Top Cash ISAs Discussion Area

Pineapple87

Update from Saffron :


PLEASE NOTE:

We will be accepting national applications on our Regular Saver Cash ISA until 5pm on Monday 2nd March 2009, after which only applications from within our branch area will be accepted.
Saffron's branch area is: Essex, Hertfordshire, Cambridgeshire, Suffolk, Norfolk, London where the postcode starts with E.To speed up your application process, please download an application form, print it off, complete it manually, and put it in the post to us. Our phone lines are currently experiencing a high call volume and you may have to wait if you require assistance.

I also am a bit confused about the deposit for opening an account with them for 2009/2010 as I have used my allowance for this year. So, I rang up a branch and asked if I needed the deposit when opening the account and was told yes. This contradicts that you can open one for 2009/2010 seeing as they are stopping apps, on 2 Mar. So, I queried this and got told that if I went in they could hold my deposit until 6/4 and open the account then. Doesn't fill me with confidence though that they would hold my cheque deposit for over a month.

Would rather send in application via post with a cover letter stating about it being opened in April, but the identity documents have to be signed by one of the following Teacher, Doctor, Banker, Post Office Official, UK Lawyer, FSA Regulated Financial Intermediary, Accountant, or Minister of Religion, so annoying!!

mojam55

Pineapple,
I'm not sure you definately need to send identification documents in. I have opened several accounts recently and they have been able to prove my identity using "electronic checks", which i presume is credit scoring and/or electoral role referencing.
I think you would only need to provide ID if they were unable to identify your identity electronically.

Pineapple87

Ah ye, just re-read there terms thanks Mojam. Saves me a journey as am on electoral roll so think they should be able to identify me electronically.

m_13

Saffron Walden's document state that they will try to identify you electronically but if they can't then they will use the documents you send. With the new foreshortened deadline I'm sending my identification documents to them with the form and the cheque. I haven't used all my allowance for this year yet so will ensure I stay £25 off this year's limit.

We already both have Barclays Monthly Savers and the discipline is good to get into.

large_satsuma

1) My mother has a large sum in an instant access ISA, but will soon need it for ongoing caregiver expenses. I need to check the T&Cs of the account, but in principle, should it be possible for her to set up a monthly direct debit to her current account? Does this sound like the best option?

2) Given that my mother is not fully capable to manage her financial affairs (but is unwilling to surrender legal power of attorney), we would prefer to arrange this for her, but I imagine it would not be possible. If my mother knew she was paying through the nose for her carers, she might dismiss them, putting her safety at risk. Any pearls of wisdom, from those with experience of such issues?

Thanks.

turtlemoose

i'm going to send off my Saffron application, duno if i'm being thick here, but do i make the cheque out to "Saffron Building Society" ????

Lokolo

No you send the cheque with your name.

leaphaze

SHEPS wrote: »

I intend to open this account on 6th April for 09/10.
I have a ISA account (08/09) with Saffron already.
My query is, after opening this account on 6/4 and making regular contributions,can I TRANSFER my current ISA account to another ISA provider in 09/10 making NO contributions, keeping within the ISA regs?:rolleyes:

Yes.

You could transfer before then if you prefer.

leaphaze

NikkyWikky wrote: »

Hi all,

I'm trying to do the maths for this. For the coming tax I need to invest 3600. Now is it worth investing it as a lump sum into my existing isa which is earnign roughly 3% or drip feed it into the 7% regular cash ISA. Heres my calculation:

Drip feed into 7% ISA - £135.09 interest (using Martins Regular saver calculator http://www.moneysavingexpert.com/savings/best-regular-savings-accounts. invest £300 per month)

Invest 3600 into existing ISA @ 3% - £108 (assuming interest rate stays the same)

So does this mean it better to save in the regular saver as you earn more interest and you also you dont need £3600 available to you at the start of the tax year.


Does this sound right? Correct me if i'm wrong.

Also is the 7% fixed?

Nik

Your £135.09 is just the interest from the ISA. Don't forget your reducing lump sum will also earn interest elsewhere.

leaphaze

large_satsuma wrote: »

1) My mother has a large sum in an instant access ISA, but will soon need it for ongoing caregiver expenses. I need to check the T&Cs of the account, but in principle, should it be possible for her to set up a monthly direct debit to her current account? Does this sound like the best option?

2) Given that my mother is not fully capable to manage her financial affairs (but is unwilling to surrender legal power of attorney), we would prefer to arrange this for her, but I imagine it would not be possible. If my mother knew she was paying through the nose for her carers, she might dismiss them, putting her safety at risk. Any pearls of wisdom, from those with experience of such issues?

Thanks.

Hi Satsuma, I don't know of any ISAs with an automatic regular withdrawl feature. If your mum's ISA provider has online access, maybe you could do this for her once a month. If not, it could possibly be transfered to one that does.

My mum has a fixed rate ISA with Halifax, which I renew for her every 3 months online since she has no internet access.