📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Top Cash ISAs Discussion Area

1235236238240241266

Comments

  • cvCA
    cvCA Posts: 23 Forumite
    edited 31 July 2013 at 6:00PM
    Yes, because you can get at your account instantly through certain means/channels, like the cashcard you mention later on.
    The cashcard is only good up to £250 or whatever, even if you have one. Maybe that would have been enough to replace a major appliance or repair a car in 1992 or whenever that limit was set. Now it's just a bad joke.
    D+1 payments are relatively new. Did you get exercised by accounts marketed as 'instant access' before the advent of Faster Payments?
    No, as I accepted it wasn't technically possible with the banking system of the time. Societies also used to have branches and agents where I could take ID and get a counter cheque the same day (I think I did that to buy my first car). There are fewer of them now.

    But now it is possible to send transfers same-day. Part of the reason I picked these accounts is that they claimed to support Faster Payments. What's inexcusable is claiming to support Faster Payments when they actually sit on payments until the following day before submitting it to Faster Payments!
    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.

    So should I leave a large sum in a low-interest current account just in case and forgo the interest on it, or can you predict when my next unexpected urgent expense will happen so I can transfer earlier? I think I'll just move more money to savings accounts at the Nationwide or another institution that can do a transfer without artificial delays.

    I've had a reply from one of the misleading organisations saying that they delay transfers out so they can "perform checks before the payments are released to help protect our customers". Noble Savage is the first to suggest the delay is because they have to instruct a Faster Payments scheme member - none of the scoundrels has told me that yet.

    It would be OK if they didn't say the account offers "Faster Payments" or "instant access". I feel it's dirty tricks like suggesting you can have your money easily when you can't really that may be helping to drive people into the arms of payday lenders (on fortunately in my case, overdraft).

    It would be very helpful if the account recommendations actually listed the transfer times. Not all providers are the same.
  • Noble_Savage
    Noble_Savage Posts: 137 Forumite
    cvCA wrote: »
    Part of the reason I picked these accounts is that they claimed to support Faster Payments. What's inexcusable is claiming to support Faster Payments when they actually sit on payments until the following day before submitting it to Faster Payments!

    It would be OK if they didn't say the account offers "Faster Payments" or "instant access". I feel it's dirty tricks like suggesting you can have your money easily when you can't really that may be helping to drive people into the arms of payday lenders (on fortunately in my case, overdraft).

    Given that the organisation you mentioned first doesn't even use the phrase 'Faster Payments' in connection with outgoing payments, I wonder how you can claim they have misled you?
  • typistretired
    typistretired Posts: 2,099 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Coventry Building Society use HSBC for their electronic payments system so it goes through HSBC system as well as their own. The way to get around it is to do a future dated payment so the money arrives in time. I don't think Nationwide use another bank (but I could be wrong) so their payments are processed faster.
    "Look after your pennies and your pounds will look after themselves"
  • cvCA
    cvCA Posts: 23 Forumite
    Given that the organisation you mentioned first doesn't even use the phrase 'Faster Payments' in connection with outgoing payments, I wonder how you can claim they have misled you?

    No, Coventry BS now uses "instant access" and "easy access", which this isn't, with codes, grid cards and eye tests and a day wait to access it. Barnsley BS uses "faster payments" to mean next day.

    And in answer to the other comment: yes, I'd love to be able to time travel so I can send the transfer yesterday for what broke today!
  • Hello all,

    I wonder if someone could help me out in my hunt for a suitable ISA - so far I have been extremely unsuccessful!

    I was hoping to find a 2 year fixed rate ISA that allows me to make monthly deposits. Unfortunately I can't seem to find one that both a) doesn't require a large (>£2000) initial deposit and b) doesn't have a maximum initial/monthly investment. The Newcastle BS home saver looked great until I spotted that the maximum initial/monthly investments are both £500 - I recently came into some inheritance (>£500) so was wanting to use that to open an ISA, and then make smaller monthly deposits into the account.

    If anyone's come across something suitable I'd be glad to hear about it! Thanks for any help
  • ejv
    ejv Posts: 315 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Hello all,

    I was hoping to find a 2 year fixed rate ISA that allows me to make monthly deposits.

    Hi, welcome to the forum.:hello:
    I don't think you can fix and then make monthly deposits.
    Though NBS allows regular deposits of £500 at 3%, in effect, you approximately get 1.5% of £6000(£500x 12).You may refer to ML's explanation of capped regular savings.
    If your inheritance is over £3000, why don't u deposit in a 3% BOS/Lloyds vantage current account and then drip feed £500 into the ISA?
    Wait for the replies of other thinktanks of the forum.
    Best wishes:money:
  • ejv, above, is about right.

    There are normally two types of fixed-rate cash ISA.

    Either you make an initial deposit during an opening window and can add nothing more until the fix has finished or else you can open a "regular saver"-type of fixed ISA which restricts your regular deposits to a maximum monthly amount.

    I have come across some which allow monthly deposits up to a rolling total (i.e. any deposit cannot allow the total to exceed a given amount for that month - usually equivalent to 1/12 of the annual allowance per month since April). You'll need to do your own research to see if such ISAs are currently available.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • 492800 wrote: »
    119 pages and counting, wow thats a thread! I would love to read them all, but maybe a quick question will get a response from your lovely forumers?

    I have 3 years of ISA from previous years at santander. Now at a really low % rate as they reduced in April.
    I am wanting to transfer these, and buy full allowance from 2013-2014.
    what would you all recommend?
    either fixed for a year, or with withdrawals allowed (with upto months notice)

    Any help appreciated.
    Thanks in advance :-)

    Look on this page

    http://forums.moneysavingexpert.com/showthread.html?t=401374
  • I would be grateful if someone could explain to me why we should take out another ISA when the money could be earning 3% in a Santander 123 account. Am I missing something?

    Cheshire ISA has come to the end of the bonus interest rate and needs to be moved. ISA is in OH's name.

    OH pays basic rate tax but may end up in the 40% band this financial year and possibly next year, too. The best ISA rate we can get is 2.40% on a 4 year fixed.

    I do not pay tax and have 2 Santander 123 accounts. I could put the money into the 123 account and use it to reduce the mortgage (3.75%) next year. I am (almost) convinced that this is the best option.

    So.... what is the arguement against this? Yes, I have read through the ISA articles and forum.

    Many thanks.
  • if you have spare savings,i would pay off some of your mortgage.
    its a nice feeling seeing that debt figure falling.
    unless you have extreme amounts of money,the difference in interest you will get over a year after tax with santander versus an isa will be minimal.
    as you are a non taxpayer santander looks ok,and your joint savings,except his isa,should be in your name to maximise tax benefits but,as a taxpayer, i am holding onto my isa's hoping that interest rates will rise sooner rather than later.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.