ISA advice - cheque and close to deadline!

gracie83

This morning I was given a cheque for £3000 as a gift from my Grandad. I do not have an ISA so I need to open one tomorrow. As it is so close to the ISA dead line any advise on what to do for the best? My grandad's account is from Halifax so should I go for an ISA with the Halifax just to make sure that the money clears in time for the 5th April deadline? Halifax is at 5.25% which I know is not the best around but it beats my own bank Natwest which is 4.85% as they are no longer letting people get an e-ISA for this year. I could let the money clear into my bank account and then try to transfer with one of the higher interest ISA's but I am worried I will run out of days.

Also what ID do I need to take to the banks with me - I am taking my passport, council tax statement, provisional driving license, my bank statements. Anything else I don't want to be turned away!

Thanks for advise.

earlgrey_3

Plenty of time Gracie! (Enough anyway.)

Put the cheque in your Natwest account tomorrow and you should be able to apply in branch or by post so that whoever you choose gets your Natwest cheque on Tuesday or Wednesday. Your Halifax cheque should clear ok before your Natwest one.

Have a look at the best ISA thread and check them out. Scarborough BS are offering 6.3% and there's no penalty if you give 30 days notice (despite what that thread says). You can get the form online or phone 0845 634 3760.

Some on-line accounts can be opened in branch so you should be ok right up to next Saturday. I think that includes the Abbey one at 6.25% inc bonus but phone a branch to check. They say on website "If you do want to take advantage of your 2007-2008 tax free allowance please visit your local Abbey branch ensuring that you take acceptable ID with you."

PS. Link to best ISAs thread http://forums.moneysavingexpert.com/showthread.html?t=401374

bristolleedsfan

earlgrey wrote: »

Scarborough BS are offering 6.3% and there's no penalty if you give 30 days notice (despite what that thread says).

If the rate becomes uncompetitive and someone wants to transfer out before 31 March 2009

"Closure at any time until 31 March 2009 is subject to a 30 day notice CHARGE "

http://www.scarboroughbs.co.uk/savingsandinvestments/products/notice_isa.html?utm_source=homepage&utm_medium=banner&utm_campaign=notice-isa#terms

Mikeyorks

You don't have a lot of time. Some providers have already stopped taking requests for 07-08 ISAs.

I'd go with your first thoughts and open it via Halifax (use the cheque you have been given). Then decide what you want to do, longer term, after 6th April?

earlgrey_3

bristolleedsfan wrote: »

If the rate becomes uncompetitive and someone wants to transfer out before 31 March 2009 "Closure at any time until 31 March 2009 is subject to a 30 day notice CHARGE "

You're quite right, I should have read further.

It says in very large type:
"Can I Make Withdrawals?
Before 1 April 2010, if you give 30 days notice of intention to withdraw money you can have penalty free access to it."
Which of course isn't the same as being able to close or move it.