NPBS TOISA transfer to better HSBC? Recommendations!

genny

Hello helpful people :j

I have 10K in a Norwich and Peterborough Tessa only ISA with a fixed rate of 5%. Had this account for years, but it doesn't seem to be the best rate in the world for the tax free balance. I like their ethics, but the rates are poor.

I understand they are now just all ISAs. I also understand not to close it first etc...

So... Should I transfer it to my current HSBC ISA, which again I don't think is a very good rate (4.75%), or should I open up and transfer to new ISA with another provider, if so, any shortlists? I want a consisently good one, rather than switching every year.

I noticed HSBC have a Cash eISA which is much better than the rate I get, but transfers in are not available. Great, thanks for being loyal customers :mad:

I've not used my £3600 allowance yet either, because I know my current HSBC ISA is a poor rate so want to wait and decide.

whu

would suggest looking at previous thread re:lloyds fixed rate ISA for 12 months paying 6.5% as long as you transfer in £9k - some posts suggest the offer may close today.havent looked at trends on performance just change to best deal each year.

Baldur

whu wrote: »

some posts suggest the offer may close today.havent looked at trends on performance just change to best deal each year.

I was informed by a staff member in my Lloyds TSB branch yesterday that this ISA will be withdrawn today, due to oversubscription (I had already opened mine at the end of last month - so not a marketing ploy), so those posts appear to be correct.

Liz_the_Whizz

genny,

For a long-term bet, transferring to the Halifax 4 year Fixed-Rate ISA Saver might be a good idea.

It offers 6.2% fixed for 4 years (6% for 3 years if you prefer), so no need to shop around each year, which I get the feeling is not really your style.

I rang yesterday on behalf of my DH is also funnily enough thinking of transferring his Norwich & Peterborough ISA due to woeful rates - Halifax will sort out opening an account and transfer of existing ISA in branch or over the phone.

Details on website:

http://www.halifax.co.uk/isas/fixedrateisa.asp

Only problem I can see is that they cannot guarantee rates will stay in force until transfer complete, but then they have no control over how slowly the current ISA provider releases the funds, so I can understand they cannot give an open-ended guarantee as with any fixed-rate account.

Worth a look at least.

genny

That's v interesting Liz the Whizz, thank you.

It's a pity you can't open one now, with the 3600 allowance, then sort out a transfer afterwards, but it says only one deposit.

So if you put it all forward for transfer today, they can't guarantee the fixed rate until the money is released.

That's obviously a concern, because the rate could drop dramatically.

Liz_the_Whizz

Genny,

I understand from my discussion yesterday that if you want to put in multiple amounts (eg new ISA money plus transfers), Halifax can set up a holding account until all the elements are ready to deposit.

Yes, the rate at time of transfer is a concern, but I think it's the same whatever product you look at - variable rate ISAs will likely be cut following yesterday's BoE base rate reduction by the time any transfer initiated now actually went in.

Not aware of anyone except Lloyds TSB who gives a guarantee on the rate for subsequent transfers in. But as we all know, it's only for one year.

Better get your skates on literally if you have a branch nearby;) .

genny

I guess this puts me off the Halifax one:
[FONT=Arial, Helvetica]Transferring to a fixed rate ISA[/FONT]
[FONT=Arial, Helvetica]If you ask to transfer to our fixed rate ISA, interest rates may change before the transfer has been completed.[/FONT]


it would be very annoying if you start the transfer, and the when complete you find yourself getting a lower rate than the original account you move from and then to find you are locked in for 4 years.


Wonder if there are any others that guarantee the rate on the day of opening?

genny

Any other thoughts..?

Old_Slaphead

I've an ISA transfer to Halifax in progress and I have had it confirmed both in branch and at the callcentre that the opening rate will be held (or higher if rate goes up) on 4 year ISA, provided funds are received within 60 days of account opening.