First Direct Regular Saver Isa - Fixed 7% Aer

Careful_ly

jeffkenny wrote: »

I have had a Regular Saver ISA at 7% for the last two years with First Direct, (transfering each one out on maturity) and I was looking forward to doing another one this year but the have stopped offering them.

Does anyone know of a similar regular saver ISA with a decent rate? Best I can find is Santander at 3.2%. My other option is that Norwich & Peterborough do a 5% tax free regular savings account for families, as long as you have children under 16, but it's not an ISA.

Cheers!

I'm afraid the N&P 5% regular saver is not tax free it is in the parents name not the childs so is taxable at the parents rate of tax.

jeffkenny

Careful_ly wrote: »

I'm afraid the N&P 5% regular saver is not tax free it is in the parents name not the childs so is taxable at the parents rate of tax.

No, it's definitely tax free. As with all child savings accounts, it is held in the parent's name with the child as a trustee. I called them today and they confirmed this.

Sceptic001

jeffkenny wrote: »

No, it's definitely tax free. As with all child savings accounts, it is held in the parent's name with the child as a trustee. I called them today and they confirmed this.

I think you have been misinformed. According to their website it is taxed at 20% as are all non-ISA accounts.

glider3560

Sceptic001 wrote: »

I think you have been misinformed. According to their website it is taxed at 20% as are all non-ISA accounts.

But if the child doesn't pay tax then tax doesn't need to be deducted.

Sceptic001

glider3560 wrote: »

But if the child doesn't pay tax then tax doesn't need to be deducted.

Yes indeed, but it is not a "tax-free account". If the account holder is entitled to receive gross interest they must fill in the applicable tax form (R85) and submit it to the N&P.

geepster

jeffkenny wrote: »

I have had a Regular Saver ISA at 7% for the last two years with First Direct, (transfering each one out on maturity) and I was looking forward to doing another one this year but the have stopped offering them.

Does anyone know of a similar regular saver ISA with a decent rate? Best I can find is Santander at 3.2%. My other option is that Norwich & Peterborough do a 5% tax free regular savings account for families, as long as you have children under 16, but it's not an ISA.

Cheers!

Stroud & Swindon have one and the rate, which is variable, is currently 4.5%. This includes a bonus and so you will need to look at their website for the t&cs but I've opened one in my name and another in my wife's.:)

apt

The interest rate for the Stroud and Swindon Regular Saver ISA is 3.75%. The 4.5% rate is for the non-ISA regular saver.