Penrith Building Society - 'Easy Access' Cash ISA 4 October 2022 at 4:06PM in ISAs & tax-free savings 6 replies 432 views

Yellowman

Penrith Building Society (www.penrithbs.co.uk) is offering an 'easy access' Cash ISA at 2.75% but it can only be opened and managed by visiting a branch or by post.

This seems very non-easy access to me.

There is a printable online application form but it appears only to include payments in by cheque and not ISA transfers (even though the website states these are allowed).

Has anyone any experience so far?

Albermarle

It is a very small local BS, with only one branch in Penrith, so I guess do not have all the IT resources of a bigger organisation.

Beddie

It's already withdrawn, as expected for such a small organisation.

MiserlyMartin

The curse of appearing on the national MSE website. I don't know why MSE does this with small local BS accounts

TojoRalph

MiserlyMartin said:

The curse of appearing on the national MSE website. I don't know why MSE does this with small local BS accounts

That's actually a very valid point.

spider42

I think I may have managed to open one of these! Sent an application off by post on the day it was launched, but heard nothing since, and they hadn't cashed the cheque. I was fully expecting to just get the cheque and my proof of ID returned to me saying the account had been withdrawn. However, I note that yesterday the cheque payment has finally left my account.

So fingers crossed this is now open, although I've still received no correspondence from them a week and a half after applying. They must have been absolutely swamped with applications for a organisation as small as they are. Which makes you wonder who on earth thought that offering a market leading rate (by a long way) was a good idea. Surely they should have realised there would be huge demand for it?

Yellowman

It appears that Penrith Building Society only has one branch - in Penrith (Cumbria).