Isbank Meteor Savings - 6mth FR ISA 4.35% AER - Any thoughts on this bank?

Growingold

Came across this ISA today but not heard  of this bank before.  Any feedback would be great.  Thanks

t0rt0ise

Seems odd. The actual interest rate is 4.19% with the boost if 0.15% not being added to the ISA account but to your current account. Meteor also deal with Oaknorth and others presumably boosting their accounts in a similar way.

flaneurs_lobster

Was mentioned recently on another thread 
https://forums.moneysavingexpert.com/discussion/comment/81807214/#Comment_81807214
Was noted that the "Boost" was "expected" to be treated as non-taxable by HMRC.

masonic

t0rt0ise said:

Seems odd. The actual interest rate is 4.19% with the boost if 0.15% not being added to the ISA account but to your current account. Meteor also deal with Oaknorth and others presumably boosting their accounts in a similar way.

Essentially it is a third party incentive, which could only be added to the ISA as a customer subscription. That reinforces the view that it is not interest. Also Meteor does not have the regulatory permission to take deposits and pay interest on them.

subjecttocontract

I've had previously & currently have an account with IS Bank (who are Turkish) through Raisin......they seem perfectly ok as I would expect. They have the correct licence. Ive no experience with the Meteor platform.