Top Cash ISAs Discussion Area

Claw_back_money

Hi all
I have read Martin's article but have a couple of questions about ISAs that I haven't been able to find answered. We're newbie savers after years of debt and it is all a bit of a new world!

It looks like the best deal currently for instant access is the Barclays ISA, but I don't understand how the interest and bonus works... if I open it now the money won't have been there for 12 months until next May/June, but, the interest rate will fall (I think) at the end of the Financial year - so do I leave it in there to get a bonus, despite the lower interest april/may? As we're a couple of months into this financial year would it actually be better to open a different ISA that doesn't have a bonus?

Also, we have a joint bank account and I see this money very much as 'joint savings' but from the posts above the ISAs are individual. Can I pay money from a 'joint current account' to the ISA, or will they need to come from my bank account?

Many thanks
Cbm

10_66

Claw_back_money wrote: »

It looks like the best deal currently for instant access is the Barclays ISA, but I don't understand how the interest and bonus works... if I open it now the money won't have been there for 12 months until next May/June, but, the interest rate will fall (I think) at the end of the Financial year - so do I leave it in there to get a bonus, despite the lower interest april/may? As we're a couple of months into this financial year would it actually be better to open a different ISA that doesn't have a bonus?

Also, we have a joint bank account and I see this money very much as 'joint savings' but from the posts above the ISAs are individual. Can I pay money from a 'joint current account' to the ISA, or will they need to come from my bank account?

The bonus drops off the Barclays Golden ISA (issue 2) on the first anniversary of when you open the account. You do not have to leave the funds in it after the first year (or in fact during it) to benefit from the bonus rate. This interest is paid monthly, and includes the bonus each month. You could, if you wanted to, transfer out of it within the year, and you would not lose the bonus.

You can fund the ISA from your joint bank account.

If you want to open one of these, I'd get your skates on, as I seem to remember that they're going to withdraw the bonus from new accounts opened after 1st June.

.

peeweepete

Hi guys,

I opened a felxible ISA with santander at the start of the new financial year and have still not been able to transfer any money into as they opened a Direct ISA instead (which has a worst interest rate).

Just wondered if anybody else had had this problem with Santander???...their customer service is useless!

juicyjude

No customer service!

typistretired

ceejayblue wrote: »

I have normal savings accounts with ING and they are now doing a special 3% interest deal for existing customers on their ISA. However, I opened a Nationwide 2.75% ISA this month and transferred in £5,278 from my First Direct ISA which had a bad rate. I also have £15000 in a Standard Life 2.65% ISA which I transferred into last year.

Just need to know if by opening a new ING ISA and paying in on a regular basis this then becomes my current ISA and I just leave the cash in the others?

Thanks

How long did it take for you to transfer an isa to Nationwide as I applied on the 21st April 2010 and still waiting even though the cheque has gone from my previous isa provider to Nationwide on the 25th May 2010.

Scampi

Just wasted two lunchtimes at A&L, the first simply to make an appt, and the second to have the appt, to open their Flexible ISA which Martin recommends as the top no-transfer-in ISA on the market.

I do indeed have a current account with them as was advised as a requirement by Martin - however, upon my branch interview it was revealed that there are a whole host of other conditions - that you must have credited at least £1k a month into the account, that it must be your main current account, that you must have all your SOs and DDs (minimum 2) going from that account, that your account must have been open at least 3 months.

Unfortunately this has meant a waste of two hours of my time. I hope that Martin's team will ensure that the information on the site is as full as it can be - it is especially inconvenient when the offer is only available in branch and special provisions have to be made to visit the bank to obtain the offer - only to find that you wouldn't have been eligible in the first place.

I have to add that A&L were useless. I saw two members of staff, who both said different things - and the branch manager had to call the Customer ISA helpline number to clarify what and who was eligible.

Slightly cheesed off Scampi

Scampi

Yes, had a similar terrible experience a moment ago, see my post a couple under yours.

gunmaker

gunmaker wrote: »

The A&L Flexible ISA @ 3.2% has disappeared from the best buy list in the Sunday Paper and also from the A&L website. The only ISA they advertise now is the Direct ISA 6 @ 2.75%

It has also gone from Santander's website.

I posted the above on 9th May. As I understand it the A&L Flexible ISA was withdrawn around this time. A&L shouldn't have made an appointment with you after then to open a Flexible ISA.

The conditions you quote, ie, £1000/mnth deposit, change DDs etc are their conditions for opening current accounts. When my wife & I opened our A&L Flexible ISAs @ 3.5% at the end of March there were no conditions provided you met the ISA rules.

Looks like it was a misunderstanding all round.

waterwatereverywhere

Hi,

we are thinking of opening a 3% fixed rate Post Office ISA but we have quite a lot to invest and are worried about the protection we would have it if goes bust.

Their website says the money is invested by some third party but ultimately in Bank of Ireland. I'll try and paste below what it says. I don't understand which institution would be covered: Post Office, the intermediary or Bank of Ireland and if there would be 100% protection.

Please is anyone able to help? We don't want to risk our savings.

FROM POST OFFICE WEBSITE:
"The Post Office® ISAs are provided by Family Investments and the funds in a cash ISA are deposited with Bank of Ireland.

The tax advantages of the Fixed Rate Cash ISA depend on your individual circumstances and the tax treatment may change in the future.
Family Investments is the trading name of Family Investment Management Limited (Co. No. 1915516) and Family Equity Plan Limited (Co. No. 2208249), which are authorised and regulated by the Financial Services Authority. Registered in England and Wales at 16-17 West Street, Brighton, East Sussex BN1 2RL.
Post Office Ltd is an appointed representative of the Governor and Company of the Bank of Ireland which is authorised by the Irish Financial Regulator and authorised and subject to limited regulation by the Financial Services Authority; details about the extent of its authorisation and regulation by the Financial Services Authority are available from Bank of Ireland on request. The Governor and Company of the Bank of Ireland is incorporated in the Republic of Ireland with limited liability and registered in England and Wales with branch number BR000459. Post Office Limited is registered in England and Wales. Registered number 2154540. Registered Office at 148 Old Street, London EC1V 9HQ. Post Office and the Post Office logo are registered trade marks of Post Office Limited."

waterwatereverywhere

Oh I'm sorry I've just seen the info in the FAQ section on their website. It is protected under the Irish compensation scheme. Given the dire straits of the Irish economy (not that ours is really much better) would it be safer/better to opt for an ISA that has protection under the English compensation scheme? What do people think pls as we're fairly dim when it comes to stuff like this!

Many thx.