Regular saver ISA @ 2% vs Flexclusive ISA @ 1.5%

SmarterNotHarder

Apologies if this is a stupid question/has been asked before but..

This is about Nationwide ISAs as even the fixed ones aren't that much better and include a penalty.

If I put into a regular saver ISA at lets say the max of £1270 pcm as an example, And I get 2%, this is the equivelent of getting 1% on £7620 over the year.

If however I open the 1.5% Flexclusive ISA, and put in my starting capital of £3600 straight away (from my First Direct RS) and then top up as soon as I have the money rather than waiting for the 1st of the next month, I'm better off aren't I? Or have I missed something glaringly obvious?

And in theory, if I open the Virgin money 2% and transfer my existing ISAs into there, and then open the 1.5% Nationwide, I still have a choice about the Help to Buy ISA as Nationwide let you split and only care about this year's allowance right?

Please help!

Archi_Bald

SmarterNotHarder wrote: »

If I put into a regular saver ISA at lets say the max of £1270 pcm as an example, And I get 2%, this is the equivelent of getting 1% on £7620 over the year.

No it is not. You are also comparing apples with pears - it is very different whether you have a lump sum of £7,620 at the start of the year, or only £1,270 a month.

Anyway, 1% of £7,620 saved as a lump sum for 365 days is £76.20.
2% of £1,270 saved on the 1st of each month for 12 months is £164.60.

SmarterNotHarder wrote: »

If however I open the 1.5% Flexclusive ISA, and put in my starting capital of £3600 straight away (from my First Direct RS) and then top up as soon as I have the money rather than waiting for the 1st of the next month, I'm better off aren't I?

It will depend a lot on how much additional money you can add when.

You would receive a lot more interest if you could save in current and regular savings accounts which have higher interest rates even after tax. You can still put your savings into an ISA late next March. Although, remember that at least one part promised £1,000 (for BR tax payers) tax free interest from 2016.

SmarterNotHarder

Thank you, good point on the interest values there, I hadn't seen that. Basically, I have £3600 up front, but then won't be anywhere near the £1270 per month mark in the rest of the months. I'm not allowed another Flex Direct for another year, and I have a FD current account (for their regular saver) a Halifax reward one, a barclays and natwest one and a Nationwide Flexplus. I'm not sure my brain can handle any more!

baldeagle09

For those in Northern Ireland Progressive clockwork ISA pays 2.75%

rexel

why is it not listed on isa tables

baldeagle09

Maybe they don't pay Martin et al sufficient commission.
ISA tables are not particularly known for their objectivity!

jimjames

rexel wrote: »

why is it not listed on isa tables

Maybe it's not available across the UK?

bristolleedsfan

baldeagle09 wrote: »

For those in Northern Ireland Progressive clockwork ISA pays 2.75%

I opened one of these myself couple of weeks ago. :j

Withdrawals either at a branch or by cheque through the post, there is a Direct Debit option for deposits after initial deposit in addition to normal electronic payment method.

http://forums.moneysavingexpert.com/showpost.php?p=68148967&postcount=4003