Top Cash ISAs Discussion Area

Baldur

welsbyc wrote: »

I can recommend Hargreaves Lansdown www.h-l.com who I believe now offer advice over the phone as well as face-to-face.

The link should read http://www.h-l.co.uk/

boobbby

Katey_Dog wrote: »

I agree, Barclays have messed up our ISA's from last year.
My husband and I both took out Barclays Cash Isas for 2007/8.
We both decided to transfer when the Isas mature in May (to get the bonus), and wrote to Barclays to tell them to await transfer details and why we would be leaving. The letters were clear and explicit that they should wait. Oh no, they decided to send us a cheque then and there, thus breaking the tax-free status of the Isas. We have returned the cheques and asked that they re-instate the Isas and await transfer details as requested. Sent seperately with certificate of postage two weeks ago, We still await a reply.
DO NOT USE BARCLAYS FOR ISAS!!

Cant really understand why you should write to Barclays in he first place to warn about a transfer. I have transfered cash ISA's many times and always get the new provider to arrange the transfer!

JimmyTheWig

lustydog wrote: »

My wife and I have taken out isas with The Halifax for the past 3 years.
...
The money is invested at ... risk
...
appeared to have made little interest in that period, due to the fairly volatile nature of the stock market.
...
I realize that stocks and shares are fairly long term investments to give time to level out the troughs and peaks, but at 70+ I may not have the time to take advantage of this process, and need to ensure that our investment is secure for my wife's benefit should I drop off my perch before she does.
...
My financial advisor ... works for the Halifax

I know I've hacked the above quote quite a bit but I think I've kept it to the point while highlighting the bits of interest to me.
Was the "financial advisor" (aka salesman) involved in your choosing to open these accounts?
Would that money have been better off for those three years in a high interest savings account (or cash ISA if you haven't used these)?

If so, do people think that this is mis-selling?
Surely for someone aged 70 the best advice would be for cash investments rather than anything with a risk associated?

I would, if I were you, definitely move the money out of the stock market and put them in some sort of cash account.

And I'd be tempted to ask the Halifax for the difference in what it's currently worth and what it would have been worth in a savings account (at least in Halifax's best savings account) which is what I think you should have been advised to do.

JimmyTheWig

JimmyTheWig wrote: »

I would, if I were you, definitely move the money out of the stock market and put them in some sort of cash account.

One thing to consider is whether to move all the money in one go or to move it in chunks over a time period. If you move it all in one go you risk doing so on a day that is particularly bad for the stock market and so risk getting a lower return than you might expect. If you withdraw it over an average time period then you are more likely to get an average worth.
(Obviously by withdrawing it all at once there is a chance that you will do so on a day that is particularly good for the stock market, and so get a better return than you might expect. But it's all about how much risk you want to take.)

Pumpkin_Seed

Have been reading the interesting posts on ISAs but am really confused at the mo, so wonder if someone can comment on these points:
1) Have last year's ISA of 3000 at 5.3 % & now want to invest sum of 3600 in new ISA with higher interest.
2) Is it advisable to go fixed term or variable in today's eco climate?
3) If I also transfer last year's ISA into the new higher one, would I be liable to any deduction at all of interest whilst doing so (cannot see that my present one has penalties)
4) I see that Barclays & Abbey are to be avoided & I assume it should be put into a financial institution that you do not have savings with already.
Look forward to any comments on this - thanks.:beer:

Baldur

Pumpkin_Seed wrote: »

2) Is it advisable to go fixed term or variable in today's eco climate? Personally I chose fixed but who knows what will happen in the future?
3) If I also transfer last year's ISA into the new higher one, would I be liable to any deduction at all of interest whilst doing so (cannot see that my present one has penalties)
4) I see that Barclays & Abbey are to be avoided & I assume it should be put into a financial institution that you do not have savings with already.

2. Personally I chose fixed at 6.5% as that fits my own risk profile but who knows what will happen in the future?

3. In general, you may lose a few days interest wjhile the funds are in transit between providers but some are said to backdate their interest to cover this. Make sure that you read the small print regarding any penalties on both accounts & make sure that your new ISA accepts transfers - not all do.

4. Not sure that I understand that question.........?

Pumpkin_Seed

Thanks for your reply Baldur - do you mean you chose Barclays at 6.5%?

My Q4 meant if you have savings already with a bank then ensure total does not go up to over £35k (Martin's tips in case bank goes broke). Also avoid Barclays & Abbey as per the postings on here! Cheers me dear *

Baldur

Pumpkin_Seed wrote: »

Thanks for your reply Baldur - do you mean you chose Barclays at 6.5%?

No, Lloyds TSB (no longer available at that rate).

My Q4 meant if you have savings already with a bank then ensure total does not go up to over £35k (Martin's tips in case bank goes broke). Also avoid Barclays & Abbey as per the postings on here! Cheers me dear *

Yup, £35k limit is thought to be wise by many. Re: Barclays & Abbey I can only comment on Abbey from personal experience - had a problem transferring to them last September, they denied they'd ever received the form (despite it being sent by one of their branches which had not kept a record of having done so!) so I transferred to the original ISA provider's 6.5% fixed rate ISA, telling them to ignore any requests for an ISA transfer which subsequently arrived from Abbey.

In December, a letter dropped through the letterbox from Abbey saying, you've guessed it, "Dear Mr............, Thank you for asking us to transfer your ISA to Abbey..........................."

My reply was rather brusque, to say the least.

pricehunter

shilts wrote: »

Hi , can anyone please tell me whether there is a penalty for transferring funds from the Halifax Isa saver to the Lloyds tsb fixed rate Isa ? Also when the 1 year fixed term ends with Lloyds would i then be free to transfer out with no penalty , many thanks .

There is no penalty for transferring Halifax ISA's to a Lloyds TSB fixed rate ISA. When the 1 year term ends with Lloyds you are free to transfer out with no penalty.

The information I have provided is from my own personal experience in transferring two Halifax Mini Cash ISA's to Lloyds TSB Fixed Rate ISA. Adding this years allowance I qualified for 6.5%.

Always ask if the ISA provider allows transfers in and allows transfers out without penalty. The Lloyds representative said ''as far as she knows there is no penalty''. Annoyingly, I found nothing in the small print to confirm this. However, if there were any penalties, it should be in the T&C.

NOTE: The Lloyds TSB Fixed Rate ISA for £9,000+ is no longer 6.5%. The interest rate on £9,000+ decreased to 5.0% last Monday 14/04/2008.

charlie_m_4

hi all

just wondering, i opened a isa with icesave with £1000 on the 13/3/08 should i have earned any intrest upto the 5 april?