Principality BS Online Bonus 5 Access Cash ISA - new Iss 5.

dosh37

I have had one of these accounts for about a year.

During that time, the interest rate has dropped from 5% to 4.15%.

Today I discovered there is now a new 'Issue 5' account with the same name paying 4.4%.

There was no email notification  of this - I only found out by accident.

To get the better rate you can open a new account online then phone or send a secure message to transfer the balance.

This also resets the 12 month bonus period (originally 1.45%, now 1.7%).

I would advise existing Principality ISA account holders to check their interest rates.

mebu60

That's how accounts with issue numbers generally work, a hike in the rate is usually only done via a new issue. 

Incumbent on all savers to check rates across the market if they want best deals. 

clairec666

This will catch a few people out, as the rate only dropped from 4.5% to 4.25% on June 19th. Always pays to keep an eye on the latest available ISAs. Principality will transfer over to the new issue if you contact them, which also extends your "bonus rate" period.

clairec666

dosh37 said:

I have had one of these accounts for about a year.

During that time, the interest rate has dropped from 5% to 4.15%.

You may have missed an earlier "new issue" along the way - they were offering 4.25% until recently, after a drop from 4.5%.

dosh37 said:

There was no email notification  of this - I only found out by accident.

I've opted out of their marketing emails. Principality aren't automatically notifying everyone with earlier issues that they can get themselves a better rate, but are relying on them to opt in to marketing emails and to actually read them.

surreysaver

dosh37 said:

I have had one of these accounts for about a year.

During that time, the interest rate has dropped from 5% to 4.15%.

Today I discovered there is now a new 'Issue 5' account with the same name paying 4.4%.

There was no email notification  of this - I only found out by accident.

To get the better rate you can open a new account online then phone or send a secure message to transfer the balance.

This also resets the 12 month bonus period (originally 1.45%, now 1.7%).

I would advise existing Principality ISA account holders to check their interest rates.

You don't need to open a new account. Just message them to convert your existing account. That way you keep the same account number and it saves you having to replenish any flexibly withdrawn funds.

fuzzzzy

I didn't have the original issue but have just opened the issue 5 as it seems a decent rate. Disappointed to find I can't do an electronic transfer in and need to print and post a transfer form.😥

rallycurve

So Principality still require a transfer form?

Some forumites assure they do electronic transfers since last year
See https://forums.moneysavingexpert.com/discussion/comment/81362556/#Comment_81362556

Do they allow this only on application maybe?

soulsaver

"You don't need to open a new account. Just message them to convert your existing account. That way you keep the same account number and it saves you having to replenish any flexibly withdrawn funds."

If you do message them for an upgrade from the earlier issue, ensure that you identify the account you want to transfer to (and from) and confirm that you accept the terms and conditions. 

Or you'll get a message back asking you to... up to 3 days later (but usually quicker).

surreysaver

soulsaver said:

"You don't need to open a new account. Just message them to convert your existing account. That way you keep the same account number and it saves you having to replenish any flexibly withdrawn funds."

If you do message them for an upgrade from the earlier issue, ensure that you identify the account you want to transfer to (and from) and confirm that you accept the terms and conditions. 

Or you'll get a message back asking you to... up to 3 days later (but usually quicker).

You're not transferring any account. You're just changing/upgrading an existing account. The secure message system asks you to identify which account you're messaging about anyway.
Yes, say you accept the T&Cs in the message saves a bit of toing and froing.

soulsaver

surreysaver said:

soulsaver said:

"You don't need to open a new account. Just message them to convert your existing account. That way you keep the same account number and it saves you having to replenish any flexibly withdrawn funds."

If you do message them for an upgrade from the earlier issue, ensure that you identify the account you want to transfer to (and from) and confirm that you accept the terms and conditions. 

Or you'll get a message back asking you to... up to 3 days later (but usually quicker).

You're not transferring any account. You're just changing/upgrading an existing account. The secure message system asks you to identify which account you're messaging about anyway.
Yes, say you accept the T&Cs in the message saves a bit of toing and froing.

Thanks, that's almost useful. 

surreysaver

soulsaver said:

surreysaver said:

soulsaver said:

"You don't need to open a new account. Just message them to convert your existing account. That way you keep the same account number and it saves you having to replenish any flexibly withdrawn funds."

If you do message them for an upgrade from the earlier issue, ensure that you identify the account you want to transfer to (and from) and confirm that you accept the terms and conditions. 

Or you'll get a message back asking you to... up to 3 days later (but usually quicker).

You're not transferring any account. You're just changing/upgrading an existing account. The secure message system asks you to identify which account you're messaging about anyway.
Yes, say you accept the T&Cs in the message saves a bit of toing and froing.

Thanks, that's almost useful. 

When you're dealing with ISAs, what seems like a minor difference in terminology, can make a big difference to what happens.