Northern Rock Fixed Rate Access ISA

macca64

I've done a search, but couldn't find anything on here that answered my question.

I've currently got my previous years ISA held with Kent Reliance, however after the last rate cut, there are better rates out there that accept transfers in, and I found the NR Fixed Rate Access ISA, the rate is 6% fixed but you can get instant access to your funds should you need it.

However I've printed the forms of the internet, but it's not very clear to me if you can open the ISA and only transfer previous years subscriptions, as I plan to leave my 07-08 subscription with Egg at 6.05%.

The NR website states;
Your opening deposit can be by:

• cash (branch only*)
• cheque (In the interest of security, please make your cheque payable to ‘Northern Rock, for the account of [insert Account Holder(s) name(s)]’ and crossed ‘A/c Payee Only’)
• transfer from an existing Northern Rock Account (withdrawal restrictions relating to your existing Account will apply to this opening transfer or any additional transfer).

Has anyone else had any experience with this ISA?

Cheers
Macca

macca64

Just phoned Northern Rock, seems you can't open this account if you have already subscribed to another ISA in the 07/08 tax year. Well I guess I need to find another account to transfer from Kent Reliance now.

RayWolfe

I don't know what you asked NR but you are not opening another account in 07/08. You are transferring. Ask them again but this time ask them about a TRANSFER from another provider.

macca64

I asked NR if I could open an account by transferring previous years subscriptions only. NR then put me on hold to check, I was then asked if I had opened an ISA in 07/08 with another provider, when I said yes, I was told that I couldn't open this account.

I could phone them again, but I think I made myself clear on the phone.

bristolleedsfan

macca64 wrote: »

I asked NR if I could open an account by transferring previous years subscriptions only. NR then put me on hold to check, I was then asked if I had opened an ISA in 07/08 with another provider, when I said yes, I was told that I couldn't open this account.

I could phone them again, but I think I made myself clear on the phone.

If u do contact NR again, could u ask them when they start paying interest on ISA transfer ins please. ?


http://www.northernrock.co.uk/savings/fixed-rate-access-isa/

Invest up to £3,000 this tax year (£3,600 from the next tax year) or transfer funds from another ISA provider.

RayWolfe

macca64 wrote: »

I asked NR if I could open an account by transferring previous years subscriptions only. NR then put me on hold to check, I was then asked if I had opened an ISA in 07/08 with another provider, when I said yes, I was told that I couldn't open this account.

Then she gave you the wrong answer. (The fact that she had to ask advice about a very common action may give a clue.)
You are allowed to transfer ISAs at any time.

martinman3

RayWolfe wrote: »

Then SHE gave you the wrong answer. (The fact that SHE had to ask advice about a very common action may give a clue.)

.........

RayWolfe

Really not intended. I thought I had read "she" from the OP. I was wrong, not for the first time. ;-)

macca64

I did not type she, however it was a female member of staff that I spoke to.

Just wondering if I should bother calling again. I might go with A&L or Abbey at 6.25% variable, I think interest rates will drop by a maximum of 0.25%, can't see them going down much more considering CPI is currently at 2.5%.

Any other opinions??

bristolleedsfan

macca64 wrote: »

I think interest rates will drop by a maximum of 0.25%, can't see them going down much more considering CPI is currently at 2.5%.

Any other opinions??

My opinion is a 0.50% Base Rate fall by September/October 2008 with possibly a 0.75% fall by the end of 2008.

Dollysky

If only £35000 of savings are protected with any one establishment - does anyone feel it is worth losing on tax-free allowance by withdrawing from an ISA which has more than £35000 in it.