Abbey ISA- get rid??

QT2006

Hi guys,

I wonder if you can help me...I am in a bit of a dilemma, I currently have a easy ISA..I think with Abbey and its paying me 4.05% interest and I have £2035 in there, however I have been told by friends that there are better rates out there and that I am allowed to change my ISA.

Can anyone advise on this...also I have some extra cash lying around (£3000) and I am consider investing, but I don't have a clue about stocks and shares, is there any websites out there, or can anyone give me the simplicities.

Thanks a bunch

QT x

jem16

QT2006 wrote: »

Hi guys,

I wonder if you can help me...I am in a bit of a dilemma, I currently have a easy ISA..I think with Abbey and its paying me 4.05% interest and I have £2035 in there, however I have been told by friends that there are better rates out there and that I am allowed to change my ISA.

Yes you can by transferring to a provider who will accept transfers in.

Can anyone advise on this...also I have some extra cash lying around (£3000) and I am consider investing, but I don't have a clue about stocks and shares, is there any websites out there, or can anyone give me the simplicities.

Thanks a bunch

QT x

Read this thread for starters.

http://forums.moneysavingexpert.com/showthread.html?t=416337

QT2006

Cheers for that jem16

Stavros_3

Also look at your ISA T & C;s, there might say be a 90 day loss of interest if you transfer like wot mine says

avantra

I don't think you need to change providers in order to get a better rate.

1st thing top up your easy ISA to the £3000 max NOW.
The easiest thing to do before the 6 of April is to go an Abbey Branch and ask to transfer your easy ISA to a 'Direct ISA issue 2' This Pay you 6.25% clean.
After the 6th of April simply inject another £3600 to your Direct ISA issue 2 and presto you have a tax free saving pot of £6600 @ 6.25% AER.

Remember this is a variable rate and after 13 month revert back to Easy ISA rate so keep an eye on it next year. :T

PBA

I wouldn't say get rid, as Abbey has the best paying ISA that allows transfers in. Go in to a branch and fill in a form to convert it to a Direct ISA, then it pays 6.25% for 13 months. Remember though that once you've done that you can't access it through the branch any more, but can carry on using it online, cash machines, etc.

rose101_2

Pleased to find this thread, I have approx £9000 in an Abbey Easy ISA which I was planning to transfer to a another provider in April but will transfer to the Direct ISA now instead.

Just wondering why Martin hasn't included it in his best buys ISA article as the rate is better than other ones that are recommended.

cs95aam

I also wondered why Martin hasn't included it.

I already have a Direct ISA with Abbey and I think they've raised the rate for the 2008/2009 year. I think the 2007/2008 rate was something like 5.75%.

Does anybody know if I automatically get the new rate for my current ISA or do I have to make a transfer?

daveonline

cs95aam wrote: »

I also wondered why Martin hasn't included it.

I already have a Direct ISA with Abbey and I think they've raised the rate for the 2008/2009 year. I think the 2007/2008 rate was something like 5.75%.

Does anybody know if I automatically get the new rate for my current ISA or do I have to make a transfer?

It was a new DirectISA (Issue 2) launched a few weeks ago, you can get the new rate 6.25% now but you need to phone to get a transfer form to transfer old Abbey ISAs onto the higher rate Direct issue 2.

Abbey link here - http://www.abbey-products.com/product/direct-isa-squirrel/

QT2006

Hi everyone, cheers for that I will go into store on Saturday, they are closed tommorrow right? I think Good friday is a bank holiday

Thanks again

QT x

bashful

I completed an online application form for A&L to transfer my 2006/7 and 2007/8 Barclays Tax Beater ISA funds into but see from the forums that there may be a delay in transferring and a loss of interest.

The clever money seems to be going to Abbey where there is the same interest rate and no loss of interest through the transfer period.

I may not have read the Abbey instructions correctly and completed an online application last night but, looking agin just now, I see that maybe I should have used a different method and just completed their form available in Step 1 on this page:

http://www.abbey.com/csgs/Satellite?c=GSInformacion&cid=1157694140393&pagename=Abbey/GSInformacion/GS_ResumenHipotecas

What have other folk done please?