My mistake but read moneybox openacess cash ISA closely.

MikMikandThriceMik

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.

eskbanker

Do you have a question?

MikMikandThriceMik

eskbanker said:

Do you have a question?

Does it have to be a question? Can others not reply as in conversations?
Thanks.

eskbanker

Of course, there are plenty of threads started without questions, but they'll typically be those found interesting, useful or insightful by others.

MikMikandThriceMik

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.

Lol, a really nice way to say I have posted something inane

Middle_of_the_Road

MikMikandThriceMik said:

MB people to tell me later today if I can transfer between the CISAs.

Please let us know the answer. I doubt it's possible, but would be good to know how they determine who's eligible for what.

slinger2

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.

boingy

Surely you'll still earn interest daily on the balance at the end of each day.

clairec666

boingy said:

Surely you'll still earn interest daily on the balance at the end of each day.

That's what I thought. Presumably interest will be added when the account is closed, if it's before the year is up.

friolento

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.

masonic

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.