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Top Cash ISAs 2017/18 article - needs clarification

grumbler
grumbler Posts: 58,629 Forumite
Part of the Furniture 10,000 Posts Name Dropper Photogenic
edited 10 April 2017 pm30 5:54PM in Site feedback
RBS 1.05%
MSE wrote:
Good rate FIXED for a year if you've £20,000

RBS* 1.05% AER

The Cash ISA from RBS* pays a good easy-access rate if you're able and willing to pay £20,000 into it. The rate's 1.05% which includes a fixed bonus of 1% for a year - meaning you've certainty that the rate won't drop below this.
You can withdraw money from this account without notice or penalty and you'd still get the bonus on any amount remaining. However as the ISA isn't flexible, any money you do take out can't be replaced as it'll count towards your annual ISA limit.
Need-to-knows

  • You must deposit or transfer at least £20,000 before 5 May to get the bonus
...
Min deposit: £20,000
The fact that 1.05% is paid on £20K only is absolutely unclear IMO and 'at least'+'min deposit' make this even more misleading.

ETA: in fact, it's even more complicated. The rate on the first £20K is 1.05%/1.5% for balance below/above £25K (0.05% and 0.5% on the remaining balance accordingly). This makes it 1.3% on £25K.

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