We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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
Comments
-
Noble_Savage wrote: »Yes, because you can get at your account instantly through certain means/channels, like the cashcard you mention later on.Noble_Savage wrote: »D+1 payments are relatively new. Did you get exercised by accounts marketed as 'instant access' before the advent of Faster Payments?
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!Noble_Savage wrote: »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.0 -
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?0 -
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"0
-
Noble_Savage wrote: »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!0 -
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 help0 -
Gingerninja wrote: »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:0 -
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.
0 -
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=4013740 -
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.0 -
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

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