Top Cash ISAs Discussion Area

poppy10_2

Bank of England interest rates are widely predicted to be cut another 1% down to 2% this week - it's looking very bad for us savers

TiVoMD

theowl wrote: »

Egg have just dropped their ISA rate to 4.55% variable. Not very competitive anymore. A&L at 5.5% a better option for like for like, though that includes a 1% bonus.

I'm currently looking to move my 07/08 Egg ISA and add approx. £2k for 08/09. However looking at MoneySupermarket, A&L is currently showing a rate of 4.50% that's 0.05% below Egg. Have you found an alternative Cash ISA?

MickKnipfler wrote: »

Where is the best deal at the moment? I went with the Post Office a few weeks ago and now their rate has dropped. My GF now wants to invest her £3600. The best rate I have found is 5.71% at ncbs but for how long?

I'm confused also, as MSE currently lists the best ISA being with Scottish Widows but compared with other ISA's on MoneySupermarket, Market Harborough BS has the best deal at 5.85%. Is this because their comparison isn't updated/adjusted for the recent BoE base rate changes?! If so, does anyone know of a web site that tracks historic interest rate changes. EnergyHelpline does this for utility companies?

famous_gino wrote: »

Just to let everyone know that Scottish Widdow dropped their E-Cash ISA rate from 6% to 4.6% just as I was about to print an application form.
Must keep looking then.

What ISA have you found, if anything, I have waited approx. 2 months trying to choose an ISA and if things continue I won't end up getting any ISA's for 08/09.


Does anyone have any advice, should I just open a Scottish Widows account?

Thanks, Matt

Inforapennyinforapound

It seems to me that the market is very fluid at present and has become impossible to keep up to date...rates cut by another 1% today.

No doubt savers will be hit again but borrowers wont benefit so much.Someone is 'doing very nicely thank you'........

leaphaze

Inforapennyinforapound wrote: »

No doubt savers will be hit again but borrowers wont benefit so much.Someone is 'doing very nicely thank you'........

I have a mortgage with Nottingham Building Society. The previous interest rate drop of 1% was ignored by them but when the rate dropped a further 1.5% they eventually responded (a few days ago) by dropping my mortgage rate by 0.75%. Now as a mutual they might argue that by keeping their rates high they can afford to pay more interest to their savers and thus attract more money, but a look at their savings rates shows drops in line with BOE. Makes no sense.
Wonder whether my mortgage rate is going to go down before the spring! :mad:

leaphaze

Having got that of my chest, my reason for visiting this forum was to ask a question. When is the fixed rate of a fixed rate ISA fixed?

I applied online for a 1 year fixed rate ISA with the Halifax on 30/12/08. At the time the rate was 5.25%. The ISA is still in the process of being opened by Halifax and as soon as it's opened I intend transferring in from another provider. Just checked and the current rate is 5.00% (still pretty good).

So when is the rate fixed? When the a/c is opened or when the transfer arrives?

Baldur

Worth checking with Halifax - from other posts (check out Icesave ISA transfer threads), they are said to be honouring the rate at the time of application for up to 60 days.

[Deleted User]

I am trying to find the isa rate for the Abbey National and Kent Reliance but seem to be going round in circles.My sis in law has around 5k in the abbey and my cash is stashed in the Kent Reliance

Baldur

Abbey - http://www.abbey.com/csgs/Satellite?c=GSAgrupAsset&cid=1127562764318&pagename=Abbey/GSAgrupAsset/GS_TiposInteres

KRBS - http://www.krbs.co.uk/interestrates.aspx

ANGLICANPAT

There may be a difference between applying on line(with no human contact) and ringing in to apply. However this is my experience by phone.

I checked online what Halifax was offering for a 2 yr isa fix on 29th Nov. 4.75% Rang up mid afternoon on 29th Nov and requested to open a 2yr fixed rate isa , using transferred money only , from HSBC . I verified with the assistant that the rate would be held at 4.75% as long as my money arrived within 60 days. Yes it would. Got given an account no and a roll number, over the phone.

Rang back the next morning and asked the same question again , but this time saying but when is the account considered open - on the giving of an account no, or the receiving of the money . Answer , on the giving of the account number.

Rang back this morning, asked all the same questions again, and this time told them Id received a letter this morning, containing just a general isa application form The letters last paragraph stated clearly 'the account will start from the day we receive your opening credit at the rate of interest which applies on that day.'

Oh - thats strange, he says, thats not what happens. I pointed out to him that MSE is littered with comments from people who are claiming to not be getting the rate they have been promised , and that I was unhappy signing this letter, which is asking me to agree to all the terms and conditions, including that last paragraph BEFORE I have even got my transfer form.

Ill go away and check for you he says. Comes back and says thats just a standard letter but that hes just confirmed that sales staff are being told to assure customers that you get the rate fixed at EITHER the time you are given your roll number OR the time the money transfer arrives -- whichever is the higher!! (I suppose they know 100% the rate isnt going UP)

All I can say , is Ive got the full names of all the people Ive spoken to , along with the exact time of ringing them , and if I dont get my 4.75% ............. then Ill be making BIG waves.

leaphaze wrote: »

Having got that of my chest, my reason for visiting this forum was to ask a question. When is the fixed rate of a fixed rate ISA fixed?

So when is the rate fixed? When the a/c is opened or when the transfer arrives?

johnnyquest

Hi everyone.

A few simple questions, I hope.

1. What happens if I deposit too much money into my cash ISA?

I've got ~£800 in an HSBC cash e-isa, my first ISA - opened this financial year. Some of that balance is made up from my deposits, some of it from monthly interest. I know that only my deposits count toward my allowance (not the interest), but if I'm feeling particularly lazy and don't want to go through my payment history and work out how much of it is my deposits, what would happen if I made a deposit of say £2900, reaching the £3600 allowance and then some (too much) to take into account interest? The deposit would be done online from my HSBC current account all held under the same online banking log in. I'm assuming that they'll either a) Return the excess funds (fantastic for me), or b) Return the full amount.

2. I pay £50 into my ISA by an "until further notice" standing order each month. Once next April rolls around, and assuming I don't cancel that standing order, will a new ISA for that financial year be automatically opened?

3. The rate for my HSBC e-ISA is rubbish. As it was opened this financial year and I've paid into it this financial year I'm right in thinking that I'm stuck with it until April?

Thanks for any help!