Top Cash ISAs Discussion Area

gunmaker

I have just spoken to my local A&L branch office re opening a Flexible ISA @ 3.5% for next year's deposits.

They told me it needs ot be opened by Monday 29th March evening at the latest as the interest rate is dropping to 3.2%.

My wife and I going this afternoon to open the accounts. You can't open an account online now.

bekki0405_2

I have just opened a Flexible ISA with A&L today. The lady there told me that you only have until 5pm tonight to open this ISA with a 3.5% interest rate. From start of business on Monday the rate will be 3.2%.
As you cannot open an account online, you must get into branch today in order to get this rate.

blueberrypie

bekki0405 wrote: »

I have just opened a Flexible ISA with A&L today. The lady there told me that you only have until 5pm tonight to open this ISA with a 3.5% interest rate. From start of business on Monday the rate will be 3.2%.
As you cannot open an account online, you must get into branch today in order to get this rate.

Hm, I've got one opened (for 09/10) but not funded yet. I wonder what rate I'll get if I don't fund it today.

It's not really worth driving to my nearest branch (different town) to fund it in-branch today. Pity A&L's on-line banking won't let me do instant transfers between accounts.

bekki0405_2

blueberrypie wrote: »

Hm, I've got one opened (for 09/10) but not funded yet. I wonder what rate I'll get if I don't fund it today.

It's not really worth driving to my nearest branch (different town) to fund it in-branch today. Pity A&L's on-line banking won't let me do instant transfers between accounts.

that's annoying. You can transfer in branch. Is it worth phoning their call centre? If you have the account open, they should let you have the interest rate at the old rate. Or is it more complicated than that?

gunmaker

blueberrypie wrote: »

Hm, I've got one opened (for 09/10) but not funded yet. I wonder what rate I'll get if I don't fund it today.

It's not really worth driving to my nearest branch (different town) to fund it in-branch today. Pity A&L's on-line banking won't let me do instant transfers between accounts.

Do you mean you have one opened for 2010/2011 or 2009/2010?

We have just opened A&L Flexible ISAs and can't fund them until April 6th. The A/L Rep we saw at the branch said the interest rate we will get is 3.5% as we have opened the accounts before the rate is cut to 3.2%.

I hope he was telling the truth.

Consumerist

blueberrypie wrote: »

Hm, I've got one opened (for 09/10) but not funded yet. I wonder what rate I'll get if I don't fund it today.

You may be interested in the response I got via secure message from A&L Customer Services today.

Dear Sirs,

I will not be able to contribute to my flexible ISA until after the 5 April 2010.

Will I be able to contribute to this ISA from April 6 2010 on the same terms as are currently on offer ?

Regards,

---

A&L response

---

Subject: Re: Account information - Savings
Date: 26 Mar 2010

Thank you for your e-mail regarding your Flexible ISA.

I can confirm you will be able to fund your [Flexible ISA] from the 6 April 2010, under the current terms & conditions.

I do hope you find the above information useful, however, if you have any further questions or need any more help please visit our ‘Help’ section online or contact us again.

Kind regards

Customer Services
Alliance & Leicester plc

Hope this answers your question. :j.
.

Consumerist

Pug77 wrote: »

I recently opened this when it was available for application online. The statement was received in the post today and shows the account title as DIRECT CASH ISA ISSUE 5. The reverse of the statement shows this to have an interest rate of 2.00%.

Same thing for my OH.

The confirmation email is all that will be needed to prove your point if there is any argument. My OH intends to raise the matter in branch next week but I suspect it's just a !!!!-up during the migration to Santander.
.

blueberrypie

gunmaker wrote: »

Do you mean you have one opened for 2010/2011 or 2009/2010?

I've opened one, and it's on my on-line banking, but currently the balance is nil.. As I understand it, there is no such thing as a "10/11" ISA - it's just about when you fund it.

We have just opened A&L Flexible ISAs and can't fund them until April 6th. The A/L Rep we saw at the branch said the interest rate we will get is 3.5% as we have opened the accounts before the rate is cut to 3.2%.

I hope he was telling the truth.

I just called them and checked, and they confirmed that would be the case.

*But* the woman I spoke to said she hadn't heard anything about the rate dropping. And so she went off to check with their Savings department, and came back reporting that there is *no* rate change coming up.

So either somebody's getting it wrong in-branch, or somebody's getting it wrong in the Savings department.

Consumerist

blueberrypie wrote: »

As I understand it, there is no such thing as a "10/11" ISA - it's just about when you fund it.

Quite correct.

There is a 2010/11 ISA-allowance which limits your ISA contibutions in that tax year.

BB78

Although the guide says if you have an existing ISA you shouldn't withdraw your funds to open a new ISA in the next financial year you should transfer, with the limit being increased to £5,100 as from 6th April 2010 for the under 50 and providers offering higher rates of interests on ISA's that do not allow transfers in, if I have £5,100 or less in a 2009/2010 ISA do I have to find a new ISA that allows transfers or can I withdraw my funds closing the old ISA and open (or start funding) a new ISA at a better rate as from 6th April??

Or to put it simply, can I open a Flexible ISA with A&L now to get the 3.5% rate (but not add any funds yet) and on the 5th/6th April close last years ISA as the rate is set to plummet, withdraw all my funds and on the 6th April pay anything up to £5,100 into the new A&L ISA??