Competitive ISA about to bomb the market?

falcon21

Hello all,

I am about to move my Abbey ISA (4.9%) and my First Direct ISA (soon to be paying 4%) to a Halifax ISA (5%).

However, it struck me that now seems a likely time for a new contender to come onto the market with an Easy Access ISA that beats all the other rates (none of which really stand out). Does anyone know if there are any new, more competitive rates about to be launched?????

Milarky

Someone once posted here that ING were rumoured to be bringing out a 7% paying account - needless to say it wasn't accurate. [If ING start bringing out 'non-standard' accounts their one 'competitive' account will begin to suffer - you see happen this with all the banks - just look what A&L is up to - different rates according to when you open your account - [u]not[/u] what 'saving' should be about]. The best ISA rate I have seen was 6% - but only for a regular saver [and therefore for 'new' money, not transfers] The achilles of ISAs are the rules - that allow transfers-in only at the discretion of the bank. Thus they are able to offer differential ISA terms even where 'stakeholder' [which replaced 'CAT' standard] products are concerned. They will therefore 'tart' for new savers - limited to £3000 or £250 a month whilst accumulated ISA savings 'slosh' around at less attractive rates. Is this 'fair'? I doubt it

hansi

falcon21 wrote:

Hello all,

I am about to move my Abbey ISA (4.9%) and my First Direct ISA (soon to be paying 4%) to a Halifax ISA (5%).

However, it struck me that now seems a likely time for a new contender to come onto the market with an Easy Access ISA that beats all the other rates (none of which really stand out). Does anyone know if there are any new, more competitive rates about to be launched?????

Yes, I'm about to move my IF ISA to Halifax (5%) and I've just been in to collect the application and transfer forms. However, I have noticed that there is nowhere on the form to say how you want to fund further deposits. I guess this is from a nominated bank account, but there's nowhere on the form to enter the details. Maybe they complete a DD form when you open the account?

YorkshireBoy

hansi wrote:

Yes, I'm about to move my IF ISA to Halifax (5%) and I've just been in to collect the application and transfer forms. However, I have noticed that there is nowhere on the form to say how you want to fund further deposits. I guess this is from a nominated bank account, but there's nowhere on the form to enter the details. Maybe they complete a DD form when you open the account?

Halifax told me last weekend that you can't "pull" money in from your current account - like you can with Intelligent Finance or ING Direct. You have to "push" it from your current account by BACS transfer or SO etc, or even by snail-mailing them a cheque. This makes sense as the ISA Saver Direct is designed to be operated by telephone, although Halifax say you can "view" your details online.

alared

DAK how long this account has been up and running.
I`ve never regarded Halifax as one of the better payers but I must admit this 5% has tempted me to move from my current provider.
The other one I`m looking at is Kent & Reliance at 4.96%,a building society who seems "to play fair" on any BoE rate move.

derrick

BEVERLEY BUILDING SOCIETY, 5.05% last dropped 1/9/05

lisyloo

This looks good but from looking at the application form it doesn't look like they accept transfers.

Can anyone confirm or deny?
If so, how do I do it.

Thanks

derrick

lisyloo wrote:

This looks good but from looking at the application form it doesn't look like they accept transfers.

Can anyone confirm or deny?
If so, how do I do it.

Thanks

They do accept transfers in, but do it differently than others,i.e they send you an application form to open account, but you have to tell your existing provider that you want to transfer and to who, they then contact Beverely who will supply info,then your existing provider sends the cheque etc, sounds lingwinded but it's not much different than the normal way.

Phone Beverely, their numbers are geo and on the site

See HERE, bottom of page

alared

Beverley Minicash ISA

Balance: Gross Interest Rate/AER: Net Interest Rate:
£1+ 5.05% N/A


High interest, tax free savings for anyone aged 16 or over.
Accessible - one penalty free withdrawal allowed each tax year. Other withdrawals allowed subject to 30 days notice or 30 days loss of interest.
Minimum initial deposit £500.
Maximum investment per tax year £3000 as per current Inland Revenue regulations.
Transfers from other ISA providers accepted


Note the 30 days notice or penalty

hansi

I think I'll stick with the Halifax, not worth the hassle when trying to get money out.

alared

What`s putting me off Halifax is on another thread someone said that when they get your cheque from your current provider it then takes seven days to clear it (maybe more with weekends involved) before they start paying interest.