ISA Transfers.

shaz77_2

This is a question for a friend of mine. She tried to transfer her existing ISA (It pays 5.5%) into the Lloyds TSB ISA (paying 6.5%) however because she is not an existing customer and is unable to visit her local branch she can't set one up.

Are there any other good ISA's available that she can transfer her money into?

Thanks.

Thomas_Crown

What about the Icesave Easy Access ISA @ 6.10%. It comes with certain guarantees until 2013 (see T&Cs).

www.icesave.co.uk

The info about the ISA is on the Icesave home page.

Aegis

I think Alliance and Leicester are currently doing a 6.25% ISA which allows transfers in.

shaz77_2

Aegis wrote: »

I think Alliance and Leicester are currently doing a 6.25% ISA which allows transfers in.

That looks like a really good options and the terms and conditions look reasonable as well. The one thing that concerns me a little is that there is no guarantee the rate won't drop significantly at any time. In addition to this are there any penalties for transfer from them if their rate drops too much?

Meltdown_2

shaz77 wrote: »

This is a question for a friend of mine. She tried to transfer her existing ISA (It pays 5.5%) into the Lloyds TSB ISA (paying 6.5%) however because she is not an existing customer and is unable to visit her local branch she can't set one up.

Are there any other good ISA's available that she can transfer her money into?

Thanks.

Just a thought ...
Is your friend unable to visit her local branch due to a physical disability?
If so, wouldn't LTSB be required to take steps to allow her access via some other route under the Disability Discrimination Act?

MrMicawber_2

The ICESAVE ISA looks good as well as Aegis says above. No frills instant access and a nice long guarantee of being above BBR.

I've just opened one and thought the on-line opening process very good.

shaz77_2

MrMicawber wrote: »

The ICESAVE ISA looks good as well as Aegis says above. No frills instant access and a nice long guarantee of being above BBR.

I've just opened one and thought the on-line opening process very good.

I just mentioned this to her but she says she already has quite a bit of money tied up in a regular Ice Save account and she doesn't want to go over the £30000 limit.

bristolleedsfan

shaz77 wrote: »

I just mentioned this to her but she says she already has quite a bit of money tied up in a regular Ice Save account and she doesn't want to go over the £30000 limit.

Abbey 6.25% variable rate ( available from 3rd March) ISA or Nationwide 6.15% one or two year fixes would be my choices because they both backdate interest on ISA transfer ins to ensure that no loss of interest is incurred during transit and banking of transfer cheque.

More ISA discussions here. http://forums.moneysavingexpert.com/forumdisplay.html?f=18

shaz77_2

bristolleedsfan wrote: »

Abbey 6.25% variable rate ( available from 3rd March) ISA or Nationwide 6.15% one or two year fixes would be my choices because they both backdate interest on ISA transfer ins to ensure that no loss of interest is incurred during transit and banking of transfer cheque.

More ISA discussions here. http://forums.moneysavingexpert.com/forumdisplay.html?f=18

My friend seems to be interested with the Abbey ISA, however are there any guarantees regarding the interest level e.g. will it stay above the bank of England interest rate?

Secondly can the account be setup online? Finally are there any penalties for transferring from this ISA to another one at a future date?

bristolleedsfan

shaz77 wrote: »

My friend seems to be interested with the Abbey ISA, however are there any guarantees regarding the interest level e.g. will it stay above the bank of England interest rate?

Secondly can the account be setup online? Finally are there any penalties for transferring from this ISA to another one at a future date?

I find guarantees of 0.50% or less above Base Rate pretty pointless as most people on here would regard 0.50% above Base Rate as a pretty rubbish rate anyway.

Abbeys Direct ISA 2 is available from 3rd March, Product details will be available around that time.

Guarantee is that if the rate becomes mediocre ( most dont within 12 months) then the ISA can be moved elsewhere.

Many rate changes will occur around 1 March, perhaps best to access the situation around that time as well as absorb Abbeys New Direct ISA Terms And Conditions.

shaz77_2

Thanks for that useful response.

Abbeys guarantee that if the rate becomes mediocre it will allow transfers, what does it classify as mediocre?

Out of interest why do you pre empt a flurry of new ISA rates for March 1st? As the tax years begins in April I would have felt this is when there would have been a flurry.