Should I change ISA?

Robert_Sterling_3

OK Chop  your wish is my command.  
I have modified my post.

dunstonh

If you want fixed, you can get higher. You start to enter 6%. I thought it was being kept to instant/direct or relatively low tie in.

Reaper

Lambeth b/s postal ISA 5.65%
Portman b/s (45 day notice) 5.5%
Staffordshire (45 day notice) 5.5%
Ipswich b/s 5.5%

Then come abbey postal ISA on 5.35%

Hi DD - I seem to be agreeing with you on far too many of my other posts - so I'll make up for it now!

The Abbey rate is a simple what-you-see-is-what-you-get. All of the accounts you list ahead of the Abbey ISA have artificially boosted their headline interest rates to get into the top tables.

Lambeth - includes 0.5% which is dropped after 6 months. Also is it another 45 day notice account.
Portman - includes 0.5% which is dropped after 6 months AND you don't get it unless you invest £3000 (which is not the case here)
Staffordshire - includes 0.5% which is dropped after 6 months AND you don't get it unless you invest £3000 (which is not the case here)
Ipswich - I can't find a mention of this rate on their web site. They are advertising 4.1%

So I stand by my Abbey National recommendation unless you are prepared to constantly switch as the promotions expire.

Chop

OK Chop  your wish is my command.  
I have modified my post.

Cheers mate.

And thanks (AGAIN!!!) Reaper.......I'll be sticking with the Abbey rec as I wouldn't be bothered to switch every time the introductory offers runs out, also I'm not interested in a 45day notice account.

Chop

dunstonh

Hi DD - I seem to be agreeing with you on far too many of my other posts - so I'll make up for it now!

uh oh

So I stand by my Abbey National recommendation unless you are prepared to constantly switch as the promotions expire

The problem with the research lists is that the basic list relies on what info is given by the provider. A few of the providers are crafty and dont list things like that. Plus the list includes term ISAs with instant/direct ISAs. So, it is a basic list which needs further research before proceeding.

deemy2004

There are a bunch of instant access isa's at around 5.1% i.e. intel finance, kent reliance and others.

The better fixed ones range from 5.5% to 5.7% depending on term i.e. northern rock, united trust bank. rates for the fixed term ones are dropping fast ! I.e. northern rocks gone from 6% 4 weeks ago to 5.55% now

lipidicman

dunstonh wrote:

Lambeth b/s postal ISA 5.65%
[]b]Portman b/s (45 day notice) 5.5%[/b]
Staffordshire (45 day notice) 5.5%
Ipswich b/s 5.5%

Then come abbey postal ISA on 5.35%

Portman is a bonus rate - drops to 4.8% ish. And it has an exit fee now (£25-30 from memory)

thor

Chop wrote:

Hi all,

I'm new to all this but am getting increasingly annoyed when I realise how much money I have lost over the years by just trusting my bank that I'm getting a good deal. Hohum. ::)

Anyway, I have a mini-cash ISA with Lloyds and currently have about £1500 in it. I hope to start saving around £150 a month into my ISA from now on.

Should I stay with Lloyds or should I close this ISA and open a new one with someone with a better rate, say Abbey or Yorkshire BS?

I'm just not sure whether it's worth the hassle as it's a relatively small amount of money.

Thanks, all advice greatly appreciated!

In this case I don't think closing the account is so bad. He only has £1500 and intends to save about £150 per month so that will total £3300. Therefore he will only miss out on £300 for the final 2 months of next year and this could be deposited immediately in the following year. However, I would also avoid anywhere that did not allow transfers in as it shows that they like to tie strings to their products. Not very desirable.

westernpromise

Reaper wrote:

Ipswich - I can't find a mention of this rate on their web site. They are advertising 4.1%

It's probably only available to people with a local postcode. They had a saver account like that at one point last year; wouldn't surprise me if they had a similar deal on ISAs.

monki_man

do you guys think its worth switch to First direct ISa from abbey potal isa? switching back to abbey after 8mths, all the hassle worth it?