Top Cash ISAs Discussion Area

wmbj

So say I start an First Direct ISA on the 6th April, saving £318.75 per month for 16 months, I should accumulate £5,100, what would they pay me in interest after this term at 2.75%?

Baldur

If you deposit the full amount, it would earn around £140 in interest for a full year but if you paid it in at, say a rate of £425 per month (£5,100/12), it would earn around £75.65 interest.

Baldur

wmbj wrote: »

So say I start an First Direct ISA on the 6th April, saving £318.75 per month for 16 months, I should accumulate £5,100, what would they pay me in interest after this term at 2.75%?

The £5,100 allowance is per tax year, so 6th April 2010 to 5th April 2011, after which you have the next tax year's allowance of £5,100 (or whatever it may be by then) that can be deposited.

pmuzz

I've just set up a transfer of an old cash ISA from First Direct to Santander as per Martin's suggestion, and although my old ISA has shut down, the money has not arrived at Santander, and they tell me it can take up to 30 days to complete the transfer!! This is a whole month with no interest earned.

So can anyone tell me who is earning interest off my money, is it legal, and is there anything I can do about it?

Thanks

Pete

System

hope123 wrote: »

I just got a letter today from the Halifax, to say that I can transfer my current Halifax Direct Reward to a 2 year Fixed Rate at 3.50% AER/gross PA.

Otherwise it will drop to 0.50% AER/gross PA.

Oh and also, it says that I can't add my new 2010 allowance to it (which seems crazy to me or am I not reading it right ?).

I assume that everyone with a Halifax Direct Reward ISA will get the same letter ?

I have to return the signed letter by 1st April, but not sure if I can get a better rate elsewhere without the 2 year fixed rate - does anyone know ?

Thanks hope123, I haven't had any communication from Halifax whatsoever as yet. I am not sure about the two year account though if they do offer it to me. I really need to make some sort of decision soon though.

KTF

pmuzz wrote: »

So can anyone tell me who is earning interest off my money, is it legal, and is there anything I can do about it?

Thanks

Pete

Some providers post date the interest to the date on the cheque but you would need to call up and ask if this was the case with Santander.

lizevans55

I transferred my cash isa from first Direct in January to Northern Rock fixed Rate Cash ISA. I was not informed that the account had now closed, and when i tried to make a deposit into it this week it was rejected. When I contacted Northern rock I was told that it has in fact closed and that I can't deposit any money into it now. It must have closed days after I opened it as you can transfer money in for 30 days after it closes.
i have just been looking at terms and conditions, and it would appear that I cannot make deposits either into that account or any other Cash ISA even if I have not reached my limit for the year.Is this correct? I have not actually deposited any money thiscurrent year and wanted to doso before the year end.

Baldur

If you have not subscribed ANY new money to a Cash ISA since 6th April 2009, you can open and subscribe your 2009/10 allowance to a new Cash ISA with any provider before 5th April 2010.

ISA transfers have no relevance to your annual ISA allowance.

stefancross

Hi All,

I have the full £3.6k to invest this tax year, but have a couple of questions about timings and products before I apply for anything.

I've just checked out the A&L 3.5% flexible ISA which is currently the MSE best buy. On their website it talks about a limited offer:

1. Is it likely that A&L will close the offer and stop taking applications before the end of March? I haven't heard or seen of this before?
2. Now that Barclays have brought out their best offer (and it is still below A&L) is it likely anyone else will bring out an ISA beating A&Ls offering before the end of the tax year?

Thanks in advance,

Stefan.

Baldur

stefancross wrote: »

Is it likely that A&L will close the offer and stop taking applications before the end of March?

It's a possibility, only A&L/Santander could answer that accurately (and they won't for commercial reasons).

Now that Barclays have brought out their best offer (and it is still below A&L) is it likely anyone else will bring out an ISA beating A&Ls offering before the end of the tax year?

Again, it's possible but, in my opinion, unlikely - have you seen the way that rates are being cut on many accounts?