The Top Easy Access Savings Discussion Area

Steve_xx

JimmyTheWig wrote: »

Ahh, transfer your ISA. I wondered how they managed to have an ISA with a minimum of £5k!

Now, my next question is how long do you think this account is going to be around for? We're getting 6.3% elsewhere for the next 4 weeks so would be annoying to transfer there now, but equally annoying to wait and miss this rate.

No, the ISA does not require a 5k deposit.

http://www.newcastle.co.uk/savings/5yearfixedrateisa

The bond does require 5k:

http://www.newcastle.co.uk/savings/5yearbond

I would not wait for 4 weeks with your 6.3% when you would be guaranteed 5% for the coming 5 years

Mr._H_2

JimmyTheWig wrote: »

Ahh, transfer your ISA. I wondered how they managed to have an ISA with a minimum of £5k!

Now, my next question is how long do you think this account is going to be around for? We're getting 6.3% elsewhere for the next 4 weeks so would be annoying to transfer there now, but equally annoying to wait and miss this rate.

Have you subscribed (paid in) to your 6.3% ISA this tax year? If not, you could open the Newcastle one now with a new deposit (£1), then transfer the old ISA when the good rate expires.

Steve_xx

Mr._H wrote: »

Have you subscribed (paid in) to your 6.3% ISA this tax year? If not, you could open the Newcastle one now with a new deposit (£1), then transfer the old ISA when the good rate expires.

A risky strategy. You can only subscribe to this ISA while it remains open.

Mr._H_2

Steve_xx wrote: »

A risky strategy. You can only subscribe to this ISA while it remains open.

Ah, yes, T&C 5:

After placing your Investment in the account you may make further deposits while the account is a current issue and subject to ISA limits. The account is limited issue and may be withdrawn at any time.

Thanks for the heads-up.

JimmyTheWig

Yes, opening with a pound doesn't secure anything (other than a 5% rate on a pound!).
As it happens my wife is below the threshold for paying tax, so we wouldn't bother with the ISA, anyway, just go for the bond.

ahai1

I went last Tuesday to have my details verified at my local Alliance and Leicester branch. How long before I get a response?

G_M

JimmyTheWig wrote: »

Ahh, transfer your ISA. I wondered how they managed to have an ISA with a minimum of £5k!

Now, my next question is how long do you think this account is going to be around for? We're getting 6.3% elsewhere for the next 4 weeks so would be annoying to transfer there now, but equally annoying to wait and miss this rate.

Transfers take time! It's not the same as closing an instant access account, opening a new one and moving the £.

You have to apply for the new ISA, complete an ISA transfer form, and then wait while your new ISA provider requests the funds from the old provider. there's an industry standard of (I think) 30 days, and some old providers drag their feet. So 4 weeks ? Sounds like perfect timing!

JimmyTheWig

It's being pulled on Wednesday! Too late for us, methinks.
http://www.moneysavingexpert.com/news/banking/2009/07/fix-savings-at-up-to-5-without-the-

lindos90

Since becoming a member of this forum Ive learnt alot, and started to save, doing a couple of regular savers and bonds here and there, in the last couple of months each have matured, and Ive got myself into a bit of a mess (all be it a possitive one) Ive lost track of my money, transfering it here and there, and found ive got more than I thought!

Current situation is:

2.5K in my recently upgraded premier direct current account with A&L (6%)

two 'vantage' current accounts at TSB, almost at 7k each (4%)

Somehow Ive ended up with another 6K, which is currently in one of the Vantages, and therefore earning a pittance (anything over 7K get 0.1%?)

Anyway, just realised this today, so want to move it ASAP, Ive had a quick look around the site in a panic this morning.

I would like to be able to add money at any time, and have instant access to this money as we plan to move soon and may need it in a hurry, (so not tempted by a bond or additional reg saver this time).

So would a basic online savings account be the best thing? Ive never been tempted in the past as I generally thought the rates were not as good as other products.

Just seen the A&L online saver variable 3.15% with bonus, is that about the best around? If you are already a customer can you apply online?

Cant find anything good with TSB or Halifax. (Banks Ive had reg savers/bonds with in the past)

Any help much appreciated!

Steve_xx

The A&L 3.15% is about the best at the moment, along with Birmingham Midshires 3.15% Telephone Extra Account which is phone operated.

Coventry Building Society have today launched an account paying 3.3%, but there are withdrawal limits and it is operated by post:

• Once opened this account can only be operated by post.
• Invest between £1,000 and £250,000 in your 1st Class Postal.
• The interest rate on your 1st Class Postal is variable and includes a 1.30% AER bonus for the first year of investment.
• You can make four penalty-free cheque withdrawals per year, for a minimum of £1,000.~
• Monthly interest option available.

Here's a link:

http://www.coventrybuildingsociety.co.uk/savings/postal.aspx