Should I keep MY A&L Min ISA Issue 2

ahll

I have an Alliance & Leicester Direct Mini Cash ISA Issue 2. I have put in my allowance for this year and so was now wondering what was the best thing to do for 2008/09 Tax Year.

Firstly I believe tha amount you can put in this year has been increased but I am not sure what to ! Can someone tell me ?

I have heard that the Barclays Haven account has a slightly better interest rate but that you can get 10% from A&L but I am not sure if/how to get this.
I am a student so I don't have a job and therefore a monthly income from a job ! I could however put £500 a month into an account. But I didn't understand if that was ok to get the deal.

Any advice from those in th eknow much appreciated :T

daveonline

ahll wrote: »

I have an Alliance & Leicester Direct Mini Cash ISA Issue 2. I have put in my allowance for this year and so was now wondering what was the best thing to do for 2008/09 Tax Year.

Firstly I believe tha amount you can put in this year has been increased but I am not sure what to ! Can someone tell me ?

I have heard that the Barclays Haven account has a slightly better interest rate but that you can get 10% from A&L but I am not sure if/how to get this.
I am a student so I don't have a job and therefore a monthly income from a job ! I could however put £500 a month into an account. But I didn't understand if that was ok to get the deal.

Any advice from those in th eknow much appreciated :T

• A&Ls latest is a direct issue 4 that pays 6.25% - Worth looking at for an easy transfer. (Not sure what your issue 2 pays ?)
• Yes the new tax year amount has been increased to £3600.
• The Barclays Isa you mention pays 6.5% but does not accept transfers in but your new tax year amount could be put in it, details here - http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=14230
• The A&L Premier issue 2 does pay 10% but has many conditions - see here - http://www.alliance-leicester.co.uk/savings/index.asp?page=prem-isa&ct=savingshome

Hope this helps.

ahll

To be honest I don't know what Alliance & Leicester Direct Mini Cash ISA Issue 2 interest is. Does anyone know or know how to findout ?

daveonline

ahll wrote: »

To be honest I don't know what Alliance & Leicester Direct Mini Cash ISA Issue 2 interest is. Does anyone know or know how to findout ?

Just found it in their closed issue interest rate section -

http://www.alliance-leicester.co.uk/savings/index.asp?page=closed-rates

It only pays 5% so worth transfering to get a better rate.

ahll

thanks daveonline I even wrote to A&L and asked them and thry just point you at the saving page wihic does not list the Direct Mini ISA 2 ! I am glad you found it so now I need to look into moving it.

I looked at the t&c '
Transfer in existing ISA funds from 6 April 2008 – all we ask is that 50% or more of your previous years’ transferred funds go into a Stocks & Shares ISA. You will need to see a Financial Advisor at your local branch to arrange this'

I am not keen to put my money in a stock & shares ISA so wont be doing this one !

They have a rip off phone number to ring them on about the ISA's '0844 800 9000 (calls cost 6p plus 5 pence per minute from a BT landline' !

Note : Website is mis-leading

I rang them as suggested and it took 14mins to establish that you can't transfer your funds from a ISA 2 to a ISA 4 unless you have already opened an ISA 4 which you can only do online ir in a branch. He was trying really hard to get me to go to a branch to do it (but none near me). So I am not a happy bunny and the man admitted that the wording had already been noted as mis-leading people.

'
If your existing ISA funds are with Alliance & Leicester

To transfer your existing Alliance & Leicester ISA funds to your Direct ISA, please follow these steps:
Please ensure that you have opened your Direct ISA and have the Account details to hand.
Step 1: Call 0844 800 9000 (calls cost 6p plus 5 pence per minute from a BT landline. Mobile and other providers' charges may vary)
Step 2: Press 2 for Savings
Step 3: Enter your Customer ID and 5 digit Customer PIN
Step 4: Select Direct ISA
Step 5: Press 3 for other services and information
Step 6: Press 9 to speak to an advisor (advisors are available between 9am and 8pm Monday to Friday and between 9am and 1pm on Saturday)
The advisor will then take the details of the existing Alliance & Leicester ISA and arrange to transfer your subscriptions to your Direct ISA.'
http://www.alliance-leicester.co.uk/directisauserguide/index.asp?page=page5