Is there a point in moving?

Skint_Catt

I have had the Abbey Postal ISA since January when they were running the 5.35%.

I've been a bit slack on keeping track of interest rates and have just noticed that they have dropped it to 4.9%. The next highest that would be an option to transfer to would be the Yorkshire BS at 5.2%.

My question is - is it worth transferring for the sake of 0.3%????

I save £200 a month which, with an overpayment I made earlier this tax year and last years deposits, will take me to £3000 in the next month or so. I only got £20 interest from Abbey for the 3 months I was with them before 1 April.

Thanks

S_C

martinpike

No, you're talking about a tenner a year. Spend the hour or so doing something you enjoy.

Skint_Catt

LOL, thanks Martin. My feelings exactly!

S_C

Walshy

Yorkshire BS e-ISA is down to 4.9% from Aug 28th so keep it where it is.

cadboll

Hi!

Transferred my money into Yorkshire BS e-ISA about a month ago. Now rate has dropped - is it really worth moving it around? Halifax have a higher rate at the moment - 5.15% Gross/AER - but its variable as well. I know its swings and roundabouts with these things, but any advice will be gratefully received! Thanks.

Rikki

The money in the Abbey postal account is part of last years 04/05 tax. Remember to transfer and not take out a new one.

waterbaby

You might want to consider whether there are more suitable accounts. I have Abbey 1 but I'm wondering about transferring to an online ISA. I hate doing these things by post but I put up with it for my 5.35%!

I thought Bradford and Bingley at 5%. I would get an extra £3.60 a year so thats irrelevent really. However B&B's rate hasn't fallen since 4 August so I'll sit tight. 4.9% is still relatively good.

(Of course Abbey know this, thats why they can slash 0.45% and keep their customers!)

isasmurf

cadboll wrote:

Halifax have a higher rate at the moment - 5.15% Gross/AER - but its variable as well.

Halifax is 5%.

hansi

I have an ISA with IF who now pay 4.55%. I'm wondering if it's worth transferring it to Halifax at 5%. Haven't really worked out the difference, but I'm sure it's not that much!

jimclark1967

hansi wrote:

I have an ISA with IF who now pay 4.55%. I'm wondering if it's worth transferring it to Halifax at 5%. Haven't really worked out the difference, but I'm sure it's not that much!

Depends on the balance really. If you've got 20K stashed away it's worth moving, if it's £200 then it's not worth it (the break-even point being somewhere in between )

JC

YorkshireBoy

hansi wrote:

I have an ISA with IF who now pay 4.55%. I'm wondering if it's worth transferring it to Halifax at 5%. Haven't really worked out the difference, but I'm sure it's not that much!

I'm moving ours this week. The difference is £4.50/year/£1,000 (or 45p/year/£100 for the smaller saver), but that's not the point is it?

Provider's play on their customer's apathy with regard to savings account interest. If we all moved our money at the first sign of a poor rate, maybe they wouldn't play around with the rates so much - I mean, 0.45% reduction when the BOE rate only fell 0.25%!

You can move your ISA from IF to Halifax by signing 2 forms - one to open the new account and the other to transfer your ISA from IF. Halifax product literature states you will lose only one day's interest as they transfer it over (and that's because IF don't pay interest for the day your money is withdrawn).

Just take ID (maybe 2 forms to make sure, 1 for name and 1 for address?), NI number, and details of your IF ISA to any Halifax branch.