Barcleys tax Haven vs A&L 10%

poppin_2

Hi,
Was all ready to put my money in the Barcleys Tax Haven ISA however Would I be better off putting this years ISA allication (which I haven't used yet) into the A&L one which seems to offer a lot more interest 10% then the Barcleys Tax haven which only offers 6.5%? seems to me to be a much better account but am I missing something?

Thanks

CLAPTON

assuming you meet the T&Cs of the A&L (open a premier a/c etc and have your salary paid in) then it certainly pays more than the Barclays

TomsMom

From A & L website
"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"

These high interest ISAs always seem to require a good percentage of it to be in Stocks & Shares. We were offered something similar last year with Abbey. Depends if you are the "Yes I'm willing to take a risk" or "No I wont take any risks" type.

Aegis

TomsMom wrote: »

From A & L website
"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"

These high interest ISAs always seem to require a good percentage of it to be in Stocks & Shares. We were offered something similar last year with Abbey. Depends if you are the "Yes I'm willing to take a risk" or "No I wont take any risks" type.

Normally, yes, but this time it only requires you to open a current account and transfer £500 per month into that current account. At that time you can deposit new money into the 10% ISA.

Transferring money to this one would be a sucker's game, but new money seems to work quite well!

caliston

It's an interesting way of getting hold of the 'sweetener' that banks are willing to pay to get you to change current account. If you save the maximum £3600 at 10%, they have to pay an extra £144 interest over a 6% account. So evidently that's what their marketing budget is to attract new customers.

By the way, I'd avoid anything that forces you to invest in stocks and shares. Not because I have anything against stocks and shares, but because they'll only give you a limited selection of their own funds to choose from - they may not have any decent ones. They could lose you rather more than anything you'd gain on the cash ISA rate.