Abbey Direct ISA Issue 2 ( 6.25%)

bristolleedsfan

The_stingemeister wrote: »

Is this feasible? Have an Abbey Easy Isa at moment (£6k in it: receiving <5%). Can I transfer all of that to the Direct Isa (Issue 2) this week, and then next month (after 5th April) add another £3k to the new account?

Yes to first question ( at least as far as 2007/08 ISA funds are concerned, Whether ISA funds prior to 2007/08 year can be transferred in, is unclear. :rotfl: )

Its unclear what Abbey will be offering from April 6th. (Allowance is 3600 from April 6th )

The_stingemeister

Hmmmm thanks bristoll, I may well transfer and then see what happens in April.

[Deleted User]

The direct ISA issue 2 is definitely VARIABLE.

Issue 1 is currently
5.75 £1 to £9000
6.00 £9000 +

Anyone who has an Easy ISA or Issue 1 needs to fill in a form, you do not need ID and it will be transfered for you,

Need to point out that all the forms are sent to head office (even if you go into the branch) and as a lot of people will want to do this, there will probably be a backlog, it should be 3 days from the day HEAD OFFICE receive the form, I must stress head office NOT THE BRANCH

bristolleedsfan

The_stingemeister wrote: »

Hmmmm thanks bristoll, I may well transfer and then see what happens in April.

Im gonna phone Abbey on Monday to get some answers.

Unless Chris can answer them :hello: ( If it is variable rate for first 13 months then some of the questions will change)

1. Is it def fixed rate for first 13 Months ?

2. If it is a fixed rate for first 13 Months what happens if ISAS are transferred from different places ( assuming prev years ISAS can be transferred in ) and arrive at different times, ( can they just be added to the existing transferred in ISA funds with 6.25% only applying from date account was actually opened)

3. Can more than one ISA Direct 2 account be opened so that transferred in funds from different sources that arrive at different times go into different accounts with each account receiving 6.25% rate for first 13 months ?

3. Abbey only mention 2007/08, will the account and rate be available for 2008/09 ISA funds (Or will Issue 3 be launched for 2008/09 year), if so and if someone has already transferred ISA funds in do 2008/09 funds go into same Direct ISA Issue 2 account or does a new ISA Direct Issue account get opened ?

4. Re above Is it One account per person, if so can additions via diff transfers in and/or new 2008/09 ISA funds be added?

5. Only 2007/08 year is mentioned can ISA funds from earlier years be transferred in ? ( words "any existing ISAS" is used and word "provider(s)" is used, yet people would only have one provider for "2007/08 year" )

bristolleedsfan

chr_is wrote: »

The direct ISA issue 2 is definitely VARIABLE.

Whilst moneyfacts initially listed the account as a Variable Rate, What makes u so sure that it is variable rate account for the first 13 Months ?

If the account is variable rate for first 13 Months then someone at Abbey has been on leftover "bubbly from the Shareholder meeting" IMO. :rotfl: :rotfl:

[Deleted User]

bristolleedsfan wrote: »

Im gonna phone Abbey on Monday to get some answers.

Unless Chris can answer them :hello: ( If it is variable rate for first 13 months then some of the questions will change)

1. Is it def fixed rate for first 13 Months ? No unfortunately its variable

2. If it is a fixed rate for first 13 Months what happens if ISAS are transferred from different places ( assuming prev years ISAS can be transferred in ) and arrive at different times, ( can they just be added to the existing transferred in ISA funds with 6.25% only applying from date account was actually opened) As it's not fixed, this does not apply, they will just be added to your account when the cheques from your old providers are received.

3. Can more than one ISA Direct 2 account be opened so that transferred in funds from different sources that arrive at different times go into different accounts with each account receiving 6.25% rate for first 13 months ? Yes you can have as many as you wish

3. Abbey only mention 2007/08, will the account and rate be available for 2008/09 ISA funds (Or will Issue 3 be launched for 2008/09 year), if so and if someone has already transferred ISA funds in do 2008/09 funds go into same Direct ISA Issue 2 account or does a new ISA Direct Issue account get opened ? This ISA will be valid until further notice, the issue 1 was launched over a year ago and has just been withdrawn. If ever they were to launch an Issue 3, you would just have to notify Abbey you want your Issue2 to be converted, all this takes is a signature

4. Re above Is it One account per person, if so can additions via diff transfers in and/or new 2008/09 ISA funds be added? There is no limit on the number of accounts, a few days ago I opened 2 Isas for a gentleman who had 2 isas (One Barclays, One Halifax) and wanted to keep them seperate.

