Scarborough BS's Notice Cash ISA 6.3%

pjbltd

Hi

I wanted to find out if anyone has had any experiences with Scarborough BS's Notice Cash ISA:
http://www.scarboroughbs.co.uk/savingsandinvestments/products/notice_isa.html

I am looking to transfer my NS&I direct ISA to one offering a higher rate, I do not need access to the money and want to keep it as a Cash ISA, therefore Scarboroughs looked like the best option from Martin's article.

However I am a little anxious of moving it to Scarborough BS as it is not a name I know and I live no where near any of their branches!

Thanls

pjbltd

Baldur

pjbltd wrote: »

However I am a little anxious of moving it to Scarborough BS as it is not a name I know and I live no where near any of their branches!

Most of my Cash ISAs over the years have been with institutions which have no branches near me, either by post or via the internet.

Scarborough is a Building Society and offers the same FSCS protection for savings of up to £35,000 as any other Building Society or high street bank.

The title of your thread says '6.3%' - it's actually 6.05% as of 1st May, see HERE & HERE.

pjbltd

You're right the rate has dropped! That sucks :mad:

Any one now a good cash isa transfer account?

Baldur

pjbltd wrote: »

Any one now a good cash isa transfer account?

Have a look through this thread - scroll down to see fixed & variable rate Cash ISAs which accept inward transfers.

earlgrey_3

pjbltd wrote: »

Hi
However I am a little anxious of moving it to Scarborough BS as it is not a name I know and I live no where near any of their branches!

I wouldn't be worried about them as an institution, they're the 17th in size among the building societies. You'll find info about Building Society Association members at http://www.bsa.org.uk/

I'd be a lot more worrried about the sting in the tail for their ISA contained in their terms and conditions.

You can give notice to withdraw money but if they drop their rates you can't close your account with them to move your ISA elsewhere without losing 30days interest.

"Before 1 April 2010, if you give 30 days notice of intention to withdraw money you can have penalty free access to it...." but "Closure at any time until 31 March 2009 is subject to a 30 day notice charge."

Very sneaky.

bristolleedsfan

pjbltd wrote: »

You're right the rate has dropped! That sucks :mad:

Any one now a good cash isa transfer account?

Rate reducing again on 1st July to 5.80%

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=172035

Im not suprised, Scarborough Building Society have behaved like this for 12 years+ .

BenL

Money goes in, money goes out.

That is very bad from them as their service so far for me has been great.

Next!!!

bristolleedsfan

BenL wrote: »

Money goes in, money goes out.

That is very bad from them as their service so far for me has been great.

Next!!!

Scarborough arent silly they been doing it for years. :rolleyes:

http://www.scarboroughbs.co.uk/savingsandinvestments/products/notice_isa.html#terms


Can I transfer my current Cash ISA from the Scarborough to another provider?

Yes, by providing us with your instructions, we can arrange to transfer your ISA to another ISA Manager, but please check the new ISA Manager can accept your transfer before confirming your wishes to us. We will complete the transfer in no more than 30 days following your instruction, and this will be subject to the 30 days closure charge.

Can I make withdrawals?

Before 1 April 2010, if you give 30 days notice of intention to withdraw money you can have penalty free access to it. From 1 April 2010 your account automatically transfers into our easy access Cash ISA. Closure at any time until 31 March 2010 is subject to a 30 day notice charge. You must keep a minimum balance of £1,000 in your account. If the balance of your account falls below the minimum, the interest rate will change to the Society's variable base savings rate applicable at that time. You cannot replace withdrawn funds.

BenL

I can't see anything exactly saying what the 30 days notice charge is though in the terms and cons.

Interest penalty?

bristolleedsfan

BenL wrote: »

I can't see anything exactly saying what the 30 days notice charge is though in the terms and cons.

Interest penalty?

I would guess its 30 days loss of interest.

BenL

Yeah that is my thought as well, its only been open 14 days ish so my loss will be minimal but annoying none the less.