Top Cash ISAs Discussion Area

KingL

No penaltiles - maybe print out a copy of the evidence for your records:

1) The main web page 'at-a-glance' section says "Penalty free withdrawals"

2) the "savings product summary" (which is linked as an 'ensure you read' during the application process, so presumably carries some weight legally) says "No notice or penalty. Withdrawn funds lose their tax-free status and can only be replaced subject to HMRC ISA limits"

System

Kazza, firstly a big thank you for the effort on this thread. It's really helpful to many of us :A

I was all for looking at the Nationwide one at 2.75% but just realised it's not guaranteed for a year so not sure whether to have a complete rethink

Nationwide e-ISA - 2.75% :starmod: NEW :starmod:
Rate guarantee? No. Rate effective from: 24/02/2010.
Minimum deposit: £1. Operated via: Internet.
Important: Rate includes a 1.00% fixed bonus until 30/06/2011.

I have last years ISA with Halifax at 3% which I'd like to transfer if worth doing and I'd also like an ISA for this year but just don't know what to go for.

rb10

Summer01 wrote: »

I was all for looking at the Nationwide one at 2.75% but just realised it's not guaranteed for a year so not sure whether to have a complete rethink

I think this depends on whether you trust Nationwide to only change their rate (roughly) in line with base rate changes, or if you think they might make additional cuts.

Personally, I would trust them to do this for a year or so, so would be happy having this account.

the182guy

KingL wrote: »

No penaltiles - maybe print out a copy of the evidence for your records:

1) The main web page 'at-a-glance' section says "Penalty free withdrawals"

2) the "savings product summary" (which is linked as an 'ensure you read' during the application process, so presumably carries some weight legally) says "No notice or penalty. Withdrawn funds lose their tax-free status and can only be replaced subject to HMRC ISA limits"

Many thanks for this, will keep a record of those docs.

Does anyone know when Barclays are going to launch their new ISA? I read somewhere it's today but can't find it on their site, only the old ISA.

I have been accepted for the A&L but haven't depositted yet, so I'm wondering whether to wait to see if Barclays beats it, can't wait long though because of the new tax year renewal.

rb10

the182guy wrote: »

Does anyone know when Barclays are going to launch their new ISA? I read somewhere it's today but can't find it on their site, only the old ISA.

One thread on here claims that it will be launched on Monday.

Halifax opened their new ISA today, and at 2.6%, it's significantly lower than A&L's for new money, and also lower than Nationwide's 2.75% accepting transfers in (unless Halifax's one is part of their 'Rewards' scheme, in which case you could get 2.8% on that).

System

Summer01 wrote: »

Kazza, firstly a big thank you for the effort on this thread. It's really helpful to many of us :A
I was all for looking at the Nationwide one at 2.75% but just realised it's not guaranteed for a year so not sure whether to have a complete rethink

rb10 wrote: »

I think this depends on whether you trust Nationwide to only change their rate (roughly) in line with base rate changes, or if you think they might make additional cuts.
Personally, I would trust them to do this for a year or so, so would be happy having this account.

Thanks rb10, I hadn't thought of it like this, as long as they held out for a year it would be ok. Then can rethink next year. I already have an account with them so it might be straightforward to transfer my existing ISA to them. Maybe it's easier to add the new year ISA allocation to this also to keep it simple.

Is your ISA counted as part of the £50k limit in each bank? I was talking to a friend about the Nationwide ISA and she has just put some money into a Nationwide account after selling property and therefore isn't sure there is room in there for her ISA, if this makes any sense? I wasn't sure to be honest...

KingL

Summer01 wrote: »

Is your ISA counted as part of the £50k limit in each bank?

Yes it is.

supremetwo

When you sign up for the Sandander Flexible ISA, one of the clauses is:

"I apply to subscribe for a Cash ISA for the tax year 2009/2010 and each subsequent tax year until further notice."

My underline and bolding.

This seems rather sneaky since it would prevent you not only from subscribing to an ISA elsewhere, but also disadvantage you should their subsequent interest rate be uncompetitive.

In fact, I would consider it to be an unfair contract term.

I will be giving notice that I do not wish to sign up for subsequent tax years unless I apply.

Would somebody check the Alliance & Leicester version for that clause?

Baldur

It's normal wording on all ISA application forms that I have seen, and is based on HMRC guidance to ISA Providers.

It simply enables the applicant to continue to subscribe to that provider's ISA account if he or she wishes. If the person does not subscribe in the subsequent tax year, the ability to do so simply lapses and the account would have to be reactivated in order to subscribe again after a full tax year with no subscriptions.

Stompa

supremetwo wrote: »

When you sign up for the Sandander Flexible ISA, one of the clauses is:

"I apply to subscribe for a Cash ISA for the tax year 2009/2010 and each subsequent tax year until further notice."

My underline and bolding.

This seems rather sneaky since it would prevent you not only from subscribing to an ISA elsewhere, but also disadvantage you should their subsequent interest rate be uncompetitive.

In fact, I would consider it to be an unfair contract term.

I will be giving notice that I do not wish to sign up for subsequent tax years unless I apply.

Isn't that fairly standard wording that appears on most ISA application forms?

For example:

http://www.google.co.uk/search?hl=en&q=%22and+each+subsequent+tax+year+until+further+notice%22+ISA

M&S (for example) give a bit more of an explanation:

I apply to subscribe for a Cash ISA for the tax year 2009/10 (6 April 2009 to 5 April 2010) and each subsequent tax year until further notice. All our applications are accepted on a rolling basis, which means that if you wish to save in the next tax year you will not have to complete a new application form. Please note, however , this is an optional arrangement and you are under no obligation to deposit further amounts with us.