What are the draw backs for the Skipton 18m Fixed ISA at 4.25% + Free £50 John Lewis gift card ?

sparkiemalarkie

Hi I need to find a home for my maturing Virgin ISA.

I wanted to keep my finances as simple as possible.
I already have an account with Skipton so was looking at the 18 month Fixed Rate @ 4.25% + Free £50 John Lewis gift card.
I was only prepared to move across £10,000 to qualify for the gift card.

Can someone help with the maths and work out the total interest rate for the 18 months on £10,000 and include the £50 as part of the calculation so that I can compare properly please.
(I make it 4.31% over 18months - but could be wrong and there might be tax payable on the £50)

tia

sx

slinger2

£50 works out at 0.5% of £10,000. So that's about 0.33% per year (over 1.5 years). I suppose the question is how much the £50 is worth to you. Personally I never go to John Lewis so it's not a tempting offer to me, although I suppose I could give it to someone else.

Robin9

Does the Skipton ISA allow transfers in ?

JGB1955

Robin9 said:

Does the Skipton ISA allow transfers in ?

I think the £50 voucher is only payable if you DO transfer in.

Newly_retired

Yes Skipton 18m it allows transfers in.
Beware, the online transfer form asks for Reference or Building Society Roll number, when what they want is account number. Caused me a lot of problems, eventually resolved.