Top Cash ISAs Discussion Area

purplestar133

afletcher30 wrote: »

Hi I recently purchased the M&S ISA as advised my MSE, having had £1500 sat in a no interest savings account for 6 months.

I have now unexpectedly needed to buy a car and therefore had to withdraw the money. They've told me there is a £50 withdrawal fee as highlighted in their Ts & Cs, which you receive after the sign up via post. I didn't read them (my bad) because if I'd have known I may have taken their 14 days cancellation option. I just assumed because it was an easy access ISA and I wanted to be able to get to the money in case of an emergency, that it would not be a problem as I have never been charged by any of my other ISA providers.

Just thought it may be worth MSE mentioning the little penalties in their appraisals

Which M&S ISA is it?

I've read the Advantage ISA terms and conditions (just opened one) it doesn't mention a withdrawal fee. Did you withdraw via CHAPs?

Consumerist

Most, if not all, fixed-term accounts, ISAs or otherwise, incur a penalty for early withdrawals. Was your ISA a fixed or variable rate?

Spiggle

afletcher30 wrote: »

Hi I recently purchased the M&S ISA as advised my MSE, having had £1500 sat in a no interest savings account for 6 months.
...
Just thought it may be worth MSE mentioning the little penalties in their appraisals

If you mean the one here, it clearly shows the closure penalty as £50, it is in the fixed rate list and is under a link that says 'lock away for a better rate'!

It is up to every individual to check the terms and conditions of any product they purchase/invest in.

And no, I have no connection with MSE other than membership of a fantastic forum that has helped me turn my financial position into a healthy one.

invbs

How recently did you open the ISA afletcher30?

invbs

If you still want to save in the M&S Advantage Cash ISA that's paying 2.75% up to March (then going to 2.25%), I believe you can still do this. You need to put £500 into their fixed rate part of the ISA. This makes you a customer and you can then put the rest of your allowance or any transfer into the Advantage. Check with them.

innovate

invbs wrote: »

You need to put £500 into their fixed rate part of the ISA.

This sounds very confusing - can you expand on this please?

Consumerist

From the <M&S website> :-

Important Information
Please note that we are no longer accepting applications from new M&S Cash ISA customers to save in the variable rate M&S Advantage Cash ISA option. New M&S Cash ISA customers can choose to save over 1, 2 or 3 years with the M&S Fixed Rate Savings option.
Existing M&S Cash ISA customers can top up into the Advantage and Fixed Rate Cash ISA options online. To top up your existing Flexi or Tracker Cash ISA options please call 0800 028 28 24.

Consumerist

innovate wrote: »

This sounds very confusing - can you expand on this please?

From the <M&S Key Features pdf> :-

M&S CASH ISA
What type of account is the M&S Cash ISA?
• Our cash ISA is a deposit savings account.
• You can deposit money at variable rates of interest
and/or fixed rates of interest over a specific period of
time (called fixed rate bonds).
• This means you can divide your savings in our cash ISA
between the variable and fixed interest rate options.
• We may withdraw at any time the option to deposit at
fixed rates of interest.
What is the minimum I can pay in?
• The minimum amount you can pay in at a variable rate of
interest is £100 by lump sum and £25 by monthly Direct
Debit.
• The minimum deposit into each fixed rate bond is £500.

VfM4meplse

Am a bit PO'd atm - would have liked to transfer an ISA with a derisory rate into the Cheshire BS ISA that pays 2.5% on balances over £1000.

Can't be done, seemingly I have to open a new cash ISA to enable a transfer of existing ISAa (not possible as have already used up this year's allowance). So I guess I shall have to wait another 10 weeks now, by which time we'll probably see even worse interest rates . It's bugging me as I have several years worth that will be maturing shortly, I don't want then to languish in poor homes but hadn't realised that you cannot transfer old ISAa into a new provider unless you already have an a/c with them, or are prepared to open up an ISA with the new provider for that year. Is this standard practice or just particular to Cheshire BS?

Vortigern

VfM4meplse wrote: »

- would have liked to transfer an ISA with a derisory rate into the Cheshire BS ISA that pays 2.5% on balances over £1000.

Can't be done, seemingly I have to open a new cash ISA to enable a transfer of existing ISAa (not possible as have already used up this year's allowance). ... Is this standard practice or just particular to Cheshire BS?

Some providers, Santander for one, will allow you to open a new ISA with a zero balance, then transfer in from elsewhere.