Top Cash ISAs Discussion Area

gocat

Consumerist wrote: »

I think your best bet is look at the Ts&Cs/features for the ISA when you opened it. It is usual for these to tell you what rate, or the basis of the rate, after maturity.

If you no longer have this info then I would suggest you call Halifax and ask. If you are told the rate is unchanged then it might be worth it to make a note of the date, time and the name of the person you spoke to.

I agree, it's unusual, these days, for the rate to remain the same after a fixed-rate has matured.

Perhaps you'll let us know how you get on.

Hiya. Thanks for your reply. Just checked that ISA again and its still saying 3.7%.
Looked at info I got when I transferred the ISA from another building society to Halifax 2 years ago and the first sentence says "I apply to subscribe for a cash ISA for the tax year 2011/2012 and each subsequent taxt year until further notice".
Havent received any further notice yet.

But bit worried about phoning them incase the interest rate is put down to the present rate. I know from helping my mum with her halifax account that they do normally put the new rate on your online statement which is how I knew to get my mums ISA rate reviewed with halifax as it had gone down so much.

ukclarkkent

hello,

i'll read the previous pages in a mo to see if anyone else has opened the virgin isa account that was recently top pick...

i've just logged in now and it's saying my interest rate is 0.10% which isn't what i applied for. i've just taken a look at the isa page and the virgin isa isn't top anymore so i'm wondering have i just made a mistake. i sent a transfer form off today and electronically transferred £10 as a test so that means i've contributed to an isa this year.

virgin are closed now so i can't ask anyone so i thought i'd try here.

cheers, me

innovate

ukclarkkent wrote: »

hello,

i'll read the previous pages in a mo to see if anyone else has opened the virgin isa account that was recently top pick...

i've just logged in now and it's saying my interest rate is 0.10% which isn't what i applied for. i've just taken a look at the isa page and the virgin isa isn't top anymore so i'm wondering have i just made a mistake. i sent a transfer form off today and electronically transferred £10 as a test so that means i've contributed to an isa this year.

virgin are closed now so i can't ask anyone so i thought i'd try here.

cheers, me

Cash ISA rates usually drop after a while (12 months for many cash ISAs), so it is completely feasible that you got a higher rate last year than this. That doesn't mean there aren't new ISAs about that pay more than the dropped rate. See other sticky, and huge amount of discussion, on this board.

What transfer form did you "send off"? To whom? What exactly did you ask on the transfer form - - - transfer what to where? Transfer forms are usually to transfer an ISA from one provider to another.

ukclarkkent

Cheers innovate. Didn't explain clearly enough. Soz.

I opened the ISA up last week and have sent a transfer form to squirt over money from last year's Halifax ISA to this new one.

Have since spoke to them and they confirmed over the phone that my interest is 2.15% and not the 0.1% online. It's that low rate until my funds clear and then it'll show the true rate.

Just had a bit of a panic moment last night but all seems well after speaking to them today. Just wish I could have got a higher rate but it'll do me for now.

cheers!

cvCA

Beware the Coventry BS ISAs! The scoundrels won't transfer your money out to other accounts on the same day. Only next day transfers are possible, which seems a strange definition of "instant access" in this age of Faster Payments and could leave you high and dry when making large purchases.

Noble_Savage

cvCA wrote: »

Beware the Coventry BS ISAs! The scoundrels won't transfer your money out to other accounts on the same day. Only next day transfers are possible, which seems a strange definition of "instant access" in this age of Faster Payments and could leave you high and dry when making large purchases.

'Scoundrels' is a bit rich. As long as payments are received by the close of the following business day, they're not doing anything wrong. While some organisations choose to send payments on the same day, that's not the legal requirement. Organisations like Cov aren't actually members of the Faster Payments scheme, so they have to route all payments through another bank in any case.

Anyway, I use my ISA as a savings account. If I want to make payments to make purchases, I'll use a current account.

cvCA

Noble_Savage wrote: »

'Scoundrels' is a bit rich. As long as payments are received by the close of the following business day, they're not doing anything wrong. While some organisations choose to send payments on the same day, that's not the legal requirement. Organisations like Cov aren't actually members of the Faster Payments scheme, so they have to route all payments through another bank in any case.

I think scoundrels covers it perfectly: they market these accounts (both ISA and regular savings) as instant access and some of them like Barnsley BS (and so I suspect the rest of Yorkshire BS) even claim to offer "Faster Payments" then actually hold onto your payment until the next working day. Of course, if you pay money IN, then it goes in quickly enough!

In short, even "instant" access accounts with these providers are no use for funds if you may need to access more than the cashcard withdrawal limit quickly for emergency purchases.

Nationwide BS does transfers the same day, so it's not a Building Society flaw. It's bad practice by some societies.

Rayj

the best easy access Isa that will let me transfer in an existing Isa will only give me 1.75%, as I have an existing Santander accnt. which will give me 3% but which I have to pay tax on so which will give the best return? (i'm no good at working out %'s).

typistretired

You don't say what tax bracket you are in 3% is 2.40% after tax of 20% or 1.80% after tax of 40%. You also do not say what is the total amount of your isa transfer. There is one with Yorkshire bank paying 2.50% on £24,000 but you have to give 40 days notice for access.

Noble_Savage

cvCA wrote: »

I think scoundrels covers it perfectly: they market these accounts (both ISA and regular savings) as instant access

Yes, because you can get at your account instantly through certain means/channels, like the cashcard you mention later on. D+1 payments are relatively new. Did you get exercised by accounts marketed as 'instant access' before the advent of Faster Payments?

Of course, if you pay money IN, then it goes in quickly enough!

Well, yes. Because that's down to the sending institution.

In short, even "instant" access accounts with these providers are no use for funds if you may need to access more than the cashcard withdrawal limit quickly for emergency purchases.

Or you could simply be organised enough not to rely on a savings account to cater for same-day emergencies. That's what current accounts are for.

Nationwide BS does transfers the same day, so it's not a Building Society flaw. It's bad practice by some societies.

Nationwide is a member of the Faster Payments Scheme, and, IIRC, the clearing system. Other organisations are not members of the Faster Payments Scheme and, as a result, have to route their outgoing payments through other institutions as a result.

Hope this helps to clear up any confusion.