07/08 mini cash ISA with NorthernRock - stay or transfer?

AbbieCadabra

we've got just over £6,000 in this ISA with NR, fixed rate for a year of 6.01% AER.

i really don't want to jump on the band-wagon & flee NR as i do believe savings with them will be safe, but higher rates are available at the moment for a/c's that allow transfers in & i'm wondering if now would be a good time to switch...

complete (as it can be) peace of mind & higher interest :cool:

anyone else in the same situation?

stevec59

Yeah, I have £20k in a fixed rate ISA with Northern Rock, I wasn't sure if I could transfer or if I would loose money as its fixed rate, any idea's anyone, not sure I will transfer, but want to know where I stand if I want to, might be better off transferring to another B/s Mini Isa, rather than loosing if Norther rock do go down.
Can someone help with my calculations, I have £20k with N/r, £2k is safe..Right?So, I would loose 10% on the remaining £18k, so 1.8K, correct, quite a bit to loose, if N/r does go down.

TIA

Steve

slipthru

I was looking at moving to Kent reliance, Am i right in thinking that i will loose £30 interest from the 60 day penalty? I have £3170 or something there abouts in there.

RayWolfe

If you have any sort of fixed rate account, you will either lose some interest or be prevented from moving it. Check the terms that you signed up to.

slipthru

Yes it's a 60 day penalty for a 1 year fixed and 120 day penalty for a 2 fixed and 180 for a 3 year fixed.

stevec59

So, what happens if another B/s buys Northern Rock? Is our money in the mini ISA safe?
Or transfer and loose 60 days interets, (a lot less than £1.8k that I would loose if they went bankrupt!!

TIA

Steve

luv_my_brass

I have been buying the full 3k for the previous 3 years (9k) but didn't this year as I am now retired and don't pay tax, have also worked out that I got more interest, even after tax, on my savings a/c with NR, even though they don't pay the top interest. I have now opened online saving a/c with ING, Icesave and Coventry BS in order to transfer my savings from NR. I suppose I should cash in my NR isa's at the appropriate time, but is it worth buying more or putting the money into a savings account?

slipthru

luv_my_brass wrote: »

I have been buying the full 3k for the previous 3 years (9k) but didn't this year as I am now retired and don't pay tax, have also worked out that I got more interest, even after tax, on my savings a/c with NR, even though they don't pay the top interest. I have now opened online saving a/c with ING, Icesave and Coventry BS in order to transfer my savings from NR. I suppose I should cash in my NR isa's at the appropriate time, but is it worth buying more or putting the money into a savings account?

I guess where ever is going to give you the best interest is the best place to move your ISA money to. Might as well cash it in now.

AbbieCadabra

just thought i'd bump this as i'm wondering how us NR isa peeps feel now?

i'm sticking with NR, for now. must admit i'm getting a little more worried as time has gone on...

Aegis

AbbieCadabra wrote: »

just thought i'd bump this as i'm wondering how us NR isa peeps feel now?

i'm sticking with NR, for now. must admit i'm getting a little more worried as time has gone on...

Your ISA is guaranteed as long as your total savings amount with NRK isn't more than £35000. Of course, if there's a provider with a better rate that accepts transfers, you should go to them for the better rate anyway!

Froglet

I already have savings with the silver saver account and when i was looking at fixing an old ISA that was at a poorer rate of interest i chose the 3 year fix with Northern Rock,just a few weeks ago.Rate is 6.2%.They were quick and efficient and i have no worries about the account at all.

Mind you i am certainly nowhere near the limit guaranteed and never will be but if only more people put some savings back it would surely help their situation?