Abbey or A&L?

tomprice

Hi,
Hope someone can offer advice on this.

I've currently got an ISA (from last year) with Britannia fixed at 6.55% till October 08 which i think is really good. They don't offer anything decent for this year so i've been looking at other options.

I ideally need one that is not fixed because i'd like to see what Britannia offer come Oct 08. If good i want to transfer my new one back to them. If bad i want to transfer Brtiannia in to new. Hope that makes sense!?


So my options are:
Abbey Direct ISA (issue 2) - 6.25% (Drops to 4.75% after a year)
A&L Direct ISA (issue 4) - 6.25% (Drops to 5.25% after a year)

I think that's correct. They would have the full £3600 in.

Am i correct in saying BOTH allow transfers in or transfers out without me ahving to worry about losing any more at all.

Also are them rates guranteed or not? I can't quite make out if they are or not.

Thanks.

(P.S. If anyone has a better suggestions let me know!)
I chose Abbey and A&L because they are big and are also local.

Baldur

See my post #324 http://forums.moneysavingexpert.com/showthread.html?t=596727&page=17&highlight=abbey

No details for Direct ISA Issue 4 showing on the Abbey website - do you mean Alliance & Leicester?

I've had no problems with transfers in or out with either Abbey or A & L.

Rates are variable in both cases - the bonus is the only thing which has a guarantee.

tomprice

OK thanks. That clears up about the main difference. I'm not sure that matters too much to me as I will be moving it around next year so should be on my toes.

Do you/any one else have any idea on the rest of my post. Mainly about the transfers in and the rate dropping or not.

Thanks.

Baldur

tomprice wrote: »

Do you/any one else have any idea on the rest of my post. Mainly about the transfers in and the rate dropping or not.

See my edited post.

tomprice

Edited my post as well to make sense - i did mean A&L yes.

So the rates are not guaranteed at all. Meaning they could drop in a month or so?

Baldur

That's what 'variable' means......

tomprice

I was reading on here:
http://forums.moneysavingexpert.com/showthread.html?t=401374&page=1
It says 'Rate Guaranteed'

What exactly does that mean?
Seems to suggest Abbey will stay the same rate throughout the year but A&L may not.

?
Thanks.

Baldur

See http://www.abbey-products.com/product/direct-isa-squirrel/

"The Direct ISA gives you a preferential variable rate of interest for 13 months from the date of opening."

So you have a guaranteed 'preferential' bonus for 13 months - the underlying rate is not guaranteed.

BenL

I have applied for the Abbey one.

I had a few accounts with A&L and closed them down due to the current account new fee charging and o/d structure so on principle have gone to Abbey this time (got a transfer for NS&I to bring in)

I applied about a week ago on the website but still waiting for the paperwork to come through.

New tax year though so i guess things will be a little busy at the moment.

tomprice

BenL wrote: »

I applied about a week ago on the website but still waiting for the paperwork to come through.

New tax year though so i guess things will be a little busy at the moment.

I presume i could walk in and and open one there and then giving a cheque to speed it up?

Baldur

tomprice wrote: »

I presume i could walk in and and open one there and then giving a cheque to speed it up?

You may need to make an appointment at this time of year.