5. Only 2007/08 year is mentioned can ISA funds from earlier years be transferred in ? ( words "any existing ISAS" is used and word "provider(s)" is used, yet people would only have one provider for "2007/08 year" )Transfer ins are allowed

Hope this helps

[Deleted User]

bristolleedsfan wrote: »

Whilst moneyfacts initially listed the account as a Variable Rate, What makes u so sure that it is variable rate account for the first 13 Months ? I *unfortunately cough cough *work for Abbey

If the account is variable rate for first 13 Months then someone at Abbey has been on leftover "bubbly from the Shareholder meeting" IMO. :rotfl: :rotfl:

hehe lol........................(having to add the full stops as it's telling me my message is too short)

bristolleedsfan

chr_is wrote: »

)

:T Can u clarify this please. ( Not that im gonna bother with it, with it being a variable rate lower than Barclays ( for new money) and not as appealing IMO as Nationwides 6.15% ISA fix ( for new and existing ISA Funds)


5. Only 2007/08 year is mentioned Can ISA funds from "earlier years" be transferred in ?


Direct ISA (issue 2)
Provided by Abbey National PEP & ISA Managers Limited


Facts at a glance

• Earn 6.25% AER tax free for 13 months from account opening
• After 13 months rates revert to upto 5.25% AER variable, depending on account balance
• You need just £1 to get started and you can save up to £3,000 in the 2007/08 tax year

Direct ISA (issue 2)


Provided by Abbey National PEP & ISA Managers Limited
Consider it if...

• You want to save up to £3,000 in the 2007/08 tax year without paying any tax on the interest
• You want to manage your money by post, telephone, and via cash machine
• You want the option to open an account in a branch, by post or online
• You want an easy way to transfer the proceeds from any existing cash mini ISAs you may have

[Deleted User]

bristolleedsfan wrote: »

:T


5. Only 2007/08 year is mentioned Can ISA funds from "earlier years" be transferred in ? Yes, you definiely can

Now a question to you lol, what do you think of the lloyds one, I quite like the sound of it, but the loss of interest or non loss of interest on transfer ins (As in Lloyds not making their mind up) is starting to put me off !

bristolleedsfan

chr_is wrote: »

Now a question to you lol, what do you think of the lloyds one, I quite like the sound of it, but the loss of interest or non loss of interest on transfer ins (As in Lloyds not making their mind up) is starting to put me off !

Personally I believe that lloyds 6.5% fixed rate is great for those that have 9000 in ISAS with one provider.

Reason im not going for it is my ISAS arent with one provider and i dont like the idea of earning a lower rate of interest until all the 9000 is with Lloyds, also im currently a non tax payer so have only 6000 + interest in ISAS until i can put 3600 into an ISA at start of 2008/09 tax year.

Re: Loss of interest during transfer in process, has to be seen in the context that Lloyds 6.5% fix is 0.35% higher than next best Oneyear fix which on 9000.00 is approx 31.50 difference over 12 Months approx. ( loss of interest say on 7 days @ nationwides 6.15% Rate ( comparing with them cos its next best fixed rate who backdate interest on ISA transfer INs) is 10.61 on 9000.00)

So full 9000 going into Lloyds in 1 go is better off than next best fixed rate ISA even if 7 days interest is lost during transfer cheque transit.

Guess on reading the above u can see why im transferring existing ISAS and possibly putting 2008/09 new ISA money into Nationwides Fixed 6.15% Rate.

Re: Abbeys 6.25% Variable Rate ISA

( With Base Rates expected to drop further I believe Nationwides 6.15% is better deal for both ISA transfers and new 2008/09 ISA Money than a 6.25% Variable rate ISA assuming Nationwides 6.15% Fix is still available on 6th April 2008. )

Barclays new variable rate ISA is better deal than Abbeys new Variable ISA release IMO. ( cos is a higher variable rate and Barclays 2007/08 ISA mirrored all the Base Rate Changes)