Clydesdale 40 day notice ISA RATE CUT

C_Mababejive

Received today,notice of rate cut of 40 day ISA

They have also cleverly realigned the deposit bands

Rate change is on 11th March 2016

Current
24k and over 2%
9k>23999 1.50%
£1-8,999 1%


From 11th March 2016
£30k and over 1.75%
£15k-29,999 1.50%
£1-14,999 1%


Time to move on...

Rich2808

A shame - buy it's still better than their woeful help to buy isa rate which is the worst in the market.

Given you can no longer transfer in funds it would take more than two years to reach the maximum rate.

Still it's been a market leader for a while and now the Aussie owners are close to flogging off both banks they probably don't need the custom.

C_Mababejive

But where to move to though, that is the question? Cash ISA rates are rubbish. I suspect many banks and building societies will start to trim rates for a couple of reasons;
a)to push help to buy new ISA products
b)To fiddle people due to the new scheme of paying savings interest gross as of April 2016

Yorkshire_Pud

Also a sneaky way of encouraging/coercing customers to use their 2016/17 ISA allowance to top up to the new higher deposit bands in order to achieve the new lower rates as its not possible to transfer in now.

Also there's a period from 11th March where the customer has to wait until 6th April to do the above and whilst caught in this limbo the lowered low rate applies.:(

xylophone

And don't you love the "your rates are changing" rather than "reducing"..............:mad:

beefturnmail

Yes, although I'm fortunate enough that the interest payment has just kicked me over the £30k threshold. Though 1.75% is now (just) under my mortgage rate (1.79%) so wondering whether to just over pay the mortgage instead, particularly if interest rates go up (I'm on a tracker)

C_Mababejive

I wonder if you can move the ISA elsewhere without penalty if you are not happy with the haircut..?

xylophone

I wonder if you can move the ISA elsewhere without penalty if you are not happy with the haircut..?

You could approach a new provider now to arrange the transfer, remembering to tick the box on the transfer form that indicates you want to give the 40 days Notice.

norm_

Wasn't MSE pushing the 2.4% rate from Clydesdale only recently?

The banks have no higher loyalty to customers than customers do to them when using switching bonuses.

Archi_Bald

MSE don't push anything, they just list some of the best deals at the time of writing / updating their articles.

You are probably the last person who associates loyalty with banks and you should quickly forget about it.

Rich2808

The Al Rayan bank is offering. 2 percent on 120 days notice. It accepts transfers in and can be opened from £250. It can be operated online or by post or in one of their branches - which are in London - Whitechapel and Edgware Road, Birmingham, Luton, Leicester and Manchester.

http://www.alrayanbank.co.uk/savings/isas/notice-cash-isa/

Not quite 40 days notice - but it's an option.