Top Cash ISAs Discussion Area

Baldur

You could try reading through this post, look for "Rate Guarantee?" in the products' descriptions.

Grumps

Firstly, I would just like to say thanks to Kazza for their work on the “Mini Cash ISAs: The Best ISAs Currently Available List”

And then a question. Looking at the new Post Office Cash ISA (as an example).

Could someone interpret the following?

Interest is paid annually in March.

1. Opening the account now (late September 2008) would interest be paid in March 2009 or would annually mean that the account has to be active through March 2009 to March 2010 before any interest is actually added to the account?
I presume the former.

2. Again, if the account was opened now and if, at the beginning of the financial year 2009/2010, it was transferred to another provider, there would still be a (small) portion of interest payable in March 2010. What happens to that portion of interest?
a) Does it follow the funds to which it is attributable?
b) Does it get paid directly to the (former) customer?
c) Does it simply disappear into a proverbial Block Hole?
d) Or does one need to maintain the account up to/beyond March 2010?

One-line answers will suffice.:cool:

Baldur

As far as your transfer questions are concerned, transferring a Cash ISA closes the account - the capital & all interest to date of closure would be transferred to the new ISA provider, there would be no residual interest.

owitemisermusa

Baldur wrote: »

As far as your transfer questions are concerned, transferring a Cash ISA closes the account - the capital & all interest to date of closure would be transferred to the new ISA provider, there would be no residual interest.

Quick Q:

What about part transfers? I thought you were allowed to part transfer an ISA and leave something behind in the old one. Reason I ask is that one needs to have another sort of account with First Direct or else pay something every month to keep your first account.

OMM

bigdave_4

Anybody know the answer?

I haven't used any of this years allowance, if I first do the transfer I can see I will get the 7.32, but will I also get the 7.32 when I put in my 3600 for this year. Can't put in the whole lump sum in one bash - hence the question.

Yes, I have already asked at the Natwest freephone, but sometimes what is said over the phone, becomes something different in reality.

Baldur

owitemisermusa wrote: »

Quick Q:

What about part transfers? I thought you were allowed to part transfer an ISA and leave something behind in the old one. Reason I ask is that one needs to have another sort of account with First Direct or else pay something every month to keep your first account.

OMM

The regulations permit partial transfers of previous tax years' Cash ISA funds (but current tax year's funds can only be transferred whole) - but some providers will not permit or accept partial transfers, you'll need to check that.

Baldur

bigdave wrote: »

I haven't used any of this years allowance, if I first do the transfer I can see I will get the 7.32, but will I also get the 7.32 when I put in my 3600 for this year.

As the rate is variable, who knows what rate you will receive when you dribble funds into the account?

meanscot

I'm thinking of moving my cash ISA pot from A&L to RBS which is offering a bonus of 2% giving me a return of 6.95%

Do any forum members know if you have to keep the ISA with RBS for a whole year to get the bonus 2% or is the extra 2% paid daily so I can move on to next better cash ISA offer that comes along and still get my 6.95% interest for the time the cash is with RBS.

I asked the RBS telephone helpline and they could not give me an answer to this question. They suggested I ask my local RBS branch.

meanscot

dinkle

Ok - I've looked at the new rates from NatWest and RBS but NatWest website says you have to "hold or open a an instant access account" in case you accidently over subscribe to your ISA but there is no mention of this in the article - is this a catch? It also goes on about how you can easily transfer money between your other NatWest accounts. Does this therefore mean that I also have to have a NatWest current account?

Also looking at the Post Office ISA as the next highest interest rate in the article it clearly says that it allows you "no notice access via branch, phone or post" however on their web page it says that you can pay money in via the branch but that withdrawals have to be requested in writing and the money paid by cheque or to your nominated account - to me this is not as attractive an offer if I have to wait for them to receive my request and then transfer the money or issue a cheque?

I don't want to get stung - having been previously - could anyone clarify?

Thanks

ashbart

I hope this isn't a silly question...

I've recently opened an ISA with Natwest. Can I pay a cheque into my ISA or do I have to pay it into my account and transfer it??

Just to confirm - the cheque is not from me, it's from another company.

Thanks! Ash x