Disappointed :(

wiseman405

last year in october i opened my ISA with NS&I. It paid a brilliant 6.3% and guaranteed to be above the base rate by 0.55%

But now it only guarantees to be above the rate by 0.33% so its only paying a measly 5.55%

Really disappointed thought this year was meant to be good for savers!

What would you guys do? Transfer to another ISA? Or stick with it

Thanks
Tom

TomsMom

Well Tom, I wondered how you were getting on! Haven't seen a post for a while.

Anyway, I would be looking at the best buy tables. If you're happy to move your money around just keep an eye on the rates and transfer when you see a better one that you like.

Hubby and I are probably going to open the Barclays Tax Haven for 08/09, we have an appointment on Wednesday.

Our previous ISAs are being transferred into Abbey Direct Issue 2 which is paying better than their Issue 1 which is where they were transferred into last year when the rate was good. If Barclays had allowed transfers in we probably would have put them there.

ManAtHome

Think events has been overtaken by the need to fund mcbroons other bank. NS&I have had some reasonable deals (the direct ISA and index-linked savings), but have been dropping like bricks for the last 6 months - easy enough to move money around these days...

Froglet

Well,as i have today become a non tax payer as my part time job has become even less part time due to a cut in hours!! i am waiting for my interest tomorrow then moving the whole lot.Half is paying for upgrading my car and the other half is going into a new fixed rate account with Saga at 6.41% gross as i can then get the interest gross from now on.

My other Isa i fixed last year for 3 years at 6.2% so i am glad i did.

wiseman405

TomsMom wrote: »

Well Tom, I wondered how you were getting on! Haven't seen a post for a while.

Anyway, I would be looking at the best buy tables. If you're happy to move your money around just keep an eye on the rates and transfer when you see a better one that you like.

Hubby and I are probably going to open the Barclays Tax Haven for 08/09, we have an appointment on Wednesday.

Our previous ISAs are being transferred into Abbey Direct Issue 2 which is paying better than their Issue 1 which is where they were transferred into last year when the rate was good. If Barclays had allowed transfers in we probably would have put them there.

hello
Long time no see i suppose
Everything is going perfect, almost reached my target that i had set for october 08!!

Thanks everyone will have a look on money supermarket etc

Thanks again
Tom


EDIT: One last question, does the interest transfer over, and if so, do i still have the £3600 limit, or is the interest included in the £3600. IE: Earned £100 interest, so therefore if i transfer i only have £3,500 to invest? Or can i invest on top of the interest?

fish10

I'm with NS & I (ISA) aswell. Anyone know if you can transfer previous years' to one account and put this year's allowance in another, to take advantage of the best rates?

TomsMom

wiseman405 wrote: »

EDIT: One last question, does the interest transfer over, and if so, do i still have the £3600 limit, or is the interest included in the £3600. IE: Earned £100 interest, so therefore if i transfer i only have £3,500 to invest? Or can i invest on top of the interest?

Ooh, you got a thanks there, I was going to press the quote button LOL!

Yes the interest does transfer over.

No the interest is not included in the £3,600.

So, your last year's £3,000 plus £100 interest can be transferred. Then you can add your £3,600 for 08/09. You can add a new £3,600 every year until the limit is changed.

ManAtHome

Wiseman - previous years ISAs are 'locked' - you can't pay any more money in, but you can transfer them to anyone who accepts transfers, and all the interest goes over as well.

Fish - yes. you can do that but not all acounts accept transfers in. Some providers also accept partial transfers, so you could move part of previous years ISAs to 2 or more different providers.

wiseman405

Fantastic. The abbey one does look quite tasty Might bob into a branch tomorrow after work
then next year i will transfer again (the rate does drop )

Is there any harm in transferring, will i be loosing interest?
Tom

bristolleedsfan

wiseman405 wrote: »

Is there any harm in transferring, will i be loosing interest?
Tom

No loss of interest transferring into Abbey,Halifax or Nationwide.