's not fixed rate.

Got me thinking thought whether I should set it up and transfer my ISA with Santander that hasn't quite matured. It's at about 1.75%. I don't have all the info about this account to hand but does anyone think that some of my interest made on the Santander account would be taken away if I don't leave it to mature?

I knid of like the idea of a fixed rate as then I can just leave it and not having to keep checking to see if the one I have hasn't gone down. I thinkwe're pretty certain that any ISA that isn't fixed is only going to go one way, and with the Clydesdale being 40 day notice (although dos this penalty only apply to withdrawals and not transfers?!)

Time is running out to decide what to do!!!

planteria

transferring another ISA balance in should be fine, and move you up any tiers.
Cash ISAs are not, generally, very appealing at the moment.. but there are relatively safe options if you really don't want to put your money into shares/trusts.
as above, Current Accounts are often paying higher rates than Saving Accounts nowadays...the banks want current account customers as they can then provide other services to them:D
and again as above, NAB (Yorkshire Bank and Clydesdale Bank) are currently offering account transfer incentives and some decent rates (including this ISA rate) but they are looking to sell their UK business, so perhaps these deals/rates will change if their is a transaction. with Sabadell agreeing to takeover TSB this week, their are certainly suitors in the market, so we shall see.