The Top Easy Access Savings Discussion Area

Baldur

Summer01 wrote: »

Thanks Baldur - appreciate the information...
Does anyone know if you use this link, it will allow you to transfer your Cash ISA from Nationwide to them? I don't want to start a new one for this year - I just want to transfer at this stage and put in some additional savings on 6th April..

http://www.halifax.co.uk/savings/apply-isa-direct-reward.asp

See the following link http://www.halifax.co.uk/savings/transferringyourisa.asp

glewis

Hi

I'm look at opening an Ulster Bank eSaving Plus and the Web site states:

"3.46% Gross, 3.26% AER, including an introductory bonus of 0.50% for six months."

"Instant Access – your money is there when you need it, interest will be lost in any month a withdrawal is made. If a withdrawal is made in any of the first six months after the account has been opened, only the bonus rate (0.50%) will be paid on that month."
This implies you only get for bonus rate (0.5%) for the month you make the withdrawal.

But in the booklet that I was sent about the account is is similar but slightly different. Paper work states...
"Withdrawal arrangements – Instant access. If you make a withdrawal, you will not earn any interest for that month. If you make a withdrawal in the first 6 months after the account has been opened, you will earn the bonus interest of 0.50% Gross (0.50% AER) only."

However this statement seems to imply that you only get the bonus rate (0.5%) for the first six months of the account being open. Which one do they mean?

The devil is always in the detail. It also appears that you have to comment you money for the account for 6 months but it is a variable rate so they can change it at any time and appear to have done so very quietly. Is there a web site that will email you we when interest rates change on accounts?

Many thanks
Giles

Baldur

Read the Terms & Conditions of the account - e.g. this is the one from ulsterbank.ie:

89.3 No interest (except for bonus interest in the first 6 months) will be payable on the account for any month during which a withdrawal is made.

G_M

"Instant Access – your money is there when you need it, interest will be lost in any month a withdrawal is made. If a withdrawal is made in any of the first six months after the account has been opened, only the bonus rate (0.50%) will be paid on that month."
This implies you only get for bonus rate (0.5%) for the month you make the withdrawal.

But in the booklet that I was sent about the account is is similar but slightly different. Paper work states...
"Withdrawal arrangements – Instant access. If you make a withdrawal, you will not earn any interest for that month. If you make a withdrawal in the first 6 months after the account has been opened, you will earn the bonus interest of 0.50% Gross (0.50% AER) only."

I don't see the difference. Make a withdrawal in the 1st 6 months and you get interest at the bonus rate (0.50%) only for that month.
Make a withdrawal after the 1st 6 months and you get nothing that month.

It also appears that you have to comment you money for the account for 6 months but it is a variable rate

Most savings accounts have variable rates which can change at any time. If you don't like variable rate accounts, look for a fixed rate one. The 0.50% bonus is however guaranteed on top of whatever the variable rate is.

Is there a web site that will email you we when interest rates change on accounts?

No - but this forum often alerts to changes. Best way is to monitor your accounts yourself.
Banks have a duty to advise customers within 30 days of a rate change, but can do so by notices in the papers rather than emailing customers if they so wish.

frames1_uk

I should hopefully be getting my 26k back from Icesave within a couple of weeks, any half decent fixed term or instant access internet accounts out there?

Thanks

Baldur

frames1_uk wrote: »

I should hopefully be getting my 26k back from Icesave within a couple of weeks, any half decent fixed term or instant access internet accounts out there?

There may well be changes before you receive the funds if rates haven't yet been adjusted to reflect the March BoE rate reduction but check out the usual comparison sites:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#fixed
http://www.moneyfacts.co.uk/money/savings/1/short-term-fixed-rate-bonds.aspx
http://www.moneysupermarket.com/savings/
http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

System

Baldur wrote: »

The Halifax one appears to be one of the most popular with posters who are transferring previous years' Cash ISAs, the 12 month rate fix is a potential advantage.

The sooner that you complete a transfer form the better, as the account could be withdrawn at any time.

I've completed the forms, and opened an online account and have account number, sortcode and roll number.

I have got my passport, the Nationwide ISA statements and a copy of a statement and I'm going to the Halifax later today.

Can I also take my partners paperwork down to sort his accounts out if he's given me all the above too, as he's working all day today and won't have the chance to get to a bank?? Or does he actually have to go to the bank himself?? Just wondered inf anyone else has had this experience when setting up transfer ISA accounts...

Baldur

Summer01 wrote: »

Can I also take my partners paperwork down to sort his accounts out if he's given me all the above too, as he's working all day today and won't have the chance to get to a bank?? Or does he actually have to go to the bank himself?

You can try it but I suspect that he will have to take them in person.

System

I might phone them first to check I guess. Or find out if they are open on Saturdays..

System

I called the Halifax ISA number and they said I could take in my partners transfer forms to the bank as long as I had all the ID required and he's signed the form.

So off I went, and I had a really bad time at Halifax in Reading. Firstly I didn't realise I had to make an appointment, I went up to the counter. Easily fixed - had to wait 15 minutes then someone saw me.

The Adviser said that I should not have opened the account up on line as it made things complicated now for her, and she had to open up another account so I'd wasted my time. She then went off for 10 minutes and came back with two blank transfer forms (which we'd already completed and signed and I'd showed her on arrival). I asked her why I had to complete them again, she looked confused and asked me where I'd got my forms from - I told her from their internet site. She then disappeared off again to check something and that took ages, on the way back she started serving another customer (for ages!!) and left me sat in the office. I asked her if we could finish my transactions so I could get back to work.
She then questioned my partners application as he wasn't there in person. I told her their own offices had said that was ok. She then went again to check with her manager, who confirmed it was ok. The whole process took an hour and I was really fed up by the time I left there. :mad:

I am just so glad going forward it's online and by telephone!!!!

So on the 5th or 6th April, I guess I can I just transfer any "new" money to them over the phone or internet - without having this painful experience again...