Abbey ISA vs A&L ISA

houmie

Hi,

Since I am an existing customer of Abbey and A&L, it would be quick and easy for me to open an ISA account in either one. The rate is for both 6.25%.

Since I usually go with Martin's Best Buy article, I am wondering why Abbey is not listed as a clean ISA but A&L is. Is there some small prints I might have missed or is Abbey ISA exactly the same as A&L one?

Many Thanks,
Houman

caveat_emptor

Look the same to me. Both instant access paying 6.25% AER variable 'preferential' rate for 13 months and then revert to tiered rate.

houmie

Thanks. If thats is so, I think I would go with Abbey then.

:T

Cheers

macgyver

I applies online to Abbey about a week back but havent heard anything yet, not even an e-mail!!!

KiKi

If you read the T&Cs you'll see that the Abbey one has a high penalty for transferring out or withdrawals. That's why the A&L one is better.

KiKi

houmie

KiKi wrote: »

If you read the T&Cs you'll see that the Abbey one has a high penalty for transferring out or withdrawals. That's why the A&L one is better.

KiKi

hmm are you sure? I couldn't find anything. But better I go safe and stick with A&L then.

Cheers mate,

KiKi

Yeah - I looked into that one and decided against it based on that, as I already had an Abbey account and didn't want to open an A&L if it wasn't necessary.

It's term 9.2 in the T&Cs.


Withdrawal/closure charge
9.1 For the Choices ISA, if you withdraw or cash in some or all of your ISA before the end of the fixed rate term, a charge will be made. If you withdraw some of the money in your ISA, this charge will be deducted from the remaining balance in your ISA. If you withdraw all of the money in your ISA, or close your ISA, this charge will be deducted from the capital balance before we pay it to you.

9.2 The amount of the charge depends on the term of your ISA.

Term of 2 years or less
Charge is equivalent to 90 days’ gross interest on the amount withdrawn

Terms over 2 years
Charge is equivalent to 180 days’gross interest on the amount withdrawn

9.3 If the ISA has not been open for 90 or 180 days (as applicable), the charge will be applied for the number of days it has been open.

9.4 No charge will be applied if closure is required by your personal representative in the event of your death.


9.1 refers to the Choices ISA, but 9.2 doesn't do that specifically. Given that the T&Cs say in 9.3 "if the ISA has not been open for 90 or 180 days..." - and the Choices ISA hasn't been available for a year, I took it to mean all the other ISAs?? But perhaps I've misread that?

Happy to be corrected if I'm wrong - because I'd much prefer to take the Abbey one!

KiKi

KiKi

Having just said all that:

8.2 You can withdraw or cash in some or all of your Super ISA, Direct ISA, Postal ISA or Choices ISA. If you are withdrawing from a Choices ISA, paragraph 9 also applies.


So looks like I was wrong after all. That'll teach me.

My apologies.

KiKi

houmie

wow thats very sneaky of them. I dont understand these banks with hidden charges. Its ridiculous.

You saved me just a bit of money.

Thanks a lot :-)
Houman

KiKi

houmie wrote: »

wow thats very sneaky of them. I dont understand these banks with hidden charges. Its ridiculous.

You saved me just a bit of money.

Thanks a lot :-)
Houman

You might want to read my second, slightly more humble post before you thank me too profusely...

soulandy

We had a postal ISA with the abbey for a couple of years but transfered it all to the cheshire last year with no penalties. I was going to go with this one this year but looks like I might have to re think.
Cheers for that