We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
My mistake but read moneybox openacess cash ISA closely.

MikMikandThriceMik
Posts: 95 Forumite

So I transferred out from T212 to MB and wanted unlimited withdrawals so went to openacess cash ISA.
In this CISA, interest is only paid annually, so that mistake was on me.
Now I am thinking of either going back to T212, or transferring it to Tembo, or transferring to the other MB CISA which pays interest monthly but can only have 3 withdrawals per year. I might do the latter and when myv3 withdrawals are all used up, then transfer somewhere else.
MB people to tell me later today if I can transfer between the CISAs.
In this CISA, interest is only paid annually, so that mistake was on me.
Now I am thinking of either going back to T212, or transferring it to Tembo, or transferring to the other MB CISA which pays interest monthly but can only have 3 withdrawals per year. I might do the latter and when myv3 withdrawals are all used up, then transfer somewhere else.
MB people to tell me later today if I can transfer between the CISAs.
0
Comments
-
Do you have a question?2
-
eskbanker said:Do you have a question?
Thanks.0 -
Of course, there are plenty of threads started without questions, but they'll typically be those found interesting, useful or insightful by others.2
-
eskbanker said:Of course, there are plenty of threads started without questions, but they'll typically be those found interesting, useful or insightful by others.0
-
MikMikandThriceMik said:
MB people to tell me later today if I can transfer between the CISAs.0 -
I've opened an Open Access Cash ISA, although currently with just the minimum £500. Personally I prefer the annual interest rather than the monthly. A bigger downside for me is that their ISAs are not flexible. So although you have unlimited withdrawals that's a pretty useless feature for me, except in dire financial circumstances.0
-
Surely you'll still earn interest daily on the balance at the end of each day.1
-
boingy said:Surely you'll still earn interest daily on the balance at the end of each day.0
-
MikMikandThriceMik said:So I transferred out from T212 to MB and wanted unlimited withdrawals so went to openacess cash ISA.
In this CISA, interest is only paid annually, so that mistake was on me.
Now I am thinking of either going back to T212, or transferring it to Tembo, or transferring to the other MB CISA which pays interest monthly but can only have 3 withdrawals per year. I might do the latter and when myv3 withdrawals are all used up, then transfer somewhere else.
MB people to tell me later today if I can transfer between the CISAs.
What is the issue? Regardless of when interest gets paid, you get the advertised interest rate for whatever money you have in the account.0 -
I prefer annual interest. For the same AER, I get a much simpler statement. If I close early I achieve a rate above the quoted AER.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.3K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.2K Spending & Discounts
- 243.3K Work, Benefits & Business
- 597.9K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards